PNC Financial Services Group Inc. Sells 3,796 Shares of Principal Financial Group, Inc. (NYSE:PFG)

PNC Financial Services Group Inc. decreased its position in Principal Financial Group, Inc. (NYSE:PFG) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 210,614 shares of the company’s stock after selling 3,796 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.09% of Principal Financial Group worth $16,569,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of Principal Financial Group by 15.0% in the third quarter. Wellington Management Group LLP now owns 4,423,975 shares of the company’s stock worth $318,836,000 after acquiring an additional 575,646 shares during the last quarter. Northern Trust Corp increased its stake in Principal Financial Group by 0.4% during the 3rd quarter. Northern Trust Corp now owns 3,920,915 shares of the company’s stock valued at $282,580,000 after purchasing an additional 16,052 shares in the last quarter. Norges Bank purchased a new position in Principal Financial Group in the fourth quarter worth about $253,990,000. Invesco Ltd. lifted its stake in shares of Principal Financial Group by 12.6% in the third quarter. Invesco Ltd. now owns 2,231,757 shares of the company’s stock worth $160,843,000 after buying an additional 249,127 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Principal Financial Group by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,311,223 shares of the company’s stock valued at $103,154,000 after buying an additional 29,462 shares during the last quarter. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Down 0.1 %

Shares of PFG stock opened at $83.49 on Wednesday. The stock has a market cap of $19.57 billion, a P/E ratio of 15.93, a PEG ratio of 0.90 and a beta of 1.24. The company’s fifty day simple moving average is $82.60 and its two-hundred day simple moving average is $79.19. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.35. Principal Financial Group, Inc. has a 52 week low of $65.17 and a 52 week high of $86.79.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, April 25th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.74 by ($0.09). Principal Financial Group had a return on equity of 15.06% and a net margin of 8.70%. The firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.68 billion. During the same period last year, the company earned $1.48 earnings per share. Analysts predict that Principal Financial Group, Inc. will post 7.5 EPS for the current fiscal year.

Principal Financial Group announced that its Board of Directors has authorized a stock repurchase program on Monday, February 12th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.71 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.84 dividend on an annualized basis and a yield of 3.40%. Principal Financial Group’s payout ratio is 52.67%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PFG shares. Wells Fargo & Company decreased their price objective on shares of Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating for the company in a report on Monday, April 29th. Morgan Stanley upped their price objective on Principal Financial Group from $81.00 to $82.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Royal Bank of Canada upped their price target on shares of Principal Financial Group from $75.00 to $83.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 14th. 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 report on Friday, April 5th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Principal Financial Group from $85.00 to $89.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $80.30.

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.