BerganKDV Wealth Management LLC Grows Stake in Principal Financial Group, Inc. (NASDAQ:PFG)

BerganKDV Wealth Management LLC lifted its position in Principal Financial Group, Inc. (NASDAQ:PFGGet Rating) by 8.9% in the first quarter, Holdings Channel reports. The firm owned 56,399 shares of the company’s stock after acquiring an additional 4,596 shares during the period. BerganKDV Wealth Management LLC’s holdings in Principal Financial Group were worth $4,140,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in PFG. Bank of America Corp DE grew its holdings in Principal Financial Group by 771.1% in the fourth quarter. Bank of America Corp DE now owns 11,090,467 shares of the company’s stock valued at $802,174,000 after purchasing an additional 9,817,312 shares during the last quarter. Norges Bank purchased a new stake in shares of Principal Financial Group during the 4th quarter valued at about $202,576,000. Goldman Sachs Group Inc. raised its holdings in shares of Principal Financial Group by 39.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,060,524 shares of the company’s stock valued at $221,368,000 after buying an additional 865,635 shares during the period. BlackRock Inc. raised its holdings in shares of Principal Financial Group by 2.3% during the 4th quarter. BlackRock Inc. now owns 22,496,639 shares of the company’s stock valued at $1,627,183,000 after buying an additional 511,634 shares during the period. Finally, Alps Advisors Inc. purchased a new stake in shares of Principal Financial Group during the 4th quarter valued at about $23,353,000. 77.69% of the stock is owned by institutional investors and hedge funds.

Principal Financial Group Stock Performance

NASDAQ:PFG traded up $0.24 during midday trading on Friday, reaching $68.22. 793,645 shares of the company traded hands, compared to its average volume of 1,261,143. Principal Financial Group, Inc. has a twelve month low of $60.97 and a twelve month high of $80.36. The firm has a market capitalization of $17.24 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 2.42 and a beta of 1.36. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.10 and a quick ratio of 0.10. The company has a fifty day moving average price of $66.69 and a 200 day moving average price of $69.96.

Wall Street Analyst Weigh In

Several brokerages recently commented on PFG. Citigroup began coverage on Principal Financial Group in a report on Monday, May 23rd. They set a “sell” rating and a $63.00 target price on the stock. Piper Sandler lowered their price objective on Principal Financial Group from $74.00 to $72.00 and set a “neutral” rating for the company in a research note on Friday, July 8th. JPMorgan Chase & Co. lowered their price objective on Principal Financial Group from $72.00 to $69.00 in a research note on Monday, July 11th. Royal Bank of Canada lowered their price objective on Principal Financial Group from $79.00 to $70.00 in a research note on Monday, July 11th. Finally, Barclays lowered their price objective on Principal Financial Group from $85.00 to $78.00 and set an “overweight” rating for the company in a research note on Wednesday, July 13th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Principal Financial Group currently has an average rating of “Hold” and a consensus price target of $69.40.

Insider Activity at Principal Financial Group

In related news, EVP Wee Yee Cheong sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 25th. The stock was sold at an average price of $71.00, for a total transaction of $710,000.00. Following the completion of the transaction, the executive vice president now owns 37,093 shares in the company, valued at approximately $2,633,603. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.17% of the company’s stock.

Principal Financial Group Profile

(Get Rating)

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.

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Institutional Ownership by Quarter for Principal Financial Group (NASDAQ:PFG)

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