Lecap Asset Management Ltd. Buys Shares of 15,332 Principal Financial Group, Inc. (NYSE:PFG)

Lecap Asset Management Ltd. acquired a new position in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 15,332 shares of the company's stock, valued at approximately $1,206,000.

Several other large investors also recently bought and sold shares of the company. GHP Investment Advisors Inc. grew its position in shares of Principal Financial Group by 143.0% in the third quarter. GHP Investment Advisors Inc. now owns 384 shares of the company's stock valued at $27,000 after purchasing an additional 226 shares in the last quarter. ICA Group Wealth Management LLC lifted its stake in Principal Financial Group by 100.0% during the first quarter. ICA Group Wealth Management LLC now owns 400 shares of the company's stock worth $30,000 after purchasing an additional 200 shares in the last quarter. Fortis Group Advisors LLC acquired a new position in Principal Financial Group during the third quarter worth $33,000. Clear Street Markets LLC lifted its stake in Principal Financial Group by 96.1% during the first quarter. Clear Street Markets LLC now owns 449 shares of the company's stock worth $33,000 after purchasing an additional 220 shares in the last quarter. Finally, PrairieView Partners LLC purchased a new stake in shares of Principal Financial Group during the fourth quarter worth $39,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Price Performance

Shares of NYSE:PFG traded down $0.43 during trading on Friday, reaching $79.82. The company had a trading volume of 1,166,244 shares, compared to its average volume of 1,273,700. The firm's fifty day moving average is $81.54 and its 200 day moving average is $76.82. The firm has a market capitalization of $18.77 billion, a PE ratio of 32.58, a price-to-earnings-growth ratio of 0.98 and a beta of 1.25. Principal Financial Group, Inc. has a twelve month low of $65.17 and a twelve month high of $86.79. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.30.

Principal Financial Group (NYSE:PFG - Get Free Report) last posted its quarterly earnings results on Monday, February 12th. The company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.13. Principal Financial Group had a return on equity of 15.14% and a net margin of 4.56%. The company had revenue of $2.69 billion for the quarter, compared to analysts' expectations of $3.53 billion. During the same quarter in the prior year, the company earned $1.70 earnings per share. On average, equities analysts forecast that Principal Financial Group, Inc. will post 7.62 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 12th were given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend was Monday, March 11th. This is an increase from Principal Financial Group's previous quarterly dividend of $0.67. Principal Financial Group's dividend payout ratio is 112.65%.

Principal Financial Group announced that its Board of Directors has initiated a stock repurchase program on Monday, February 12th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to purchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PFG. Royal Bank of Canada upped their price objective on Principal Financial Group from $75.00 to $83.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 14th. Piper Sandler increased their target price on shares of Principal Financial Group from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, April 5th. Wells Fargo & Company raised their price objective on shares of Principal Financial Group from $86.00 to $91.00 and gave the company an "equal weight" rating in a research report on Thursday. Keefe, Bruyette & Woods raised their price objective on shares of Principal Financial Group from $85.00 to $89.00 and gave the company a "market perform" rating in a research report on Wednesday. Finally, Morgan Stanley raised their price objective on shares of Principal Financial Group from $72.00 to $75.00 and gave the company an "equal weight" rating in a research report on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $80.00.

About Principal Financial Group

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.