Rockefeller Capital Management L.P. Reduces Stake in Principal Financial Group, Inc. (NYSE:PFG)

Rockefeller Capital Management L.P. lowered its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 6.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,069 shares of the company’s stock after selling 1,156 shares during the period. Rockefeller Capital Management L.P.’s holdings in Principal Financial Group were worth $1,466,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Farther Finance Advisors LLC increased its position in Principal Financial Group by 2.2% in the second quarter. Farther Finance Advisors LLC now owns 6,325 shares of the company’s stock worth $493,000 after buying an additional 135 shares during the last quarter. Ballentine Partners LLC grew its stake in shares of Principal Financial Group by 5.0% during the 2nd quarter. Ballentine Partners LLC now owns 2,906 shares of the company’s stock worth $228,000 after acquiring an additional 138 shares during the period. Graypoint LLC increased its holdings in Principal Financial Group by 5.6% in the 2nd quarter. Graypoint LLC now owns 2,654 shares of the company’s stock worth $208,000 after acquiring an additional 140 shares during the last quarter. Prime Capital Investment Advisors LLC raised its stake in Principal Financial Group by 2.3% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 6,358 shares of the company’s stock valued at $546,000 after acquiring an additional 142 shares during the period. Finally, Empirical Finance LLC lifted its holdings in Principal Financial Group by 1.8% during the third quarter. Empirical Finance LLC now owns 7,875 shares of the company’s stock valued at $676,000 after purchasing an additional 142 shares during the last quarter. Institutional investors own 75.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PFG. Piper Sandler lifted their target price on shares of Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company boosted their target price on shares of Principal Financial Group from $85.00 to $86.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Morgan Stanley reaffirmed an “underweight” rating and issued a $80.00 price target (down from $86.00) on shares of Principal Financial Group in a report on Thursday. Barclays boosted their price objective on Principal Financial Group from $75.00 to $77.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Finally, Bank of America reduced their target price on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a report on Thursday, October 10th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $85.67.

Principal Financial Group Trading Up 0.8 %

Shares of Principal Financial Group stock opened at $84.40 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30. Principal Financial Group, Inc. has a 1 year low of $72.21 and a 1 year high of $91.97. The firm has a market cap of $19.30 billion, a PE ratio of -93.78, a PEG ratio of 0.99 and a beta of 1.20. The company has a 50 day simple moving average of $86.31 and a two-hundred day simple moving average of $82.48.

Principal Financial Group (NYSE:PFG) last posted 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). The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate 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 period in the prior year, the firm posted $1.72 earnings per share. Analysts expect that Principal Financial Group, Inc. will post 7.04 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.73 per share. The ex-dividend date of this dividend is Monday, December 2nd. 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 3.46%. 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.