State of Alaska Department of Revenue Has $2.62 Million Holdings in Principal Financial Group, Inc. (NASDAQ:PFG)

State of Alaska Department of Revenue cut its stake in Principal Financial Group, Inc. (NASDAQ:PFGGet Rating) by 18.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,289 shares of the company’s stock after selling 9,153 shares during the period. State of Alaska Department of Revenue’s holdings in Principal Financial Group were worth $2,623,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PFG. Bank of America Corp DE increased its holdings in Principal Financial Group by 26.3% during the 1st quarter. Bank of America Corp DE now owns 14,006,960 shares of the company’s stock valued at $1,028,251,000 after purchasing an additional 2,916,493 shares in the last quarter. Norges Bank acquired a new stake in Principal Financial Group during the 4th quarter valued at $202,576,000. Goldman Sachs Group Inc. increased its holdings in 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 purchasing an additional 865,635 shares in the last quarter. Royal Bank of Canada increased its holdings in Principal Financial Group by 307.9% during the 1st quarter. Royal Bank of Canada now owns 1,133,674 shares of the company’s stock valued at $83,223,000 after purchasing an additional 855,747 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Principal Financial Group by 3.4% in the 1st quarter. BlackRock Inc. now owns 23,253,147 shares of the company’s stock valued at $1,707,017,000 after buying an additional 756,508 shares during the period. 75.12% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Raymond James assumed coverage on Principal Financial Group in a report on Wednesday. They issued a “market perform” rating on the stock. Credit Suisse Group lowered Principal Financial Group from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $82.00 to $86.00 in a research report on Thursday, August 18th. JPMorgan Chase & Co. lowered their price objective on Principal Financial Group from $72.00 to $69.00 in a research report on Monday, July 11th. 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 report on Friday, July 8th. Finally, Morgan Stanley lifted their price objective on Principal Financial Group from $68.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 17th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Principal Financial Group has an average rating of “Hold” and an average target price of $71.82.

Principal Financial Group Price Performance

Principal Financial Group stock opened at $75.42 on Friday. The firm has a market capitalization of $18.80 billion, a P/E ratio of 4.58, a PEG ratio of 2.01 and a beta of 1.30. Principal Financial Group, Inc. has a 1 year low of $61.05 and a 1 year high of $80.36. The business has a 50-day moving average of $74.42 and a 200-day moving average of $69.48. 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 (NASDAQ:PFGGet Rating) last posted its earnings results on Monday, August 8th. The company reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.26. Principal Financial Group had a return on equity of 13.09% and a net margin of 24.69%. The company had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.24 billion. On average, equities analysts anticipate that Principal Financial Group, Inc. will post 6.43 EPS for the current year.

Principal Financial Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 8th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend is Wednesday, September 7th. Principal Financial Group’s dividend payout ratio (DPR) is presently 15.56%.

Insider Activity

In other news, EVP Roberto Walker sold 6,000 shares of Principal Financial Group stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $78.58, for a total transaction of $471,480.00. Following the transaction, the executive vice president now owns 43,008 shares in the company, valued at approximately $3,379,568.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Roberto Walker sold 6,000 shares of Principal Financial Group stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $78.58, for a total transaction of $471,480.00. Following the transaction, the executive vice president now owns 43,008 shares in the company, valued at approximately $3,379,568.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Wee Yee Cheong sold 2,447 shares of Principal Financial Group stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $78.45, for a total value of $191,967.15. Following the transaction, the executive vice president now owns 34,700 shares in the company, valued at approximately $2,722,215. The disclosure for this sale can be found here. Insiders have 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.

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.

Further Reading

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

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