M&T Bank Corp Raises Holdings in Principal Financial Group, Inc. $PFG

Key Points

• M&T Bank Corp boosted its stake in Principal Financial Group by 332.5% in Q4, adding 13,122 shares for a total holding of 17,069 shares valued at $1.506 million.
• Principal beat Q1 EPS estimates with $2.07 but missed on revenue, and raised its quarterly dividend to $0.82 (annualized $3.28) for a roughly 3.3% yield.
• Analysts carry a consensus Hold rating with a $95.33 target, and institutional investors now own about 75.08% of the company’s shares.

M&T Bank Corp increased its holdings in Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) by 332.5% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 17,069 shares of the company's stock after acquiring an additional 13,122 shares during the period. M&T Bank Corp's holdings in Principal Financial Group were worth $1,506,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PFG. Integrated Wealth Concepts LLC purchased a new position in Principal Financial Group in the first quarter worth approximately $244,000. NewEdge Advisors LLC grew its position in Principal Financial Group by 24.1% in the first quarter. NewEdge Advisors LLC now owns 7,503 shares of the company's stock worth $633,000 after acquiring an additional 1,455 shares during the period. Empowered Funds LLC grew its position in Principal Financial Group by 11.9% in the first quarter. Empowered Funds LLC now owns 4,678 shares of the company's stock worth $395,000 after acquiring an additional 497 shares during the period. EverSource Wealth Advisors LLC grew its position in Principal Financial Group by 96.2% in the second quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the company's stock worth $181,000 after acquiring an additional 1,117 shares during the period. Finally, Cerity Partners LLC grew its position in Principal Financial Group by 9.1% in the second quarter. Cerity Partners LLC now owns 37,957 shares of the company's stock worth $3,015,000 after acquiring an additional 3,175 shares during the period. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. UBS Group increased their price objective on Principal Financial Group from $92.00 to $94.00 and gave the stock a "neutral" rating in a research report on Thursday, April 9th. Wells Fargo & Company lowered their price target on Principal Financial Group from $91.00 to $87.00 and set an "equal weight" rating for the company in a research report on Friday, April 10th. Bank of America lowered their price target on Principal Financial Group from $96.00 to $92.00 and set a "neutral" rating for the company in a research report on Tuesday, April 14th. Barclays raised their price target on Principal Financial Group from $85.00 to $87.00 and gave the stock an "underweight" rating in a research report on Friday, April 24th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and set a $103.00 price target on shares of Principal Financial Group in a research report on Monday, January 5th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $95.33.

Insider Transactions at Principal Financial Group

In related news, CEO Deanna D. Strable-Soethout sold 7,340 shares of Principal Financial Group stock in a transaction on Friday, January 30th. The stock was sold at an average price of $95.00, for a total value of $697,300.00. Following the completion of the transaction, the chief executive officer directly owned 136,828 shares in the company, valued at approximately $12,998,660. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.13% of the company's stock.

Principal Financial Group Trading Down 0.4%

PFG opened at $99.63 on Thursday. Principal Financial Group, Inc. has a 52 week low of $72.21 and a 52 week high of $101.54. The business has a fifty day simple moving average of $92.20 and a 200-day simple moving average of $89.12. The firm has a market cap of $21.59 billion, a P/E ratio of 14.25, a P/E/G ratio of 0.94 and a beta of 0.87. The company has a quick ratio of 0.27, a current ratio of 0.24 and a debt-to-equity ratio of 0.33.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.07 EPS for the quarter, topping the consensus estimate of $2.01 by $0.06. The business had revenue of $3.53 billion during the quarter, compared to analyst estimates of $4.11 billion. Principal Financial Group had a return on equity of 16.25% and a net margin of 10.10%.During the same period last year, the business posted $1.81 earnings per share. On average, equities analysts expect that Principal Financial Group, Inc. will post 9.31 earnings per share for the current year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Monday, June 1st will be issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a yield of 3.3%. This is a boost from Principal Financial Group's previous quarterly dividend of $0.80. The ex-dividend date is Monday, June 1st. Principal Financial Group's dividend payout ratio (DPR) is 45.78%.

Principal Financial Group Company Profile

Principal Financial Group NASDAQ: PFG is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm's business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal's product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.

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