Conning Inc. Grows Stake in Principal Financial Group, Inc. $PFG

Conning Inc. boosted its holdings in shares of Principal Financial Group, Inc. (NASDAQ:PFG) by 8.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 398,470 shares of the company’s stock after purchasing an additional 29,707 shares during the quarter. Principal Financial Group comprises 1.2% of Conning Inc.’s portfolio, making the stock its 26th biggest holding. Conning Inc.’s holdings in Principal Financial Group were worth $35,906,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in PFG. DV Equities LLC bought a new stake in shares of Principal Financial Group during the fourth quarter valued at approximately $25,000. Hilton Head Capital Partners LLC purchased a new position in Principal Financial Group during the fourth quarter valued at $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Principal Financial Group in the 4th quarter valued at $26,000. MBM Wealth Consultants LLC bought a new stake in Principal Financial Group in the 1st quarter valued at $28,000. Finally, Quest 10 Wealth Builders Inc. lifted its stake in Principal Financial Group by 343.6% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 346 shares of the company’s stock worth $30,000 after purchasing an additional 268 shares in the last quarter. 75.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Principal Financial Group

In other news, General Counsel George Djurasovic sold 2,571 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $100.83, for a total transaction of $259,233.93. Following the transaction, the general counsel owned 21,906 shares of the company’s stock, valued at approximately $2,208,781.98. The trade was a 10.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Wee Yee Cheong sold 9,183 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $101.26, for a total value of $929,870.58. Following the sale, the insider owned 77,188 shares in the company, valued at $7,816,056.88. The trade was a 10.63% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 28,317 shares of company stock worth $2,884,902. Corporate insiders own 1.13% of the company’s stock.

Principal Financial Group Stock Up 0.5%

Shares of NASDAQ PFG opened at $112.23 on Friday. The firm’s 50-day moving average price is $106.00 and its 200-day moving average price is $96.82. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $24.24 billion, a price-to-earnings ratio of 16.06, a P/E/G ratio of 1.12 and a beta of 0.88. Principal Financial Group, Inc. has a 12-month low of $75.00 and a 12-month high of $113.86.

Principal Financial Group (NASDAQ:PFG) 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. 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 business posted $1.81 earnings per share. On average, equities research analysts anticipate that Principal Financial Group, Inc. will post 9.37 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Monday, June 1st were issued a $0.82 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.80. The ex-dividend date was Monday, June 1st. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.9%. Principal Financial Group’s dividend payout ratio (DPR) is presently 46.92%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Citigroup lowered Principal Financial Group from a “sell” rating to an “underperform” rating in a research report on Wednesday, June 24th. Weiss Ratings lowered Principal Financial Group from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, May 1st. Piper Sandler raised their price target on Principal Financial Group from $113.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. Morgan Stanley lifted their price objective on Principal Financial Group from $107.00 to $112.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Finally, Evercore set a $108.00 target price on Principal Financial Group in a research report on Monday, April 27th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Principal Financial Group currently has an average rating of “Hold” and a consensus price target of $104.00.

Principal Financial Group 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.