Maryland State Retirement & Pension System decreased its holdings in Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) by 4.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,955 shares of the company’s stock after selling 821 shares during the period. Maryland State Retirement & Pension System’s holdings in Principal Financial Group were worth $1,465,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of PFG. Bank of America Corp DE grew its stake in shares of Principal Financial Group by 771.1% in the 4th 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 bought a new stake in shares of Principal Financial Group in the 4th quarter valued at approximately $202,576,000. Bank of New York Mellon Corp grew its stake in shares of Principal Financial Group by 23.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,781,997 shares of the company’s stock valued at $307,960,000 after buying an additional 895,728 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Principal Financial Group by 39.4% in 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 in the last quarter. Finally, BlackRock Inc. grew its stake in shares of Principal Financial Group by 2.3% in 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 in the last quarter. Institutional investors own 77.69% of the company’s stock.
Shares of NASDAQ PFG opened at $65.51 on Thursday. The business has a fifty day simple moving average of $70.11 and a 200 day simple moving average of $71.56. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $16.55 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 1.19 and a beta of 1.46. Principal Financial Group, Inc. has a one year low of $58.66 and a one year high of $80.36.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Thursday, June 2nd will be paid a $0.64 dividend. The ex-dividend date is Wednesday, June 1st. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.91%. Principal Financial Group’s payout ratio is 43.91%.
In related news, EVP Wee Yee Cheong sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $71.00, for a total value of $710,000.00. Following the completion of 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.17% of the company’s stock.
PFG has been the subject of several recent research reports. Royal Bank of Canada lowered their price target on Principal Financial Group from $82.00 to $79.00 and set a “sector perform” rating for the company in a research note on Thursday, March 3rd. Citigroup began coverage on Principal Financial Group in a research report on Monday, May 23rd. They set a “sell” rating and a $63.00 target price for the company. Morgan Stanley decreased their target price on Principal Financial Group from $75.00 to $72.00 and set an “equal weight” rating for the company in a research report on Thursday, March 3rd. Finally, Piper Sandler upped their target price on Principal Financial Group from $76.00 to $78.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 6th. Three analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $73.70.
About Principal Financial Group (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.
- Get a free copy of the StockNews.com research report on Principal Financial Group (PFG)
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