abrdn plc Has $7.56 Million Holdings in Principal Financial Group, Inc. (NYSE:PFG)

abrdn plc lowered its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 1.1% in the third quarter, Holdings Channel.com reports. The firm owned 88,060 shares of the company’s stock after selling 946 shares during the period. abrdn plc’s holdings in Principal Financial Group were worth $7,563,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EdgeRock Capital LLC purchased a new position in shares of Principal Financial Group during the second quarter valued at approximately $26,000. Strategic Financial Concepts LLC bought a new position in Principal Financial Group during the 2nd quarter valued at $32,000. Family Firm Inc. purchased a new position in Principal Financial Group during the 2nd quarter worth $33,000. Salomon & Ludwin LLC boosted its holdings in Principal Financial Group by 319.3% during the 1st quarter. Salomon & Ludwin LLC now owns 499 shares of the company’s stock worth $43,000 after acquiring an additional 380 shares during the last quarter. Finally, Innealta Capital LLC bought a new stake in shares of Principal Financial Group in the 2nd quarter worth $43,000. 75.08% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on PFG shares. Citigroup boosted their price target on shares of Principal Financial Group from $68.00 to $70.00 and gave the stock a “sell” rating in a report on Tuesday, July 23rd. Jefferies Financial Group upped their target price on Principal Financial Group from $73.00 to $76.00 and gave the company a “hold” rating in a report on Thursday, July 18th. Piper Sandler lifted their price target on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Morgan Stanley reduced their price objective on Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Finally, Bank of America lowered their target price on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating on the stock in a research note on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $85.58.

Principal Financial Group Stock Performance

NYSE PFG opened at $82.18 on Friday. The company’s 50 day moving average is $84.54 and its 200-day moving average is $81.85. The firm has a market cap of $18.80 billion, a P/E ratio of -91.31, a price-to-earnings-growth ratio of 0.95 and a beta of 1.20. Principal Financial Group, Inc. has a 12-month low of $67.79 and a 12-month high of $91.97. The company has a quick ratio of 0.29, a current ratio of 0.30 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($0.26). The company had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $3.92 billion. Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. During the same quarter in the prior year, the company earned $1.72 EPS. Sell-side analysts predict that Principal Financial Group, Inc. will post 7.12 earnings per share for the current year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date is Monday, December 2nd. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s payout ratio is presently -320.00%.

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.