Assetmark Inc. Cuts Position in Principal Financial Group, Inc. (NYSE:PFG)

Assetmark Inc. reduced its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 8.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,997 shares of the company’s stock after selling 188 shares during the quarter. Assetmark Inc.’s holdings in Principal Financial Group were worth $172,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of PFG. EdgeRock Capital LLC acquired a new position in Principal Financial Group during the 2nd quarter valued at approximately $26,000. Strategic Financial Concepts LLC bought a new stake in shares of Principal Financial Group in the 2nd quarter worth $32,000. Family Firm Inc. acquired a new stake in shares of Principal Financial Group during the second quarter worth $33,000. Innealta Capital LLC acquired a new stake in shares of Principal Financial Group during the second quarter worth $43,000. Finally, MCF Advisors LLC raised its position in shares of Principal Financial Group by 55.6% during the second quarter. MCF Advisors LLC now owns 613 shares of the company’s stock worth $48,000 after purchasing an additional 219 shares during the period. Institutional investors and hedge funds own 75.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PFG. Citigroup lifted their price target on Principal Financial Group from $68.00 to $70.00 and gave the company a “sell” rating in a report on Tuesday, July 23rd. Barclays boosted their price target on Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Royal Bank of Canada boosted their price objective on Principal Financial Group from $83.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Monday, July 29th. Wells Fargo & Company boosted their price objective on Principal Financial Group from $85.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. Finally, Piper Sandler upped their price target on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $85.58.

Principal Financial Group Stock Up 0.2 %

NYSE PFG opened at $86.56 on Monday. The firm has a market cap of $19.80 billion, a PE ratio of -96.18, a price-to-earnings-growth ratio of 1.00 and a beta of 1.20. Principal Financial Group, Inc. has a one year low of $71.37 and a one year high of $91.97. The stock’s 50 day simple moving average is $85.60 and its 200 day simple moving average is $82.23. 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 (NYSE:PFG) last released its quarterly earnings results on Thursday, October 24th. The company reported $1.76 EPS for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). The business 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 quarter last year, the company earned $1.72 earnings per share. As a group, sell-side analysts forecast that Principal Financial Group, Inc. will post 7.09 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. Shareholders of record on Monday, December 2nd will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 3.37%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.72. The ex-dividend date is Monday, December 2nd. Principal Financial Group’s dividend payout ratio (DPR) is presently -320.00%.

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.