Plimoth Trust Co. LLC Trims Stake in Principal Financial Group, Inc. (NYSE:PFG)

Plimoth Trust Co. LLC lowered its position in Principal Financial Group, Inc. (NYSE:PFG) by 4.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,478 shares of the company’s stock after selling 400 shares during the period. Plimoth Trust Co. LLC’s holdings in Principal Financial Group were worth $732,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Spire Wealth Management raised its holdings in Principal Financial Group by 152.0% in the fourth quarter. Spire Wealth Management now owns 373 shares of the company’s stock worth $29,000 after purchasing an additional 225 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of Principal Financial Group in the 1st quarter worth about $34,000. EdgeRock Capital LLC bought a new position in shares of Principal Financial Group in the 4th quarter worth about $31,000. Newbridge Financial Services Group Inc. purchased a new position in Principal Financial Group during the 4th quarter valued at about $33,000. Finally, Fortis Group Advisors LLC bought a new stake in Principal Financial Group during the third quarter worth about $33,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Price Performance

NYSE PFG opened at $79.26 on Wednesday. The stock has a 50-day moving average of $80.86 and a 200 day moving average of $80.57. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market capitalization of $18.58 billion, a price-to-earnings ratio of 11.66, a PEG ratio of 0.85 and a beta of 1.21. Principal Financial Group, Inc. has a one year low of $66.21 and a one year high of $86.79.

Principal Financial Group (NYSE:PFG) last issued 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 quarter last year, the company earned $1.48 EPS. On average, sell-side analysts forecast that Principal Financial Group, Inc. will post 7.45 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Monday, June 3rd were issued a $0.71 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.84 annualized dividend and a dividend yield of 3.58%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.69. Principal Financial Group’s payout ratio is presently 54.20%.

Analyst Ratings Changes

Several research firms have recently issued reports on PFG. Evercore ISI lifted their target price on shares of Principal Financial Group from $84.00 to $86.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Piper Sandler lifted their price objective on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Wells Fargo & Company cut their target price on Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, April 29th. Keefe, Bruyette & Woods lifted their price target 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. Finally, JPMorgan Chase & Co. upgraded shares of Principal Financial Group from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $88.00 to $96.00 in a research note on Tuesday. One analyst has rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $82.60.

About Principal Financial Group

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.