Principal Financial Group, Inc. (NASDAQ:PFG) Shares Sold by Comerica Bank - Defense World

Comerica Bank cut its stake in shares of Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) by 1.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 64,772 shares of the company’s stock after selling 1,161 shares during the quarter. Comerica Bank’s holdings in Principal Financial Group were worth $4,936,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Bank of America Corp DE raised its stake 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 buying an additional 9,817,312 shares in the last quarter. Norges Bank purchased a new position in shares of Principal Financial Group in the 4th quarter valued at about $202,576,000. Goldman Sachs Group Inc. raised its position 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 worth $221,368,000 after acquiring an additional 865,635 shares in the last quarter. BlackRock Inc. lifted its stake in Principal Financial Group by 2.3% during the fourth quarter. BlackRock Inc. now owns 22,496,639 shares of the company’s stock worth $1,627,183,000 after purchasing an additional 511,634 shares during the last quarter. Finally, Alps Advisors Inc. acquired a new position in Principal Financial Group in the fourth quarter valued at approximately $23,353,000. 77.69% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Stock Performance

NASDAQ PFG opened at $62.69 on Monday. The firm has a market cap of $15.84 billion, a P/E ratio of 10.75, a P/E/G ratio of 1.23 and a beta of 1.43. Principal Financial Group, Inc. has a 52-week low of $58.66 and a 52-week high of $80.36. The business’s 50-day moving average price is $68.12 and its 200 day moving average price is $70.94. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NASDAQ:PFG – Get Rating) last announced its earnings results on Thursday, April 28th. The company reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.12. The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.57 billion. Principal Financial Group had a return on equity of 12.25% and a net margin of 11.08%. During the same period last year, the business posted $1.53 EPS. On average, equities research analysts expect that Principal Financial Group, Inc. will post 6.28 earnings per share for the current year.

Principal Financial Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Shareholders of record on Thursday, June 2nd were paid a $0.64 dividend. The ex-dividend date of this dividend was Wednesday, June 1st. This represents a $2.56 annualized dividend and a yield of 4.08%. Principal Financial Group’s dividend payout ratio is currently 43.91%.

Insiders Place Their Bets

In other news, EVP Wee Yee Cheong sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $71.00, for a total transaction of $710,000.00. Following the transaction, the executive vice president now directly owns 37,093 shares in the company, valued at $2,633,603. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.17% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on PFG. Citigroup assumed coverage on shares of Principal Financial Group in a report on Monday, May 23rd. They set a “sell” rating and a $63.00 price objective on the stock. Piper Sandler reduced their price target on shares of Principal Financial Group from $74.00 to $72.00 and set a “neutral” rating for the company in a research report on Friday, July 8th. Royal Bank of Canada dropped their price objective on Principal Financial Group from $79.00 to $70.00 in a report on Monday, July 11th. Evercore ISI cut their target price on Principal Financial Group from $78.00 to $72.00 and set an “in-line” rating on the stock in a research report on Wednesday, July 6th. Finally, Barclays decreased their target price on Principal Financial Group from $85.00 to $78.00 and set an “overweight” rating for the company in a research report on Wednesday, July 13th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $69.40.

Principal Financial Group Profile

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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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Principal Financial Group, Inc. (NASDAQ:PFG) Shares Sold by Comerica Bank - Defense World
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