Geode Capital Management LLC Sells 15,277 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Geode Capital Management LLC reduced its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 0.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,414,177 shares of the company’s stock after selling 15,277 shares during the quarter. Geode Capital Management LLC’s holdings in Principal Financial Group were worth $463,518,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PFG. Sequoia Financial Advisors LLC raised its position in Principal Financial Group by 14.7% in the second quarter. Sequoia Financial Advisors LLC now owns 2,864 shares of the company’s stock worth $225,000 after purchasing an additional 366 shares in the last quarter. ORG Partners LLC boosted its position in Principal Financial Group by 334.8% in the second quarter. ORG Partners LLC now owns 787 shares of the company’s stock valued at $62,000 after buying an additional 606 shares in the last quarter. Blue Trust Inc. grew its position in Principal Financial Group by 214.6% during the 2nd quarter. Blue Trust Inc. now owns 1,554 shares of the company’s stock worth $134,000 after acquiring an additional 1,060 shares during the last quarter. Gradient Investments LLC increased its stake in shares of Principal Financial Group by 158.8% in the second quarter. Gradient Investments LLC now owns 1,610 shares of the company’s stock valued at $126,000 after buying an additional 988 shares in the last quarter. Finally, TFC Financial Management Inc. increased its position in Principal Financial Group by 2,475.8% in the 2nd quarter. TFC Financial Management Inc. now owns 850 shares of the company’s stock valued at $67,000 after acquiring an additional 817 shares in the last quarter. 75.08% of the stock is owned by institutional investors and hedge funds.

Principal Financial Group Stock Performance

Shares of Principal Financial Group stock opened at $79.29 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market cap of $18.14 billion, a price-to-earnings ratio of 11.62, a price-to-earnings-growth ratio of 0.93 and a beta of 1.20. The stock’s 50-day moving average is $86.05 and its 200-day moving average is $82.45. Principal Financial Group, Inc. has a one year low of $72.21 and a one year high of $91.97.

Principal Financial Group (NYSE:PFG) last released its earnings results on Thursday, October 24th. The company reported $1.76 EPS for the quarter, missing the consensus estimate of $2.02 by ($0.26). The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $3.92 billion. Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. During the same quarter in the previous year, the firm posted $1.72 EPS. Equities analysts predict that Principal Financial Group, Inc. will post 7.03 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be issued a dividend of $0.73 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.72. The ex-dividend date is Monday, December 2nd. This represents a $2.92 annualized dividend and a yield of 3.68%. Principal Financial Group’s dividend payout ratio is presently -324.44%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PFG shares. Barclays boosted their target price on Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Royal Bank of Canada lifted their price objective on shares of Principal Financial Group from $87.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Bank of America lowered their target price on shares of Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Morgan Stanley reissued an “underweight” rating and issued a $80.00 price target (down previously from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. Finally, Piper Sandler raised their price objective on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $84.75.

Principal Financial Group Company 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.