Procyon Advisors LLC Invests $453,000 in Principal Financial Group, Inc. (NYSE:PFG)

Procyon Advisors LLC purchased a new position in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 5,372 shares of the company's stock, valued at approximately $453,000.

A number of other hedge funds have also added to or reduced their stakes in PFG. Curio Wealth LLC bought a new position in Principal Financial Group in the fourth quarter valued at about $29,000. BankPlus Trust Department acquired a new position in Principal Financial Group in the 4th quarter worth about $33,000. Navigoe LLC bought a new position in Principal Financial Group in the fourth quarter valued at about $37,000. Ameriflex Group Inc. acquired a new stake in shares of Principal Financial Group during the fourth quarter valued at about $37,000. Finally, Covestor Ltd boosted its stake in shares of Principal Financial Group by 144.3% during the fourth quarter. Covestor Ltd now owns 540 shares of the company's stock valued at $42,000 after purchasing an additional 319 shares in the last quarter. 75.08% of the stock is owned by institutional investors.

Principal Financial Group Stock Performance

Shares of PFG stock opened at $76.97 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. The firm has a market cap of $17.26 billion, a price-to-earnings ratio of 11.52, a P/E/G ratio of 0.76 and a beta of 1.00. Principal Financial Group, Inc. has a 52 week low of $68.39 and a 52 week high of $91.98. The firm's 50-day simple moving average is $76.26 and its two-hundred day simple moving average is $80.31.

Principal Financial Group (NYSE:PFG - Get Free Report) last announced its earnings results on Monday, April 28th. The company reported $1.81 earnings per share for the quarter, missing analysts' consensus estimates of $1.83 by ($0.02). Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%. During the same period in the prior year, the business earned $1.65 earnings per share. As a group, equities analysts forecast that Principal Financial Group, Inc. will post 8.5 earnings per share for the current year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Monday, June 2nd will be paid a $0.76 dividend. This is an increase from Principal Financial Group's previous quarterly dividend of $0.75. This represents a $3.04 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date of this dividend is Monday, June 2nd. Principal Financial Group's dividend payout ratio is presently 65.10%.

Analyst Ratings Changes

Several equities analysts have issued reports on PFG shares. Morgan Stanley upped their price target on shares of Principal Financial Group from $67.00 to $71.00 and gave the company an "underweight" rating in a research report on Monday, May 19th. Piper Sandler raised their price objective on Principal Financial Group from $93.00 to $95.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 2nd. Wells Fargo & Company upped their target price on Principal Financial Group from $68.00 to $69.00 and gave the company an "underweight" rating in a report on Tuesday, April 29th. Barclays reduced their price objective on shares of Principal Financial Group from $80.00 to $76.00 and set an "underweight" rating on the stock in a research note on Friday, April 11th. Finally, UBS Group lowered their target price on shares of Principal Financial Group from $93.00 to $80.00 and set a "neutral" rating for the company in a research note on Tuesday, April 29th. Four research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $83.85.

Principal Financial Group Company Profile

Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.

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