Retirement Systems of Alabama Sells 1,061 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Retirement Systems of Alabama lessened its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 2.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 46,505 shares of the company’s stock after selling 1,061 shares during the period. Retirement Systems of Alabama’s holdings in Principal Financial Group were worth $3,995,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Dimensional Fund Advisors LP grew its stake in shares of Principal Financial Group by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,905,124 shares of the company’s stock valued at $306,393,000 after acquiring an additional 39,854 shares during the period. Bank of New York Mellon Corp lifted its holdings in Principal Financial Group by 2.9% during the second quarter. Bank of New York Mellon Corp now owns 1,903,138 shares of the company’s stock valued at $149,301,000 after purchasing an additional 53,516 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Principal Financial Group by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,403,689 shares of the company’s stock worth $120,577,000 after purchasing an additional 18,801 shares during the period. Barclays PLC increased its stake in shares of Principal Financial Group by 12.3% in the third quarter. Barclays PLC now owns 806,672 shares of the company’s stock worth $69,293,000 after purchasing an additional 88,179 shares in the last quarter. Finally, AustralianSuper Pty Ltd raised its position in shares of Principal Financial Group by 27.2% during the 3rd quarter. AustralianSuper Pty Ltd now owns 540,212 shares of the company’s stock valued at $46,404,000 after purchasing an additional 115,569 shares during the period. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Piper Sandler raised shares of Principal Financial Group from a “neutral” rating to an “overweight” rating and set a $90.00 target price for the company in a report on Wednesday. Royal Bank of Canada upped their price objective on Principal Financial Group from $87.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Bank of America cut their target price on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. Wells Fargo & Company reissued an “underweight” rating and issued a $75.00 price target (down from $84.00) on shares of Principal Financial Group in a report on Wednesday, December 11th. Finally, Barclays increased their price objective on shares of Principal Financial Group from $75.00 to $77.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Four research analysts have rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $84.75.

Principal Financial Group Stock Up 0.4 %

Shares of NYSE PFG opened at $75.18 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35. Principal Financial Group, Inc. has a 12-month low of $72.21 and a 12-month high of $91.97. The firm’s 50-day moving average price is $84.98 and its 200-day moving average price is $82.28. The stock has a market capitalization of $17.20 billion, a price-to-earnings ratio of -83.53, a P/E/G ratio of 0.92 and a beta of 1.20.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). The company had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $3.92 billion. Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. During the same quarter last year, the company earned $1.72 earnings per share. On average, equities research analysts anticipate that Principal Financial Group, Inc. will post 7.03 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 2nd were given a $0.73 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. This represents a $2.92 dividend on an annualized basis and a yield of 3.88%. Principal Financial Group’s dividend payout ratio (DPR) is currently -324.44%.

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.