Principal Financial Group (NYSE:PFG) Shares Up 12.3%

Principal Financial Group Inc (NYSE:PFG)’s stock price traded up 12.3% during mid-day trading on Wednesday . The stock traded as high as $29.73 and last traded at $33.24, 99,494 shares traded hands during trading. A decline of 94% from the average session volume of 1,769,526 shares. The stock had previously closed at $29.61.

Several analysts recently issued reports on the company. Morgan Stanley cut their price objective on Principal Financial Group from $57.00 to $37.00 and set an “equal weight” rating for the company in a report on Tuesday, March 17th. Piper Sandler cut their price objective on Principal Financial Group from $62.00 to $48.00 and set an “overweight” rating for the company in a report on Tuesday, March 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $52.67.

The company has a fifty day moving average of $44.41 and a 200-day moving average of $52.46.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Tuesday, January 28th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.02. The firm had revenue of $4.14 billion for the quarter, compared to analysts’ expectations of $4.11 billion. During the same quarter in the prior year, the business posted $1.11 earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Monday, March 2nd will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 6.62%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Friday, February 28th.

Principal Financial Group announced that its Board of Directors has initiated a stock buyback program on Tuesday, February 25th that permits the company to buyback $900.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Several large investors have recently made changes to their positions in PFG. Capital Research Global Investors increased its position in Principal Financial Group by 4.8% during the fourth quarter. Capital Research Global Investors now owns 14,274,750 shares of the financial services provider’s stock worth $785,111,000 after buying an additional 658,772 shares during the last quarter. State Street Corp increased its position in Principal Financial Group by 1.9% during the fourth quarter. State Street Corp now owns 12,876,446 shares of the financial services provider’s stock worth $708,205,000 after buying an additional 241,394 shares during the last quarter. Geode Capital Management LLC increased its position in Principal Financial Group by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 4,507,089 shares of the financial services provider’s stock worth $247,426,000 after buying an additional 165,588 shares during the last quarter. Mairs & Power INC increased its position in Principal Financial Group by 9.6% during the fourth quarter. Mairs & Power INC now owns 3,152,237 shares of the financial services provider’s stock worth $173,373,000 after buying an additional 276,352 shares during the last quarter. Finally, Norges Bank acquired a new position in Principal Financial Group during the fourth quarter worth $160,377,000. Institutional investors and hedge funds own 68.64% of the company’s stock.

About Principal Financial Group (NYSE:PFG)

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 Global Investors, Principal International, and U.S. Insurance Solutions segments.

See Also: Gross Domestic Product (GDP)

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