M&T Bank Corp Cuts Stock Holdings in Principal Financial Group, Inc. (NYSE:PFG)

M&T Bank Corp trimmed its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 37.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,353 shares of the company’s stock after selling 4,446 shares during the period. M&T Bank Corp’s holdings in Principal Financial Group were worth $620,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PFG. Curio Wealth LLC bought a new position in Principal Financial Group in the fourth quarter worth about $29,000. von Borstel & Associates Inc. bought a new position in Principal Financial Group in the first quarter worth about $32,000. Ameriflex Group Inc. bought a new position in shares of Principal Financial Group during the fourth quarter valued at approximately $37,000. Navigoe LLC bought a new position in shares of Principal Financial Group during the fourth quarter valued at approximately $37,000. Finally, Covestor Ltd increased its stake in shares of Principal Financial Group by 144.3% during the fourth quarter. Covestor Ltd now owns 540 shares of the company’s stock valued at $42,000 after purchasing an additional 319 shares in the last quarter. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Price Performance

NYSE:PFG opened at $79.38 on Wednesday. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $17.80 billion, a P/E ratio of 11.88, a P/E/G ratio of 0.76 and a beta of 0.99. Principal Financial Group, Inc. has a 12 month low of $68.39 and a 12 month high of $91.98. The business’s 50-day moving average is $78.63 and its 200 day moving average is $79.77.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Monday, April 28th. The company reported $1.81 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.02). Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%. During the same period in the previous year, the company earned $1.65 earnings per share. On average, equities research analysts forecast that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Monday, June 2nd were given a dividend of $0.76 per share. The ex-dividend date was Monday, June 2nd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.75. This represents a $3.04 dividend on an annualized basis and a yield of 3.83%. Principal Financial Group’s dividend payout ratio is 65.10%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Piper Sandler raised their target price on shares of Principal Financial Group from $88.00 to $89.00 and gave the stock an “overweight” rating in a report on Thursday, July 3rd. JPMorgan Chase & Co. lifted their price target on shares of Principal Financial Group from $92.00 to $101.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods lifted their price target on shares of Principal Financial Group from $87.00 to $90.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 9th. Barclays lifted their price target on shares of Principal Financial Group from $76.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, July 7th. Finally, Wells Fargo & Company lifted their price target on shares of Principal Financial Group from $69.00 to $73.00 and gave the stock an “underweight” rating in a research note on Thursday, July 10th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $84.08.

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.