Pitcairn Co. Sells 135 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Pitcairn Co. cut its stake in Principal Financial Group, Inc. (NYSE:PFG) by 4.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,961 shares of the company’s stock after selling 135 shares during the period. Pitcairn Co.’s holdings in Principal Financial Group were worth $254,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. EdgeRock Capital LLC purchased a new position in shares of Principal Financial Group in the 2nd quarter valued at approximately $26,000. Peterson Financial Group Inc. purchased a new position in Principal Financial Group during the third quarter valued at $33,000. Family Firm Inc. bought a new stake in shares of Principal Financial Group during the 2nd quarter valued at $33,000. Prospera Private Wealth LLC purchased a new stake in shares of Principal Financial Group in the 3rd quarter worth about $45,000. Finally, Innealta Capital LLC bought a new position in shares of Principal Financial Group in the 2nd quarter worth about $43,000. 75.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PFG shares. Piper Sandler upped their price objective on shares of Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Wells Fargo & Company upped their price target on Principal Financial Group from $85.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. Bank of America lowered their price objective on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Royal Bank of Canada increased their target price on Principal Financial Group from $87.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Finally, Barclays lifted their price target on Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $85.92.

Principal Financial Group Stock Performance

Shares of NYSE PFG opened at $87.28 on Thursday. The firm’s 50-day moving average price is $86.35 and its 200-day moving average price is $82.42. Principal Financial Group, Inc. has a 52-week low of $71.39 and a 52-week high of $91.97. The company has a market cap of $19.96 billion, a PE ratio of -96.98, a PEG ratio of 1.01 and a beta of 1.20. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG) last issued 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 during 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 business posted $1.72 EPS. As a group, analysts anticipate that Principal Financial Group, Inc. will post 7.04 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be given a dividend of $0.73 per share. This represents a $2.92 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s dividend payout ratio is -324.44%.

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.