Amalgamated Bank Lowers Holdings in Principal Financial Group, Inc. (NASDAQ:PFG)

Amalgamated Bank trimmed its holdings in Principal Financial Group, Inc. (NASDAQ:PFGGet Rating) by 7.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 63,301 shares of the company’s stock after selling 4,861 shares during the quarter. Amalgamated Bank’s holdings in Principal Financial Group were worth $4,647,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PFG. Riverview Trust Co purchased a new stake in Principal Financial Group in the first quarter valued at $29,000. MCF Advisors LLC acquired a new position in shares of Principal Financial Group during the 1st quarter worth about $32,000. Mystic Asset Management Inc. acquired a new position in shares of Principal Financial Group during the 4th quarter worth about $35,000. Hazlett Burt & Watson Inc. acquired a new position in shares of Principal Financial Group during the 1st quarter worth about $43,000. Finally, Quent Capital LLC acquired a new position in shares of Principal Financial Group during the 4th quarter worth about $46,000. 75.12% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PFG has been the subject of several research reports. Credit Suisse Group cut shares of Principal Financial Group from an “outperform” rating to a “neutral” rating and upped their price objective for the company from $82.00 to $86.00 in a research note on Thursday, August 18th. Piper Sandler lowered their price objective 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 lowered their price objective on shares of Principal Financial Group from $79.00 to $70.00 in a research report on Monday, July 11th. Morgan Stanley increased their target price on shares of Principal Financial Group from $68.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 17th. Finally, Evercore ISI raised their price objective on shares of Principal Financial Group to $76.00 in a report on Monday, August 15th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $71.82.

Insider Activity at Principal Financial Group

In other news, Director Sandra L. Helton sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $72.90, for a total transaction of $1,093,500.00. Following the completion of the transaction, the director now owns 32,278 shares in the company, valued at approximately $2,353,066.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Sandra L. Helton sold 15,000 shares of the stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $72.90, for a total value of $1,093,500.00. Following the completion of the sale, the director now directly owns 32,278 shares of the company’s stock, valued at $2,353,066.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Wee Yee Cheong sold 2,447 shares of the stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $78.45, for a total transaction of $191,967.15. Following the completion of the sale, the executive vice president now directly owns 34,700 shares of the company’s stock, valued at $2,722,215. The disclosure for this sale can be found here. Insiders sold 45,422 shares of company stock worth $3,462,066 in the last 90 days. Corporate insiders own 1.17% of the company’s stock.

Principal Financial Group Price Performance

Shares of PFG stock opened at $76.84 on Wednesday. The company has a market capitalization of $19.15 billion, a PE ratio of 4.67, a price-to-earnings-growth ratio of 2.03 and a beta of 1.30. The firm has a fifty day simple moving average of $74.03 and a 200-day simple moving average of $69.42. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.39. Principal Financial Group, Inc. has a twelve month low of $61.04 and a twelve month high of $80.36.

Principal Financial Group (NASDAQ:PFGGet Rating) last posted its quarterly earnings results on Monday, August 8th. The company reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.26. The firm had revenue of $3.14 billion for the quarter, compared to analysts’ expectations of $3.24 billion. Principal Financial Group had a net margin of 24.69% and a return on equity of 13.09%. Equities research analysts anticipate that Principal Financial Group, Inc. will post 6.43 earnings per share for the current fiscal year.

Principal Financial Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 8th will be given a dividend of $0.64 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $2.56 annualized dividend and a dividend yield of 3.33%. Principal Financial Group’s dividend payout ratio is currently 15.56%.

Principal Financial Group Company 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.

Further Reading

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

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