Principal Financial Group, Inc. (NYSE:PFG) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 1.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 152,034 shares of the company’s stock after selling 1,648 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Principal Financial Group were worth $12,827,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PFG. Victory Capital Management Inc. boosted its position in Principal Financial Group by 802.2% during the first quarter. Victory Capital Management Inc. now owns 3,707,534 shares of the company’s stock worth $312,805,000 after acquiring an additional 3,296,608 shares during the last quarter. Northern Trust Corp lifted its stake in Principal Financial Group by 9.8% in the 4th quarter. Northern Trust Corp now owns 3,662,918 shares of the company’s stock worth $283,546,000 after purchasing an additional 326,604 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Principal Financial Group by 12.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,877,246 shares of the company’s stock worth $145,318,000 after purchasing an additional 209,885 shares during the last quarter. Deutsche Bank AG grew its position in shares of Principal Financial Group by 73.5% in the fourth quarter. Deutsche Bank AG now owns 1,482,053 shares of the company’s stock valued at $114,726,000 after purchasing an additional 627,865 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of Principal Financial Group by 8.7% in the fourth quarter. Royal Bank of Canada now owns 1,062,128 shares of the company’s stock valued at $82,221,000 after purchasing an additional 85,011 shares during the last quarter. 75.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PFG shares. UBS Group boosted their price objective on Principal Financial Group from $85.00 to $87.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 29th. Keefe, Bruyette & Woods lowered their price target on shares of Principal Financial Group from $90.00 to $88.00 and set a “market perform” rating on the stock in a research report on Monday. Wells Fargo & Company cut their price objective on shares of Principal Financial Group from $73.00 to $72.00 and set an “underweight” rating for the company in a research report on Wednesday, July 30th. Morgan Stanley reiterated an “underweight” rating and issued a $75.00 target price (up from $71.00) on shares of Principal Financial Group in a report on Monday, July 14th. Finally, Piper Sandler raised their price target on shares of Principal Financial Group from $88.00 to $89.00 and gave the stock an “overweight” rating in a report on Thursday, July 3rd. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $86.70.

Principal Financial Group Stock Up 0.3%

NYSE:PFG opened at $76.12 on Wednesday. Principal Financial Group, Inc. has a 52 week low of $68.39 and a 52 week high of $91.97. The stock’s fifty day moving average is $78.50 and its two-hundred day moving average is $79.84. The stock has a market capitalization of $16.96 billion, a price-to-earnings ratio of 11.40, a price-to-earnings-growth ratio of 0.76 and a beta of 1.00. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Monday, July 28th. The company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter last year, the business posted $1.63 EPS. Research analysts anticipate that Principal Financial Group, Inc. will post 8.5 EPS for the current year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Thursday, September 4th will be issued a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.1%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.76. The ex-dividend date is Thursday, September 4th. Principal Financial Group’s dividend payout ratio (DPR) is presently 62.78%.

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.