TCTC Holdings LLC Sells 505 Shares of Principal Financial Group, Inc. (NYSE:PFG)

TCTC Holdings LLC reduced its stake in Principal Financial Group, Inc. (NYSE:PFG) by 36.6% during the 3rd quarter, Holdings Channel reports. The fund owned 875 shares of the company’s stock after selling 505 shares during the period. TCTC Holdings LLC’s holdings in Principal Financial Group were worth $75,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Acadian Asset Management LLC lifted its holdings in Principal Financial Group by 403.6% during the 2nd quarter. Acadian Asset Management LLC now owns 354,447 shares of the company’s stock worth $27,800,000 after purchasing an additional 284,067 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new position in Principal Financial Group during the 2nd quarter worth $19,698,000. Intech Investment Management LLC boosted its position in shares of Principal Financial Group by 586.1% in the first quarter. Intech Investment Management LLC now owns 234,815 shares of the company’s stock valued at $20,267,000 after acquiring an additional 200,588 shares during the period. Swedbank AB bought a new position in Principal Financial Group during the first quarter worth about $13,996,000. Finally, Capital Research Global Investors raised its stake in Principal Financial Group by 2.4% in the 1st quarter. Capital Research Global Investors now owns 6,602,298 shares of the company’s stock worth $569,844,000 after purchasing an additional 152,774 shares in the last quarter. 75.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PFG has been the topic of several recent research reports. Wells Fargo & Company raised their target price on shares of Principal Financial Group from $85.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Piper Sandler lifted their price objective on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Bank of America reduced their target price on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Keefe, Bruyette & Woods dropped their price target on Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating for the company in a research note on Tuesday, July 30th. Finally, Barclays increased their price objective on shares of Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Two research 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 company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $85.58.

Principal Financial Group Stock Down 0.6 %

Shares of NYSE:PFG opened at $85.45 on Friday. Principal Financial Group, Inc. has a 52-week low of $68.69 and a 52-week high of $91.97. The company has a fifty day moving average of $84.95 and a 200-day moving average of $81.99. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $19.54 billion, a PE ratio of -94.94, a price-to-earnings-growth ratio of 0.99 and a beta of 1.20.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($0.26). The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $3.92 billion. Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. During the same quarter last year, the firm posted $1.72 earnings per share. On average, equities analysts predict that Principal Financial Group, Inc. will post 7.12 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.73 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.92 annualized dividend and a dividend yield of 3.42%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s dividend payout ratio (DPR) is presently -320.00%.

About Principal Financial Group

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.