Retirement Systems of Alabama Cuts Holdings in Principal Financial Group, Inc. (NYSE:PFG)

Retirement Systems of Alabama trimmed its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 3.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 48,341 shares of the company’s stock after selling 1,940 shares during the period. Retirement Systems of Alabama’s holdings in Principal Financial Group were worth $3,803,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Fortis Group Advisors LLC purchased a new stake in Principal Financial Group during the 3rd quarter valued at $33,000. PrairieView Partners LLC purchased a new position in shares of Principal Financial Group in the 4th quarter worth $39,000. Valley National Advisers Inc. boosted its stake in shares of Principal Financial Group by 81.7% in the 3rd quarter. Valley National Advisers Inc. now owns 556 shares of the company’s stock worth $40,000 after buying an additional 250 shares during the last quarter. Anchor Investment Management LLC purchased a new position in shares of Principal Financial Group in the 4th quarter worth $40,000. Finally, Authentikos Wealth Advisory LLC purchased a new position in shares of Principal Financial Group in the 3rd quarter worth $41,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Price Performance

NYSE:PFG opened at $82.65 on Tuesday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.35. The business’s 50-day simple moving average is $81.84 and its two-hundred day simple moving average is $77.98. The stock has a market cap of $19.37 billion, a PE ratio of 12.07, a P/E/G ratio of 0.92 and a beta of 1.24. Principal Financial Group, Inc. has a 52 week low of $65.17 and a 52 week high of $86.79.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings results on Thursday, April 25th. The company reported $1.65 EPS for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.09). The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate 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 period in the prior year, the business earned $1.48 earnings per share. As a group, analysts forecast that Principal Financial Group, Inc. will post 7.5 EPS for the current fiscal year.

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

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Monday, June 3rd will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.44%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.69. The ex-dividend date is Monday, June 3rd. Principal Financial Group’s payout ratio is 52.67%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PFG. Morgan Stanley raised their price target on Principal Financial Group from $81.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Piper Sandler raised their price target on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Wells Fargo & Company decreased their target price on Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating on the stock in a report on Monday, April 29th. Keefe, Bruyette & Woods raised their target price on Principal Financial Group from $85.00 to $89.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Finally, 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 report on Thursday, April 11th. Two analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. Based on data from MarketBeat, Principal Financial Group currently has a consensus rating of “Hold” and a consensus target price of $80.30.

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.