Principal Financial Group, Inc. $PFG Shares Sold by Bank of America Corp DE

Bank of America Corp DE decreased its holdings in Principal Financial Group, Inc. (NASDAQ:PFG) by 31.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 8,426,764 shares of the company’s stock after selling 3,944,088 shares during the period. Bank of America Corp DE owned approximately 3.78% of Principal Financial Group worth $698,663,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aptus Capital Advisors LLC increased its position in shares of Principal Financial Group by 3.5% in the third quarter. Aptus Capital Advisors LLC now owns 3,444 shares of the company’s stock worth $286,000 after acquiring an additional 118 shares in the last quarter. Hazlett Burt & Watson Inc. lifted its holdings in shares of Principal Financial Group by 22.3% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 713 shares of the company’s stock valued at $59,000 after acquiring an additional 130 shares in the last quarter. Clearstead Advisors LLC boosted its position in Principal Financial Group by 18.3% during the 3rd quarter. Clearstead Advisors LLC now owns 907 shares of the company’s stock worth $75,000 after purchasing an additional 140 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Principal Financial Group by 6.6% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,429 shares of the company’s stock valued at $201,000 after purchasing an additional 151 shares in the last quarter. Finally, HighPoint Advisor Group LLC increased its holdings in Principal Financial Group by 1.8% in the 3rd quarter. HighPoint Advisor Group LLC now owns 9,389 shares of the company’s stock valued at $778,000 after purchasing an additional 168 shares in the last quarter. 75.08% of the stock is owned by institutional investors and hedge funds.

Principal Financial Group Stock Performance

Shares of PFG stock opened at $86.45 on Tuesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.27 and a quick ratio of 0.27. The company’s fifty day moving average price is $92.25 and its two-hundred day moving average price is $86.81. The firm has a market capitalization of $18.75 billion, a P/E ratio of 16.40, a P/E/G ratio of 0.80 and a beta of 0.87. Principal Financial Group, Inc. has a 12 month low of $68.39 and a 12 month high of $97.88.

Principal Financial Group (NASDAQ:PFG) last announced its earnings results on Wednesday, February 18th. The company reported $2.20 earnings per share for the quarter. Principal Financial Group had a return on equity of 16.09% and a net margin of 7.58%.The company had revenue of $4.58 billion during the quarter.

Principal Financial Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Wednesday, March 11th will be paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Wednesday, March 11th. Principal Financial Group’s dividend payout ratio (DPR) is 60.72%.

Analyst Ratings Changes

A number of brokerages have commented on PFG. Piper Sandler boosted their price objective on Principal Financial Group from $94.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 23rd. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $103.00 target price on shares of Principal Financial Group in a research note on Monday, January 5th. Weiss Ratings upgraded Principal Financial Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Barclays reissued an “underweight” rating and set a $85.00 price target on shares of Principal Financial Group in a research report on Thursday, January 8th. Finally, Wells Fargo & Company upgraded Principal Financial Group from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $85.00 to $91.00 in a report on Wednesday, February 25th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $94.11.

Insider Transactions at Principal Financial Group

In other Principal Financial Group news, CEO Deanna D. Strable-Soethout sold 7,340 shares of Principal Financial Group stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $95.00, for a total transaction of $697,300.00. Following the sale, the chief executive officer directly owned 136,828 shares in the company, valued at $12,998,660. The trade was a 5.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 24,965 shares of company stock worth $2,352,460. 1.08% of the stock is owned by insiders.

Principal Financial Group Profile

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.