Principal Financial Group, Inc. $PFG Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in shares of Principal Financial Group, Inc. (NASDAQ:PFG) by 3.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 464,094 shares of the company’s stock after selling 18,682 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Principal Financial Group were worth $51,960,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of PFG. Ancora Advisors LLC acquired a new stake in Principal Financial Group during the second quarter worth about $27,000. Valley Wealth Managers Inc. acquired a new position in shares of Principal Financial Group in the 1st quarter valued at $27,000. Bell Investment Advisors Inc bought a new position in shares of Principal Financial Group during the second quarter worth $38,000. Signature Equity Partners LLC lifted its position in Principal Financial Group by 5,733.3% in the 1st quarter. Signature Equity Partners LLC now owns 350 shares of the company’s stock valued at $32,000 after acquiring an additional 344 shares in the last quarter. Finally, Comprehensive Financial Planning Inc. PA acquired a new position in shares of Principal Financial Group during the 2nd quarter worth about $41,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Stock Performance

NASDAQ PFG opened at $117.31 on Thursday. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.37. Principal Financial Group, Inc. has a 12-month low of $80.00 and a 12-month high of $121.18. The company has a 50-day simple moving average of $112.32 and a two-hundred day simple moving average of $103.83. The firm has a market cap of $24.91 billion, a price-to-earnings ratio of 13.03, a PEG ratio of 1.29 and a beta of 0.87.

Principal Financial Group (NASDAQ:PFG) last announced its quarterly earnings results on Thursday, October 29th. The company reported $2.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.46 by ($0.24). Principal Financial Group had a net margin of 11.89% and a return on equity of 16.51%. The company had revenue of $4.62 billion for the quarter, compared to analysts’ expectations of $4.31 billion. During the same quarter in the prior year, the firm earned $2.32 EPS. On average, equities analysts forecast that Principal Financial Group, Inc. will post 9.18 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Wednesday, December 2nd will be paid a dividend of $0.85 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.84. The ex-dividend date is Wednesday, December 2nd. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.9%. Principal Financial Group’s dividend payout ratio is presently 37.33%.

Analyst Ratings Changes

A number of brokerages have weighed in on PFG. Piper Sandler reduced their target price on Principal Financial Group from $128.00 to $125.00 and set an “overweight” rating on the stock in a report on Wednesday, October 28th. Wells Fargo & Company dropped their price target on shares of Principal Financial Group from $112.00 to $109.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 28th. Bank of America upped their price target on shares of Principal Financial Group from $94.00 to $104.00 and gave the company an “underperform” rating in a research report on Tuesday, July 28th. Atlantic Securities set a $94.00 target price on Principal Financial Group in a research report on Wednesday, July 15th. Finally, UBS Group reduced their price objective on Principal Financial Group from $120.00 to $112.00 and set a “neutral” rating for the company in a research note on Tuesday, October 27th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $107.75.

Principal Financial Group Company Profile

Principal Financial Group, Inc is a global financial services company that helps individuals and businesses build, protect and manage wealth. Its offerings include retirement plans, individual retirement accounts, investment products, life and disability insurance, and financial wellness solutions. The company also provides institutional investment management and pension-risk transfer services.

Principal serves employers, institutions and individual investors through a range of retirement and workplace benefits solutions.