Thrivent Financial for Lutherans Lowers Stock Position in Principal Financial Group, Inc. (NYSE:PFG)

Thrivent Financial for Lutherans decreased its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 62.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,149 shares of the company’s stock after selling 40,077 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Principal Financial Group were worth $2,075,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. EdgeRock Capital LLC bought a new position in Principal Financial Group during the second quarter valued at approximately $26,000. Strategic Financial Concepts LLC purchased a new stake in Principal Financial Group during the 2nd quarter valued at approximately $32,000. Family Firm Inc. purchased a new stake in Principal Financial Group during the second quarter valued at $33,000. Peterson Financial Group Inc. purchased a new position in Principal Financial Group during the third quarter worth $33,000. Finally, Innealta Capital LLC purchased a new stake in shares of Principal Financial Group during the second quarter valued at $43,000. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Trading Up 0.6 %

Shares of Principal Financial Group stock opened at $87.28 on Friday. Principal Financial Group, Inc. has a twelve month low of $71.39 and a twelve month high of $91.97. The firm has a market capitalization of $19.96 billion, a PE ratio of -96.98, a P/E/G ratio of 1.01 and a beta of 1.20. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35. The firm’s 50-day moving average price is $86.38 and its 200 day moving average price is $82.45.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings results on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($0.26). The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations 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 earned $1.72 EPS. On average, sell-side analysts predict that Principal Financial Group, Inc. will post 7.04 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be given a $0.73 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.92 dividend on an annualized basis and a yield of 3.35%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s payout ratio is currently -324.44%.

Wall Street Analysts Forecast Growth

PFG has been the topic of a number of recent research reports. Barclays raised their price objective on Principal Financial Group from $75.00 to $77.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Bank of America dropped their price objective on shares of 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. Wells Fargo & Company boosted their target price on shares of Principal Financial Group from $85.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Piper Sandler raised their price target on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Morgan Stanley cut their price objective 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. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target 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.