Swiss National Bank reduced its stake in shares of Principal Financial Group, Inc. (NYSE:PFG – Free Report) by 9.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 877,600 shares of the company’s stock after selling 93,500 shares during the period. Swiss National Bank’s holdings in Principal Financial Group were worth $66,557,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. ICA Group Wealth Management LLC raised its position in shares of Principal Financial Group by 100.0% during the 1st quarter. ICA Group Wealth Management LLC now owns 400 shares of the company’s stock worth $30,000 after purchasing an additional 200 shares during the last quarter. Venturi Wealth Management LLC acquired a new position in Principal Financial Group in the 1st quarter valued at $32,000. Clear Street Markets LLC raised its holdings in Principal Financial Group by 96.1% in the 1st quarter. Clear Street Markets LLC now owns 449 shares of the company’s stock valued at $33,000 after acquiring an additional 220 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its holdings in Principal Financial Group by 78.0% in the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 470 shares of the company’s stock valued at $35,000 after acquiring an additional 206 shares during the last quarter. Finally, Avalon Trust Co acquired a new position in Principal Financial Group in the 1st quarter valued at $35,000. 70.68% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on PFG. Morgan Stanley boosted their price target on Principal Financial Group from $71.00 to $72.00 and gave the company an “underweight” rating in a report on Wednesday. Wells Fargo & Company cut their price target on Principal Financial Group from $78.00 to $72.00 and set an “equal weight” rating for the company in a report on Tuesday, October 17th. StockNews.com started coverage on Principal Financial Group in a report on Thursday, October 5th. They issued a “hold” rating for the company. Piper Sandler lowered their price objective on shares of Principal Financial Group from $80.00 to $74.00 and set a “neutral” rating for the company in a research note on Monday, October 30th. Finally, Jefferies Financial Group lowered their price objective on shares of Principal Financial Group from $69.00 to $66.00 and set a “hold” rating for the company in a research note on Thursday, September 14th. Six research analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $75.38.
Principal Financial Group Trading Up 0.1 %
Shares of NYSE PFG opened at $71.67 on Thursday. Principal Financial Group, Inc. has a 12 month low of $65.17 and a 12 month high of $93.95. The company has a market cap of $17.09 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 1.21 and a beta of 1.27. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $71.33 and a 200-day simple moving average of $74.13.
Principal Financial Group (NYSE:PFG – Get Free Report) last announced its earnings results on Thursday, October 26th. The company reported $1.72 EPS for the quarter, beating the consensus estimate of $1.65 by $0.07. The business had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.58 billion. Principal Financial Group had a return on equity of 15.30% and a net margin of 10.54%. Sell-side analysts predict that Principal Financial Group, Inc. will post 6.4 EPS for the current year.
Principal Financial Group Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Friday, December 1st will be given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 3.74%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Thursday, November 30th. Principal Financial Group’s payout ratio is presently 42.83%.
Principal Financial Group Company 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 Global Investors, Principal International, and U.S. Insurance Solutions segments.
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