Principal Financial Group, Inc. $PFG Shares Bought by Swiss National Bank

Key Points

• Swiss National Bank increased its stake in Principal Financial Group by 5.5% in the first quarter, bringing its holdings to 644,800 shares valued at about $58.1 million.
• Principal Financial Group reported mixed quarterly results, beating EPS estimates at $2.07 per share but missing revenue expectations with $3.53 billion in sales.
• Analyst sentiment is cautious: the stock currently has a consensus Hold rating with an average price target of $105.08, while insiders have recently sold shares.

Swiss National Bank lifted its holdings in shares of Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) by 5.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 644,800 shares of the company's stock after acquiring an additional 33,900 shares during the quarter. Swiss National Bank owned about 0.30% of Principal Financial Group worth $58,103,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in PFG. Integrated Wealth Concepts LLC purchased a new stake in shares of Principal Financial Group in the first quarter worth about $244,000. NewEdge Advisors LLC raised its holdings in shares of Principal Financial Group by 24.1% during the 1st quarter. NewEdge Advisors LLC now owns 7,503 shares of the company's stock valued at $633,000 after buying an additional 1,455 shares during the period. Empowered Funds LLC lifted its position in Principal Financial Group by 11.9% during the 1st quarter. Empowered Funds LLC now owns 4,678 shares of the company's stock worth $395,000 after acquiring an additional 497 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in Principal Financial Group by 96.2% during the 2nd 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 in the last quarter. Finally, Cerity Partners LLC boosted its holdings in Principal Financial Group by 9.1% in the 2nd 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 owned by hedge funds and other institutional investors.

Principal Financial Group Trading Down 2.2%

Shares of NASDAQ PFG opened at $109.57 on Wednesday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.33. The stock's 50 day moving average price is $107.67 and its two-hundred day moving average price is $98.03. Principal Financial Group, Inc. has a 52-week low of $75.00 and a 52-week high of $114.90. The stock has a market capitalization of $23.67 billion, a P/E ratio of 15.68, a PEG ratio of 1.08 and a beta of 0.88.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last issued its 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. Principal Financial Group had a return on equity of 16.25% and a net margin of 10.10%.The company had revenue of $3.53 billion during the quarter, compared to analyst estimates of $4.11 billion. During the same quarter last year, the firm earned $1.81 EPS. On average, analysts anticipate that Principal Financial Group, Inc. will post 9.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Wee Yee Cheong sold 9,183 shares of the firm's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $101.26, for a total value of $929,870.58. Following the transaction, the insider directly owned 77,188 shares in the company, valued at approximately $7,816,056.88. This trade represents a 10.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel George Djurasovic sold 2,571 shares of Principal Financial Group stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total transaction of $259,233.93. Following the completion of the transaction, the general counsel directly owned 21,906 shares of the company's stock, valued at $2,208,781.98. This trade represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 28,317 shares of company stock valued at $2,884,902. 1.13% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PFG has been the subject of several recent research reports. Keefe, Bruyette & Woods increased their price objective on shares of Principal Financial Group from $102.00 to $112.00 and gave the company a "market perform" rating in a research report on Monday, July 13th. Evercore set a $108.00 target price on shares of Principal Financial Group in a research note on Monday, April 27th. Piper Sandler raised their price target on shares of Principal Financial Group from $113.00 to $125.00 and gave the company an "overweight" rating in a report on Wednesday, June 24th. Bank of America reiterated an "underperform" rating and issued a $95.00 price objective (down from $98.00) on shares of Principal Financial Group in a report on Wednesday, June 24th. Finally, Morgan Stanley upped their price objective on shares of Principal Financial Group from $107.00 to $112.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $105.08.

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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