Swiss National Bank Sells 24,500 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Swiss National Bank cut its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 3.1% during the 4th quarter, HoldingsChannel reports. The firm owned 756,400 shares of the company’s stock after selling 24,500 shares during the period. Swiss National Bank’s holdings in Principal Financial Group were worth $59,506,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PFG. Commonwealth Equity Services LLC grew its position in Principal Financial Group by 0.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 85,524 shares of the company’s stock worth $6,164,000 after acquiring an additional 376 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of Principal Financial Group in the third quarter valued at approximately $208,000. Raymond James & Associates raised its holdings in Principal Financial Group by 21.7% in the 3rd quarter. Raymond James & Associates now owns 102,915 shares of the company’s stock valued at $7,417,000 after buying an additional 18,325 shares during the last quarter. Stratos Wealth Partners LTD. raised its holdings in Principal Financial Group by 21.9% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 4,384 shares of the company’s stock valued at $316,000 after buying an additional 789 shares during the last quarter. Finally, Forsta AP Fonden boosted its position in Principal Financial Group by 31.7% during the 3rd quarter. Forsta AP Fonden now owns 82,200 shares of the company’s stock worth $5,924,000 after buying an additional 19,800 shares during the period. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Stock Performance

NYSE:PFG opened at $81.21 on Monday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.35. Principal Financial Group, Inc. has a twelve month low of $65.17 and a twelve month high of $86.79. The company has a fifty day moving average of $81.79 and a 200-day moving average of $77.88. The firm has a market capitalization of $19.03 billion, a P/E ratio of 12.07, a P/E/G ratio of 0.92 and a beta of 1.24.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Thursday, April 25th. The company reported $1.65 earnings per share for the quarter, missing the consensus estimate of $1.74 by ($0.09). The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.68 billion. Principal Financial Group had a net margin of 8.70% and a return on equity of 15.06%. During the same quarter in the prior year, the company posted $1.48 EPS. As a group, sell-side analysts anticipate that Principal Financial Group, Inc. will post 7.5 EPS for the current year.

Principal Financial Group declared that its Board of Directors has authorized a share repurchase program on Monday, February 12th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to purchase up to 7.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Principal Financial Group Increases Dividend

The company also recently declared 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 annualized dividend and a yield of 3.40%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.67. Principal Financial Group’s dividend payout ratio is presently 52.67%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Piper Sandler raised their price target 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. Evercore ISI raised their target price on Principal Financial Group from $84.00 to $86.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. Morgan Stanley lifted their target price on Principal Financial Group from $81.00 to $82.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Royal Bank of Canada increased their price target on 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, Wells Fargo & Company cut their price objective on Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Monday, April 29th. Two equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $80.30.

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.