PNC Financial Services Group Inc. Reduces Holdings in Principal Financial Group, Inc. (NYSE:PFG)

PNC Financial Services Group Inc. cut its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 1.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 210,614 shares of the company’s stock after selling 3,796 shares during the quarter. PNC Financial Services Group Inc. owned 0.09% of Principal Financial Group worth $16,569,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of PFG. Spire Wealth Management boosted its holdings in Principal Financial Group by 152.0% during the 4th quarter. Spire Wealth Management now owns 373 shares of the company’s stock valued at $29,000 after acquiring an additional 225 shares during the period. EdgeRock Capital LLC bought a new position in Principal Financial Group during the 4th quarter valued at approximately $31,000. Fortis Group Advisors LLC bought a new position in Principal Financial Group during the 3rd quarter valued at approximately $33,000. PrairieView Partners LLC bought a new position in Principal Financial Group during the 4th quarter valued at approximately $39,000. Finally, Valley National Advisers Inc. raised its position in Principal Financial Group by 81.7% during the 3rd quarter. Valley National Advisers Inc. now owns 556 shares of the company’s stock valued at $40,000 after purchasing an additional 250 shares during the last quarter. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Stock Up 1.6 %

PFG stock opened at $77.87 on Tuesday. Principal Financial Group, Inc. has a twelve month low of $66.21 and a twelve month high of $86.79. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.35. The firm has a market cap of $18.25 billion, a PE ratio of 14.86, a price-to-earnings-growth ratio of 0.82 and a beta of 1.23. The business has a 50 day moving average of $81.00 and a 200 day moving average of $80.32.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Thursday, April 25th. The company reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.09). Principal Financial Group had a net margin of 8.70% and a return on equity of 15.06%. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same period last year, the business earned $1.48 EPS. On average, research analysts forecast that Principal Financial Group, Inc. will post 7.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.65%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.69. The ex-dividend date is Monday, June 3rd. Principal Financial Group’s dividend payout ratio (DPR) is currently 54.20%.

Wall Street Analyst Weigh In

A number of research analysts have commented on PFG shares. Piper Sandler upped their price target on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. Morgan Stanley upped their price target on Principal Financial Group from $81.00 to $82.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Evercore ISI upped their price target on Principal Financial Group from $84.00 to $86.00 and gave the company an “in-line” rating in a research report on Thursday, April 11th. Wells Fargo & Company decreased their target price on Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating for the company in a research report on Monday, April 29th. Finally, Keefe, Bruyette & Woods increased their target price on Principal Financial Group from $85.00 to $89.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. Two investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. Based on data from MarketBeat, Principal Financial Group has an average rating of “Hold” and an average target price of $80.30.

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.