Sumitomo Mitsui Trust Holdings Inc. Reduces Stock Position in Principal Financial Group, Inc. (NYSE:PFG)

Sumitomo Mitsui Trust Holdings Inc. cut its stake in Principal Financial Group, Inc. (NYSE:PFG) by 2.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 649,504 shares of the company’s stock after selling 19,003 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.27% of Principal Financial Group worth $51,096,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Lecap Asset Management Ltd. purchased a new position in Principal Financial Group in the fourth quarter worth approximately $1,206,000. Mn Services Vermogensbeheer B.V. grew its position in Principal Financial Group by 0.4% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 116,280 shares of the company’s stock worth $9,148,000 after acquiring an additional 500 shares during the period. Louisiana State Employees Retirement System purchased a new position in Principal Financial Group in the fourth quarter worth approximately $1,046,000. Koshinski Asset Management Inc. grew its position in Principal Financial Group by 38.2% in the fourth quarter. Koshinski Asset Management Inc. now owns 4,565 shares of the company’s stock worth $359,000 after acquiring an additional 1,262 shares during the period. Finally, Cerity Partners LLC grew its position in Principal Financial Group by 14.4% in the fourth quarter. Cerity Partners LLC now owns 20,701 shares of the company’s stock worth $1,628,000 after acquiring an additional 2,602 shares during the period. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Stock Up 1.9 %

Shares of NYSE PFG opened at $80.44 on Friday. Principal Financial Group, Inc. has a 12-month low of $65.17 and a 12-month high of $86.79. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The stock has a market cap of $18.92 billion, a P/E ratio of 32.83, a PEG ratio of 0.97 and a beta of 1.25. The business’s fifty day simple moving average is $81.64 and its 200-day simple moving average is $77.04.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings results on Monday, February 12th. The company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.13. Principal Financial Group had a return on equity of 15.14% and a net margin of 4.56%. The company had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $3.53 billion. During the same period last year, the firm earned $1.70 earnings per share. As a group, equities analysts predict that Principal Financial Group, Inc. will post 7.6 EPS for the current fiscal year.

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

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 12th were paid a $0.69 dividend. The ex-dividend date was Monday, March 11th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.67. This represents a $2.76 dividend on an annualized basis and a yield of 3.43%. Principal Financial Group’s dividend payout ratio (DPR) is currently 112.65%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Royal Bank of Canada raised their price target on Principal Financial Group from $75.00 to $83.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 14th. Piper Sandler raised their price target on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, April 5th. Morgan Stanley raised their price target on Principal Financial Group from $81.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Wells Fargo & Company raised their price target on Principal Financial Group from $86.00 to $91.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. Finally, Evercore ISI raised their price target on Principal Financial Group from $84.00 to $86.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $80.64.

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.