PNC Financial Services Group Inc. Cuts Stock Holdings in Principal Financial Group, Inc. $PFG

PNC Financial Services Group Inc. lessened its position in Principal Financial Group, Inc. (NYSE:PFG) by 9.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 137,574 shares of the company’s stock after selling 14,460 shares during the quarter. PNC Financial Services Group Inc. owned about 0.06% of Principal Financial Group worth $10,928,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PFG. Envestnet Asset Management Inc. lifted its holdings in Principal Financial Group by 12.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 49,183 shares of the company’s stock valued at $4,150,000 after purchasing an additional 5,457 shares in the last quarter. Cerity Partners LLC raised its position in shares of Principal Financial Group by 19.2% in the first quarter. Cerity Partners LLC now owns 34,782 shares of the company’s stock valued at $2,935,000 after buying an additional 5,603 shares during the last quarter. CWM LLC lifted its stake in shares of Principal Financial Group by 46.3% in the first quarter. CWM LLC now owns 19,010 shares of the company’s stock worth $1,604,000 after buying an additional 6,017 shares in the last quarter. Apollon Wealth Management LLC boosted its position in Principal Financial Group by 11.2% during the first quarter. Apollon Wealth Management LLC now owns 5,723 shares of the company’s stock worth $483,000 after acquiring an additional 577 shares during the last quarter. Finally, Verdence Capital Advisors LLC grew its stake in Principal Financial Group by 39.8% during the 1st quarter. Verdence Capital Advisors LLC now owns 4,363 shares of the company’s stock valued at $368,000 after acquiring an additional 1,243 shares in the last quarter. 75.08% of the stock is owned by institutional investors and hedge funds.

Principal Financial Group Stock Performance

NYSE PFG opened at $84.47 on Friday. The stock has a fifty day simple moving average of $81.83 and a 200-day simple moving average of $79.73. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The stock has a market cap of $18.82 billion, a PE ratio of 12.65, a P/E/G ratio of 0.76 and a beta of 1.02. Principal Financial Group, Inc. has a twelve month low of $68.39 and a twelve month high of $90.31.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Monday, October 27th. The company reported $2.32 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.12. Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same period in the previous year, the company earned $2.05 EPS. Equities analysts anticipate that Principal Financial Group, Inc. will post 8.5 earnings per share for the current year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Wednesday, December 3rd will be issued a $0.79 dividend. The ex-dividend date is Wednesday, December 3rd. This represents a $3.16 annualized dividend and a dividend yield of 3.7%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.78. Principal Financial Group’s dividend payout ratio (DPR) is currently 46.00%.

Insider Buying and Selling at Principal Financial Group

In related news, EVP Wee Yee Cheong sold 1,887 shares of Principal Financial Group stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $85.04, for a total value of $160,470.48. Following the completion of the sale, the executive vice president owned 81,421 shares in the company, valued at approximately $6,924,041.84. This trade represents a 2.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PFG. Wells Fargo & Company raised their target price on shares of Principal Financial Group from $73.00 to $74.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 29th. Evercore ISI lifted their price objective on Principal Financial Group from $92.00 to $94.00 and gave the stock an “in-line” rating in a research report on Thursday, October 9th. Barclays boosted their price objective on Principal Financial Group from $80.00 to $83.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 8th. Piper Sandler set a $94.00 target price on Principal Financial Group and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Finally, UBS Group boosted their price target on shares of Principal Financial Group from $85.00 to $87.00 and gave the company a “neutral” rating in a research report on Tuesday, July 29th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $88.90.

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.