Principal Financial Group, Inc. (NYSE:PFG) Stake Decreased by Geode Capital Management LLC

Geode Capital Management LLC cut its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 0.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,414,177 shares of the company’s stock after selling 15,277 shares during the period. Geode Capital Management LLC owned approximately 2.37% of Principal Financial Group worth $463,518,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PFG shares. Wells Fargo & Company reissued an “underweight” rating and set a $75.00 target price (down previously from $84.00) on shares of Principal Financial Group in a report on Wednesday. Morgan Stanley restated an “underweight” rating and issued a $80.00 price objective (down previously from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. 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 report on Tuesday, November 19th. Piper Sandler upped their price target on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Finally, Bank of America lowered 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. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Principal Financial Group currently has a consensus rating of “Hold” and a consensus target price of $84.75.

Principal Financial Group Trading Down 0.7 %

Principal Financial Group stock opened at $79.29 on Friday. The company has a 50 day moving average price of $86.05 and a 200 day moving average price of $82.45. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30. Principal Financial Group, Inc. has a 52 week low of $72.21 and a 52 week high of $91.97. The firm has a market capitalization of $18.14 billion, a price-to-earnings ratio of 11.62, a P/E/G ratio of 0.93 and a beta of 1.20.

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). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same period in the previous year, the firm posted $1.72 earnings per share. Research analysts forecast that Principal Financial Group, Inc. will post 7.03 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be issued a dividend of $0.73 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a dividend yield of 3.68%. The ex-dividend date is Monday, December 2nd. Principal Financial Group’s dividend payout ratio (DPR) is currently -324.44%.

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 Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.