Legacy Bridge LLC Trims Stake in Principal Financial Group, Inc. (NYSE:PFG)

Legacy Bridge LLC cut its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 62.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 570 shares of the company’s stock after selling 950 shares during the period. Legacy Bridge LLC’s holdings in Principal Financial Group were worth $49,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. EdgeRock Capital LLC purchased a new position in shares of Principal Financial Group in the second quarter valued at $26,000. Peterson Financial Group Inc. bought a new position in Principal Financial Group during the third quarter valued at $33,000. Family Firm Inc. purchased a new stake in shares of Principal Financial Group in the second quarter valued at $33,000. Innealta Capital LLC bought a new stake in shares of Principal Financial Group in the 2nd quarter worth about $43,000. Finally, Capital Performance Advisors LLP purchased a new position in shares of Principal Financial Group during the 3rd quarter worth about $50,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Down 0.6 %

Shares of Principal Financial Group stock opened at $86.07 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a market cap of $19.69 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 1.00 and a beta of 1.20. The firm’s 50-day moving average is $85.74 and its two-hundred day moving average is $82.27. Principal Financial Group, Inc. has a 1 year low of $71.39 and a 1 year high of $91.97.

Principal Financial Group (NYSE:PFG) last released 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 business had revenue of $3.01 billion for the quarter, compared to the consensus estimate 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 in the prior year, the business posted $1.72 earnings per share. As a group, research analysts expect that Principal Financial Group, Inc. will post 7.09 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 3.39%. 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 payout ratio is presently -320.00%.

Wall Street Analyst Weigh In

Several analysts have issued reports on PFG shares. Morgan Stanley decreased their price objective on shares of Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Wells Fargo & Company upped their price objective on Principal Financial Group from $85.00 to $86.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Bank of America decreased 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. Piper Sandler boosted their target price on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 30th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Principal Financial Group currently has an average rating of “Hold” and a consensus price target of $85.58.

Principal Financial Group 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.