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

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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EdgeRock Capital LLC purchased a new position in Principal Financial Group during the 2nd quarter valued at $26,000. Strategic Financial Concepts LLC purchased a new position in shares of Principal Financial Group during the second quarter valued at about $32,000. Family Firm Inc. bought a new position in Principal Financial Group in the second quarter worth about $33,000. Peterson Financial Group Inc. purchased a new stake in Principal Financial Group in the third quarter worth about $33,000. Finally, Innealta Capital LLC bought a new stake in Principal Financial Group during the 2nd quarter valued at approximately $43,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Performance

PFG stock opened at $75.18 on Friday. The stock’s 50 day simple moving average is $84.98 and its 200 day simple moving average is $82.28. 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 stock has a market capitalization of $17.20 billion, a PE ratio of -83.53, a price-to-earnings-growth ratio of 0.92 and a beta of 1.20.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results 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). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The business had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the previous year, the company earned $1.72 earnings per share. As a group, research analysts forecast that Principal Financial Group, Inc. will post 7.03 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

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

Analyst Upgrades and Downgrades

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

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.