Kovitz Investment Group Partners LLC Makes New Investment in Principal Financial Group, Inc. (NYSE:PFG)

Kovitz Investment Group Partners LLC acquired a new stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 7,210 shares of the company's stock, valued at approximately $619,000.

Other institutional investors have also added to or reduced their stakes in the company. EdgeRock Capital LLC bought a new position in shares of Principal Financial Group in the 2nd quarter valued at $26,000. Strategic Financial Concepts LLC acquired a new position in Principal Financial Group during the second quarter worth about $32,000. Family Firm Inc. bought a new position in shares of Principal Financial Group in the second quarter worth about $33,000. Peterson Financial Group Inc. acquired a new stake in shares of Principal Financial Group in the 3rd quarter valued at approximately $33,000. Finally, Innealta Capital LLC bought a new position in Principal Financial Group in the 2nd quarter valued at approximately $43,000. 75.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PFG has been the topic of a number of research reports. Piper Sandler boosted 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 Wednesday, October 2nd. Barclays boosted their price objective on Principal Financial Group from $75.00 to $77.00 and gave the stock an "underweight" rating in a research report on Friday, October 25th. Wells Fargo & Company reissued an "underweight" rating and set a $75.00 target price (down from $84.00) on shares of Principal Financial Group in a report on Wednesday. Bank of America dropped their price target on shares of Principal Financial Group from $94.00 to $91.00 and set a "neutral" rating for the company in a research note on Thursday, October 10th. Finally, Royal Bank of Canada increased their price objective on Principal Financial Group from $87.00 to $91.00 and gave the company a "sector perform" rating in a report on Tuesday, November 19th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Principal Financial Group has a consensus rating of "Hold" and an average price target of $84.75.

Principal Financial Group Stock Down 0.6 %

PFG stock traded down $0.45 during midday trading on Friday, reaching $78.84. 483,018 shares of the company's stock traded hands, compared to its average volume of 1,140,831. Principal Financial Group, Inc. has a 52 week low of $72.21 and a 52 week high of $91.97. The company has a market cap of $18.03 billion, a price-to-earnings ratio of -88.10, a P/E/G ratio of 0.93 and a beta of 1.20. The firm's fifty day moving average price is $85.95 and its 200-day moving average price is $82.43. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The company reported $1.76 EPS for the quarter, missing analysts' consensus estimates of $2.02 by ($0.26). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The business had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $3.92 billion. During the same period in the previous year, the business posted $1.72 earnings per share. As a group, sell-side analysts forecast that Principal Financial Group, Inc. will post 7.03 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be issued a $0.73 dividend. This is an increase from Principal Financial Group's previous quarterly dividend of $0.72. This represents a $2.92 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date is Monday, December 2nd. Principal Financial Group's payout ratio is -324.44%.

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.