Parallax Volatility Advisers L.P. Purchases Shares of 8,616 Principal Financial Group, Inc. (NYSE:PFG)

Parallax Volatility Advisers L.P. acquired a new position in Principal Financial Group, Inc. (NYSE:PFG) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 8,616 shares of the company’s stock, valued at approximately $740,000.

Other large investors also recently modified their holdings of the company. IHT Wealth Management LLC bought a new position in Principal Financial Group during the 3rd quarter valued at $643,000. Integrated Wealth Concepts LLC purchased a new stake in Principal Financial Group in the 3rd quarter valued at about $212,000. Investment Management Corp of Ontario lifted its position in shares of Principal Financial Group by 47.9% during the 3rd quarter. Investment Management Corp of Ontario now owns 7,720 shares of the company’s stock worth $663,000 after buying an additional 2,500 shares in the last quarter. Holocene Advisors LP boosted its stake in shares of Principal Financial Group by 92.6% in the 3rd quarter. Holocene Advisors LP now owns 108,326 shares of the company’s stock worth $9,305,000 after buying an additional 52,077 shares during the last quarter. Finally, Benjamin Edwards Inc. bought a new position in shares of Principal Financial Group in the third quarter valued at approximately $382,000. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Price Performance

PFG opened at $83.75 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $19.16 billion, a P/E ratio of -93.05, a PEG ratio of 0.99 and a beta of 1.20. The stock has a 50-day moving average price of $86.35 and a 200-day moving average price of $82.48. Principal Financial Group, Inc. has a 12-month low of $72.21 and a 12-month high of $91.97.

Principal Financial Group (NYSE:PFG) last issued its earnings results on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($0.26). The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $3.92 billion. Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. During the same period in the prior year, the company earned $1.72 EPS. Equities analysts predict that Principal Financial Group, Inc. will post 7.04 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be paid a $0.73 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a yield of 3.49%. Principal Financial Group’s payout ratio is currently -324.44%.

Analysts Set New Price Targets

Several research analysts have weighed in on PFG shares. Piper Sandler boosted their price objective on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Bank of America dropped their price target on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating on the stock in a research report on Thursday, October 10th. Wells Fargo & Company raised their price objective on shares of Principal Financial Group from $85.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Morgan Stanley restated an “underweight” rating and set a $80.00 target price (down previously from $86.00) on shares of Principal Financial Group in a research report on Thursday. Finally, Royal Bank of Canada lifted their price target on Principal Financial Group from $87.00 to $91.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $85.67.

Principal Financial Group Profile

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.