Sonora Investment Management Group LLC Sells 542 Shares of Principal Financial Group, Inc. $PFG

Sonora Investment Management Group LLC reduced its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 13.1% in the 2nd quarter, Holdings Channel reports. The fund owned 3,600 shares of the company’s stock after selling 542 shares during the quarter. Sonora Investment Management Group LLC’s holdings in Principal Financial Group were worth $286,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PFG. Oliver Lagore Vanvalin Investment Group bought a new stake in shares of Principal Financial Group in the second quarter worth about $25,000. American National Bank & Trust bought a new stake in shares of Principal Financial Group in the second quarter worth about $28,000. von Borstel & Associates Inc. bought a new stake in shares of Principal Financial Group in the first quarter worth about $32,000. Zions Bancorporation National Association UT bought a new stake in shares of Principal Financial Group in the first quarter worth about $34,000. Finally, GKV Capital Management Co. Inc. bought a new stake in shares of Principal Financial Group in the first quarter worth about $45,000. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Stock Up 1.4%

PFG stock opened at $82.62 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. The business has a 50 day moving average price of $79.64 and a two-hundred day moving average price of $78.70. The company has a market cap of $18.41 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 0.76 and a beta of 1.03. Principal Financial Group, Inc. has a twelve month low of $68.39 and a twelve month high of $91.97.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings results on Monday, July 28th. The company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.97 by $0.19. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same period in the prior year, the business earned $1.63 earnings per share. Analysts anticipate that Principal Financial Group, Inc. will post 8.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Thursday, September 4th were given a $0.78 dividend. The ex-dividend date of this dividend was Thursday, September 4th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.76. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.8%. Principal Financial Group’s payout ratio is 62.78%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PFG. Keefe, Bruyette & Woods decreased their price objective on Principal Financial Group from $90.00 to $88.00 and set a “market perform” rating for the company in a report on Monday, August 4th. Barclays increased their price objective on Principal Financial Group from $76.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday, July 7th. Morgan Stanley increased their price objective on Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a report on Monday, August 18th. UBS Group increased their price objective on Principal Financial Group from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Tuesday, July 29th. Finally, Piper Sandler increased their price objective on Principal Financial Group from $88.00 to $89.00 and gave the stock an “overweight” rating in a report on Thursday, July 3rd. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Principal Financial Group currently has an average rating of “Reduce” and a consensus price target of $86.90.

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.