Goelzer Investment Management Inc. Has $10.71 Million Position in Principal Financial Group, Inc. (NYSE:PFG)

Goelzer Investment Management Inc. lessened its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 0.9% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 124,665 shares of the company’s stock after selling 1,086 shares during the quarter. Principal Financial Group comprises about 0.6% of Goelzer Investment Management Inc.’s portfolio, making the stock its 29th largest holding. Goelzer Investment Management Inc.’s holdings in Principal Financial Group were worth $10,709,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. EdgeRock Capital LLC acquired a new stake in Principal Financial Group during the second quarter worth approximately $26,000. Strategic Financial Concepts LLC acquired a new position in Principal Financial Group in the 2nd quarter valued at $32,000. Newbridge Financial Services Group Inc. bought a new position in Principal Financial Group during the 4th quarter worth $33,000. Family Firm Inc. acquired a new stake in shares of Principal Financial Group during the second quarter worth $33,000. Finally, Riverview Trust Co bought a new stake in shares of Principal Financial Group in the first quarter valued at about $34,000. Institutional investors own 75.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Morgan Stanley lowered their price target on shares of Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Wells Fargo & Company dropped their price target on shares of Principal Financial Group from $87.00 to $85.00 and set an “equal weight” rating for the company in a research report on Monday, July 29th. Piper Sandler increased their price target on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday. Raymond James raised Principal Financial Group from a “market perform” rating to a “strong-buy” rating and set a $99.00 price objective for the company in a report on Tuesday, July 9th. Finally, Royal Bank of Canada increased their target price on Principal Financial Group from $83.00 to $87.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $85.50.

Principal Financial Group Price Performance

Principal Financial Group stock traded up $2.72 during midday trading on Friday, reaching $87.32. The company’s stock had a trading volume of 688,755 shares, compared to its average volume of 1,127,766. The stock has a market cap of $20.22 billion, a PE ratio of 16.66, a price-to-earnings-growth ratio of 0.91 and a beta of 1.19. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a 52 week low of $66.21 and a 52 week high of $88.26. The business has a 50-day moving average price of $80.35 and a 200-day moving average price of $81.32.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Thursday, July 25th. The company reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.87 by ($0.24). The company had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $3.78 billion. Principal Financial Group had a net margin of 8.05% and a return on equity of 14.92%. During the same period last year, the firm posted $1.53 earnings per share. On average, sell-side analysts predict that Principal Financial Group, Inc. will post 7.31 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Thursday, September 5th were paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.30%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Thursday, September 5th. Principal Financial Group’s dividend payout ratio is presently 54.96%.

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.