Principal Financial Group, Inc. (NYSE:PFG) Shares Sold by Northern Trust Corp

Northern Trust Corp lowered its stake in Principal Financial Group, Inc. (NYSE:PFGFree Report) by 5.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,707,729 shares of the company’s stock after selling 213,186 shares during the period. Northern Trust Corp owned approximately 1.56% of Principal Financial Group worth $291,687,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Spire Wealth Management increased its holdings in shares of Principal Financial Group by 152.0% in the fourth quarter. Spire Wealth Management now owns 373 shares of the company’s stock valued at $29,000 after purchasing an additional 225 shares during the period. EdgeRock Capital LLC acquired a new position in shares of Principal Financial Group in the fourth quarter valued at approximately $31,000. Fortis Group Advisors LLC acquired a new position in shares of Principal Financial Group in the third quarter valued at approximately $33,000. PrairieView Partners LLC acquired a new position in shares of Principal Financial Group in the fourth quarter valued at approximately $39,000. Finally, Valley National Advisers Inc. boosted its stake in shares of Principal Financial Group by 81.7% in the third quarter. Valley National Advisers Inc. now owns 556 shares of the company’s stock valued at $40,000 after buying an additional 250 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Stock Down 0.1 %

PFG opened at $79.27 on Friday. The business’s fifty day moving average is $81.88 and its two-hundred day moving average is $80.06. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $18.58 billion, a price-to-earnings ratio of 15.13, a PEG ratio of 0.85 and a beta of 1.23. Principal Financial Group, Inc. has a one year low of $66.21 and a one year high of $86.79.

Principal Financial Group (NYSE:PFGGet Free Report) last issued its quarterly earnings data on Thursday, April 25th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.74 by ($0.09). Principal Financial Group had a net margin of 8.70% and a return on equity of 15.06%. The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.68 billion. During the same quarter in the prior year, the company earned $1.48 earnings per share. Analysts anticipate 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 plan on Monday, February 12th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Monday, June 3rd will be given a $0.71 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.69. This represents a $2.84 annualized dividend and a dividend yield of 3.58%. The ex-dividend date is Monday, June 3rd. Principal Financial Group’s dividend payout ratio is currently 54.20%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PFG shares. Royal Bank of Canada lifted 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. 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 research note on Friday, April 5th. Evercore ISI lifted their price target on 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. Keefe, Bruyette & Woods lifted their price target on 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. Finally, Wells Fargo & Company decreased their price target 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 issued a hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $80.30.

Read Our Latest Stock Report on Principal Financial Group

Principal Financial Group Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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