Principal Financial Group, Inc. (NYSE:PFG) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. cut its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 2.8% in the 4th quarter, HoldingsChannel reports. The fund owned 649,504 shares of the company’s stock after selling 19,003 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Principal Financial Group were worth $51,096,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. GHP Investment Advisors Inc. raised its holdings in Principal Financial Group by 143.0% in the 3rd quarter. GHP Investment Advisors Inc. now owns 384 shares of the company’s stock valued at $27,000 after acquiring an additional 226 shares during the last quarter. ICA Group Wealth Management LLC raised its holdings in Principal Financial Group by 100.0% in the 1st quarter. ICA Group Wealth Management LLC now owns 400 shares of the company’s stock valued at $30,000 after acquiring an additional 200 shares during the last quarter. Fortis Group Advisors LLC acquired a new position in Principal Financial Group in the 3rd quarter valued at $33,000. Clear Street Markets LLC raised its holdings in Principal Financial Group by 96.1% in the 1st quarter. Clear Street Markets LLC now owns 449 shares of the company’s stock valued at $33,000 after acquiring an additional 220 shares during the last quarter. Finally, PrairieView Partners LLC purchased a new stake in shares of Principal Financial Group during the 4th quarter valued at $39,000. 75.08% of the stock is currently owned by institutional investors and hedge funds.

Principal Financial Group Stock Up 1.9 %

Shares of Principal Financial Group stock opened at $80.44 on Friday. The company has a fifty day moving average price of $81.64 and a 200 day moving average price of $77.04. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a twelve month low of $65.17 and a twelve month high of $86.79. The stock has a market cap of $18.92 billion, a price-to-earnings ratio of 32.83, a price-to-earnings-growth ratio of 0.97 and a beta of 1.25.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Monday, February 12th. The company reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.13. Principal Financial Group had a net margin of 4.56% and a return on equity of 15.14%. The firm had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same period in the prior year, the company earned $1.70 EPS. Equities research analysts forecast that Principal Financial Group, Inc. will post 7.6 earnings per share for the current fiscal year.

Principal Financial Group declared that its Board of Directors has approved a share repurchase program on Monday, February 12th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 12th were issued a $0.69 dividend. The ex-dividend date of this dividend was Monday, March 11th. This represents a $2.76 dividend on an annualized basis and a yield of 3.43%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.67. Principal Financial Group’s payout ratio is currently 112.65%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Evercore ISI boosted their price objective on shares of Principal Financial Group from $84.00 to $86.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Morgan Stanley boosted their price objective on shares of Principal Financial Group from $81.00 to $82.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Piper Sandler boosted their price objective on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Royal Bank of Canada boosted their price objective on shares of Principal Financial Group from $75.00 to $83.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 14th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Principal Financial Group from $85.00 to $89.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $80.64.

Principal Financial Group 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.