Hartford Investment Management Co. reduced its position in Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating ) by 7.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 26,819 shares of the company’s stock after selling 2,052 shares during the period. Hartford Investment Management Co.’s holdings. in Principal Financial Group were worth $1,969,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in PFG. Bank of America Corp DE boosted its holdings in shares of Principal Financial Group by 771.1% in the 4th quarter. Bank of America Corp DE now owns 11,090,467 shares of the company’s stock valued at $802,174,000 after purchasing an additional 9,817,312 shares during the last quarter. Norges Bank acquired a new stake in Principal Financial Group during the 4th quarter valued at approximately $202,576,000. Goldman Sachs Group Inc. increased its holdings in Principal Financial Group by 39.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,060,524 shares of the company’s stock valued at $221,368,000 after buying an additional 865,635 shares during the period. BlackRock Inc. grew its stake in Principal Financial Group by 2.3% in the fourth quarter. BlackRock Inc. now owns 22,496,639 shares of the company’s stock valued at $1,627,183,000 after buying an additional 511,634 shares during the last quarter. Finally, Alps Advisors Inc. acquired a new position in shares of Principal Financial Group during the fourth quarter valued at approximately $23,353,000. 77.69% of the shares are currently owned by institutional investors.
In related news, EVP Wee Yee Cheong sold 10,000 shares of Principal Financial Group stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $71.00, for a total transaction of $710,000.00. Following the completion of the transaction, the executive vice president now owns 37,093 shares in the company, valued at $2,633,603. The transaction was disclosed in a filing with the Securities and Exchange Commission, which is available on the SEC’s website. 1.17% of shares are currently owned by insiders.
Several research firms recently commented on PFG. Piper Sandler boosted their price objective on shares of Principal Financial Group from $76.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, April 6th. Citigroup began coverage on Principal Financial Group in a report on Monday, May 23rd. They issued a “sell” rating and a $63.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $73.70, according to MarketBeat.com.
Shares of NASDAQ:PFG opened at $67.77 on Monday. The company’s 50-day moving average is $69.13, and its 200-day moving average is $71.35. Principal Financial Group, Inc. has a one year low of $58.66 and a one year high of $80.36. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.10, and a quick ratio of 0.10. The stock has a market cap of $17.12 billion, a PE ratio of 11.62, a price-to-earnings-growth ratio of 1.26 and a beta of 1.43.
Principal Financial Group (NASDAQ:PFG – Get Rating ) last posted its earnings results on Thursday, April 28. The company reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.12. The business had revenue of $3.27 billion for the quarter, compared to analysts’ estimates of $3.57 billion. Principal Financial Group had a return on equity of 12.25% and a net margin of 11.08%. In the same quarter last year, the company reported $1.53 earnings per share. On average, analysts expect that Principal Financial Group, Inc. will post 6.65 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Thursday, June 2nd were given a $0.64 dividend. The ex-dividend date of this dividend was Wednesday, June 1st. This represents a $2.56 annual dividend and a dividend yield of 3.78%. Principal Financial Group’s dividend payout ratio is currently 43.91%.
Main Financial Group Company Profile (Get Rating)
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 Global Investors, Principal International and Insurance Solutions segments in the US.
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