Principal Financial Group, Inc. (NYSE:PFG) Shares Sold by MAI Capital Management

MAI Capital Management lowered its position in Principal Financial Group, Inc. (NYSE:PFG) by 21.9% during the third quarter, Holdings Channel.com reports. The fund owned 17,611 shares of the company’s stock after selling 4,934 shares during the quarter. MAI Capital Management’s holdings in Principal Financial Group were worth $1,513,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PFG. Acadian Asset Management LLC boosted its holdings in Principal Financial Group by 403.6% in the second quarter. Acadian Asset Management LLC now owns 354,447 shares of the company’s stock valued at $27,800,000 after acquiring an additional 284,067 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Principal Financial Group during the second quarter worth about $19,698,000. Swedbank AB acquired a new position in shares of Principal Financial Group during the first quarter worth about $13,996,000. Capital Research Global Investors lifted its stake in shares of Principal Financial Group by 2.4% during the first quarter. Capital Research Global Investors now owns 6,602,298 shares of the company’s stock worth $569,844,000 after purchasing an additional 152,774 shares in the last quarter. Finally, Mizuho Securities USA LLC lifted its stake in shares of Principal Financial Group by 818.1% during the third quarter. Mizuho Securities USA LLC now owns 152,648 shares of the company’s stock worth $13,112,000 after purchasing an additional 136,021 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Stock Down 0.0 %

NYSE:PFG opened at $84.15 on Thursday. The firm has a market capitalization of $19.25 billion, a PE ratio of -93.50, a price-to-earnings-growth ratio of 1.00 and a beta of 1.20. The stock has a 50 day moving average of $85.94 and a 200-day moving average of $82.31. Principal Financial Group, Inc. has a 52 week low of $71.39 and a 52 week high of $91.97. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, October 24th. The company reported $1.76 EPS for the quarter, missing the consensus estimate of $2.02 by ($0.26). The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $3.92 billion. Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. During the same period last year, the company posted $1.72 earnings per share. Analysts predict that Principal Financial Group, Inc. will post 7.09 EPS for the current year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.73 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a dividend yield of 3.47%. Principal Financial Group’s payout ratio is currently -320.00%.

Analysts Set New Price Targets

A number of research analysts have commented on PFG shares. Piper Sandler boosted their price objective on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Barclays boosted their price objective on Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods reduced their price objective on Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 30th. Royal Bank of Canada lifted their target price on Principal Financial Group from $87.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Finally, Morgan Stanley dropped their target price on Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $85.92.

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.