Vanguard Group Inc. reduced its stake in shares of Principal Financial Group, Inc. (NYSE:PFG – Free Report) by 1.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,605,879 shares of the company’s stock after selling 428,529 shares during the quarter. Vanguard Group Inc. owned about 12.13% of Principal Financial Group worth $2,250,425,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Aviva PLC grew its holdings in Principal Financial Group by 363.5% during the third quarter. Aviva PLC now owns 43,019 shares of the company’s stock worth $3,100,000 after acquiring an additional 33,737 shares during the period. Checchi Capital Advisers LLC grew its holdings in Principal Financial Group by 9.5% during the third quarter. Checchi Capital Advisers LLC now owns 2,903 shares of the company’s stock worth $209,000 after acquiring an additional 252 shares during the period. Kestra Advisory Services LLC grew its holdings in Principal Financial Group by 1.8% during the third quarter. Kestra Advisory Services LLC now owns 14,284 shares of the company’s stock worth $1,029,000 after acquiring an additional 259 shares during the period. Rafferty Asset Management LLC grew its holdings in Principal Financial Group by 2.9% during the third quarter. Rafferty Asset Management LLC now owns 74,621 shares of the company’s stock worth $5,378,000 after acquiring an additional 2,132 shares during the period. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in Principal Financial Group during the third quarter worth about $577,000. 75.08% of the stock is currently owned by institutional investors.
Principal Financial Group Stock Up 1.6 %
Shares of Principal Financial Group stock opened at $77.87 on Tuesday. The firm has a market cap of $18.25 billion, a price-to-earnings ratio of 14.86, a P/E/G ratio of 0.82 and a beta of 1.23. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.29 and a quick ratio of 0.29. Principal Financial Group, Inc. has a 52-week low of $66.21 and a 52-week high of $86.79. The stock has a 50-day simple moving average of $81.00 and a 200-day simple moving average of $80.32.
Principal Financial Group (NYSE:PFG – Get Free Report) last announced its quarterly earnings results on Thursday, April 25th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.74 by ($0.09). The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.68 billion. Principal Financial Group had a net margin of 8.70% and a return on equity of 15.06%. During the same quarter in the prior year, the firm earned $1.48 earnings per share. On average, equities research analysts expect that Principal Financial Group, Inc. will post 7.5 earnings per share for the current fiscal year.Principal Financial Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Monday, June 3rd will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.65%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.69. The ex-dividend date is Monday, June 3rd. Principal Financial Group’s payout ratio is currently 54.20%.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on PFG. Morgan Stanley lifted their target price on Principal Financial Group from $81.00 to $82.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Evercore ISI lifted their price target on Principal Financial Group from $84.00 to $86.00 and gave the stock an “in-line” rating in a research note on Thursday, April 11th. Wells Fargo & Company dropped their price target on Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, April 29th. Keefe, Bruyette & Woods lifted their price target on Principal Financial Group from $85.00 to $89.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Finally, Piper Sandler lifted their price target on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Two analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $80.30.
View Our Latest Stock Report on PFG
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.
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Principal Financial Group, Inc. (NYSE:PFG) Holdings Decreased by Vanguard Group Inc. - Defense World
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