Synovus Financial Corp Buys Shares of 3,270 Principal Financial Group, Inc. (NYSE:PFG)

Synovus Financial Corp purchased a new position in shares of Principal Financial Group, Inc. (NYSE:PFG) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 3,270 shares of the company’s stock, valued at approximately $281,000.

Several other large investors have also made changes to their positions in PFG. EdgeRock Capital LLC acquired a new stake in shares of Principal Financial Group in the 2nd quarter valued at $26,000. Peterson Financial Group Inc. bought a new stake in shares of Principal Financial Group during the 3rd quarter worth $33,000. Family Firm Inc. acquired a new stake in Principal Financial Group in the second quarter valued at about $33,000. Truvestments Capital LLC bought a new position in Principal Financial Group in the third quarter valued at about $43,000. Finally, Prospera Private Wealth LLC acquired a new position in Principal Financial Group during the third quarter worth about $45,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Barclays raised their price target on shares of Principal Financial Group from $75.00 to $77.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Piper Sandler raised shares of Principal Financial Group from a “neutral” rating to an “overweight” rating and set a $90.00 target price on the stock in a research note on Wednesday. Bank of America dropped their price target on 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. Wells Fargo & Company reissued an “underweight” rating and set a $75.00 price objective (down previously from $84.00) on shares of Principal Financial Group in a report on Wednesday, December 11th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $80.00 target price (down from $86.00) on shares of Principal Financial Group in a research report on Thursday, December 5th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Principal Financial Group presently has an average rating of “Hold” and an average target price of $84.75.

Principal Financial Group Stock Down 3.4 %

Principal Financial Group stock opened at $74.91 on Thursday. The firm has a market cap of $17.13 billion, a price-to-earnings ratio of -83.23, a PEG ratio of 0.92 and a beta of 1.20. Principal Financial Group, Inc. has a 52-week low of $72.21 and a 52-week high of $91.97. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a 50 day moving average price of $85.22 and a two-hundred day moving average price of $82.33.

Principal Financial Group (NYSE:PFG) last announced its earnings results on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate 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 business earned $1.72 EPS. Equities analysts predict that Principal Financial Group, Inc. will post 7.03 EPS for the current year.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 2nd were given a dividend of $0.73 per share. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $2.92 annualized dividend and a dividend yield of 3.90%. Principal Financial Group’s dividend payout ratio is presently -324.44%.

Principal Financial Group Company 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.