PNC Financial Services Group Inc. Reduces Holdings in Principal Financial Group, Inc. (NYSE:PFG)

PNC Financial Services Group Inc. lowered its position in Principal Financial Group, Inc. (NYSE:PFG) by 4.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 156,185 shares of the company’s stock after selling 7,633 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Principal Financial Group were worth $13,416,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PFG. EdgeRock Capital LLC purchased a new position in shares of Principal Financial Group in the second quarter worth about $26,000. Strategic Financial Concepts LLC bought a new position in Principal Financial Group in the 2nd quarter worth approximately $32,000. Family Firm Inc. purchased a new position in Principal Financial Group in the 2nd quarter valued at approximately $33,000. Peterson Financial Group Inc. bought a new stake in Principal Financial Group during the 3rd quarter valued at $33,000. Finally, Innealta Capital LLC purchased a new stake in shares of Principal Financial Group during the second quarter worth $43,000. 75.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Bank of America decreased their price objective on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating on the stock in a research note on Thursday, October 10th. Morgan Stanley cut their price target on shares of Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Keefe, Bruyette & Woods decreased their price target on shares of Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating on the stock in a report on Tuesday, July 30th. Barclays increased their price objective on Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Finally, Piper Sandler upped their target price 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. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Principal Financial Group has a consensus rating of “Hold” and a consensus price target of $85.92.

Principal Financial Group Price Performance

Shares of NYSE:PFG opened at $85.73 on Friday. The company’s fifty day moving average is $86.12 and its 200 day moving average is $82.35. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35. Principal Financial Group, Inc. has a 52 week low of $71.39 and a 52 week high of $91.97. The stock has a market cap of $19.61 billion, a PE ratio of -95.26, a PEG ratio of 0.97 and a beta of 1.20.

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

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s dividend payout ratio (DPR) is -324.44%.

About Principal Financial Group

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.