Mackenzie Financial Corp Acquires 11,868 Shares of Principal Financial Group, Inc. $PFG

Mackenzie Financial Corp increased its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 45.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 37,984 shares of the company’s stock after purchasing an additional 11,868 shares during the period. Mackenzie Financial Corp’s holdings in Principal Financial Group were worth $3,017,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PFG. Oliver Lagore Vanvalin Investment Group purchased a new position in Principal Financial Group during the second quarter valued at approximately $25,000. Traub Capital Management LLC purchased a new stake in Principal Financial Group in the 2nd quarter worth approximately $26,000. American National Bank & Trust bought a new position in Principal Financial Group in the 2nd quarter valued at $28,000. Curio Wealth LLC grew its position in shares of Principal Financial Group by 37,800.0% during the 2nd quarter. Curio Wealth LLC now owns 379 shares of the company’s stock valued at $30,000 after purchasing an additional 378 shares in the last quarter. Finally, Private Wealth Asset Management LLC increased its holdings in shares of Principal Financial Group by 163.4% in the second quarter. Private Wealth Asset Management LLC now owns 403 shares of the company’s stock worth $32,000 after purchasing an additional 250 shares during the period. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Evercore ISI upped their target price on Principal Financial Group from $92.00 to $94.00 and gave the stock an “in-line” rating in a research note on Thursday, October 9th. Wells Fargo & Company raised their price objective on shares of Principal Financial Group from $73.00 to $74.00 and gave the company an “underweight” rating in a research report on Wednesday, October 29th. Barclays lifted their price objective on shares of Principal Financial Group from $80.00 to $83.00 and gave the stock an “underweight” rating in a report on Wednesday, October 8th. Piper Sandler set a $94.00 target price on Principal Financial Group and gave the company an “overweight” rating in a research note on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods raised their price target on Principal Financial Group from $90.00 to $91.00 and gave the company a “market perform” rating in a research report on Thursday, October 30th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $88.90.

Principal Financial Group Price Performance

Shares of Principal Financial Group stock opened at $85.93 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. Principal Financial Group, Inc. has a 52-week low of $68.39 and a 52-week high of $90.31. The company has a fifty day moving average of $82.57 and a 200-day moving average of $80.26. The stock has a market capitalization of $19.14 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 0.76 and a beta of 0.89.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Monday, October 27th. The company reported $2.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.12. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same quarter in the previous year, the company earned $2.05 EPS. Equities research analysts expect that Principal Financial Group, Inc. will post 8.5 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Wednesday, December 3rd will be given a $0.79 dividend. The ex-dividend date is Wednesday, December 3rd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.78. This represents a $3.16 annualized dividend and a yield of 3.7%. Principal Financial Group’s dividend payout ratio is presently 46.00%.

Insider Buying and Selling at Principal Financial Group

In other news, EVP Wee Yee Cheong sold 1,887 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $85.04, for a total value of $160,470.48. Following the transaction, the executive vice president owned 81,421 shares in the company, valued at approximately $6,924,041.84. This trade represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.08% of the company’s stock.

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.