The Manufacturers Life Insurance Company Decreases Stake in Principal Financial Group, Inc. (NYSE:PFG)

The Manufacturers Life Insurance Company reduced its stake in Principal Financial Group, Inc. (NYSE:PFG) by 1.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 127,704 shares of the company’s stock after selling 2,487 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of Principal Financial Group worth $10,970,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the stock. EdgeRock Capital LLC bought a new stake in shares of Principal Financial Group in the second quarter worth $26,000. Strategic Financial Concepts LLC acquired a new position in shares of Principal Financial Group during the second quarter valued at $32,000. Family Firm Inc. acquired a new position in Principal Financial Group during the 2nd quarter valued at about $33,000. Peterson Financial Group Inc. bought a new position in Principal Financial Group in the 3rd quarter worth approximately $33,000. Finally, Innealta Capital LLC bought a new position in shares of Principal Financial Group in the second quarter worth $43,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Principal Financial Group from $85.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Barclays raised their target price on shares of Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Piper Sandler lifted their price target on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Bank of America dropped their price objective on shares of 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. Finally, Morgan Stanley cut their price target 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. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $85.92.

Principal Financial Group Price Performance

NYSE PFG opened at $85.42 on Tuesday. The stock has a 50-day simple moving average of $86.41 and a 200 day simple moving average of $82.45. The stock has a market capitalization of $19.54 billion, a PE ratio of -94.91, a P/E/G ratio of 1.01 and a beta of 1.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30. Principal Financial Group, Inc. has a twelve month low of $72.21 and a twelve month high of $91.97.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings data on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the prior year, the firm posted $1.72 earnings per share. Research analysts anticipate that Principal Financial Group, Inc. will post 7.04 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be paid a $0.73 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a dividend yield of 3.42%. The ex-dividend date is Monday, December 2nd. Principal Financial Group’s dividend payout ratio is currently -324.44%.

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.