AMG National Trust Bank Lowers Stake in Principal Financial Group, Inc. (NYSE:PFG)

AMG National Trust Bank lessened its position in Principal Financial Group, Inc. (NYSE:PFG) by 10.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 108,697 shares of the company’s stock after selling 12,100 shares during the period. AMG National Trust Bank’s holdings in Principal Financial Group were worth $9,337,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of PFG. EdgeRock Capital LLC acquired a new stake in shares of Principal Financial Group during the second quarter worth $26,000. Strategic Financial Concepts LLC acquired a new stake in Principal Financial Group in the 2nd quarter worth about $32,000. Family Firm Inc. purchased a new stake in Principal Financial Group in the 2nd quarter valued at about $33,000. Peterson Financial Group Inc. acquired a new position in shares of Principal Financial Group during the 3rd quarter valued at about $33,000. Finally, Innealta Capital LLC purchased a new position in shares of Principal Financial Group during the 2nd quarter worth about $43,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating for the company in a report on Tuesday, July 30th. Wells Fargo & Company upped their price objective on 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 target price on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Royal Bank of Canada boosted their price target on Principal Financial Group from $83.00 to $87.00 and gave the company a “sector perform” rating in a research report on Monday, July 29th. Finally, Bank of America cut their price objective 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. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Principal Financial Group currently has an average rating of “Hold” and an average price target of $85.58.

Principal Financial Group Price Performance

Shares of NYSE:PFG opened at $86.56 on Monday. The company has a market capitalization of $19.80 billion, a PE ratio of -96.18, a price-to-earnings-growth ratio of 1.00 and a beta of 1.20. 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 stock has a fifty day moving average of $85.60 and a 200-day moving average of $82.23. Principal Financial Group, Inc. has a one year low of $71.37 and a one year high of $91.97.

Principal Financial Group (NYSE:PFG) last released 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 firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the prior year, the firm earned $1.72 EPS. As a group, equities analysts anticipate that Principal Financial Group, Inc. will post 7.09 EPS 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 dividend on an annualized basis and a dividend yield of 3.37%. 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 dividend payout ratio is -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.