PNC Financial Services Group Inc. reduced its holdings in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 4.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 156,185 shares of the company's stock after selling 7,633 shares during the quarter. PNC Financial Services Group Inc. owned about 0.07% of Principal Financial Group worth $13,416,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the business. EdgeRock Capital LLC bought a new stake in shares of Principal Financial Group in the 2nd quarter valued at $26,000. Strategic Financial Concepts LLC bought a new stake in Principal Financial Group in the second quarter valued at $32,000. Family Firm Inc. bought a new position in shares of Principal Financial Group during the 2nd quarter worth about $33,000. Peterson Financial Group Inc. bought a new position in shares of Principal Financial Group during the 3rd quarter worth about $33,000. Finally, Innealta Capital LLC acquired a new stake in shares of Principal Financial Group in the 2nd quarter valued at about $43,000. 75.08% of the stock is owned by institutional investors and hedge funds.
PFG stock opened at $85.73 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35. The firm has a market cap of $19.61 billion, a PE ratio of -95.26, a P/E/G ratio of 0.97 and a beta of 1.20. The business has a 50 day moving average of $86.12 and a 200-day moving average of $82.35. Principal Financial Group, Inc. has a 12-month low of $71.39 and a 12-month high of $91.97.
Principal Financial Group (NYSE:PFG - Get Free Report) last announced its earnings results on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($0.26). The business had revenue of $3.01 billion for the quarter, compared to analysts' expectations 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 period in the prior year, the business earned $1.72 earnings per share. As a group, sell-side analysts expect that Principal Financial Group, Inc. will post 7.09 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 3.41%. This is a boost from Principal Financial Group's previous quarterly dividend of $0.72. The ex-dividend date is Monday, December 2nd. Principal Financial Group's payout ratio is presently -324.44%.
PFG has been the topic of several recent research reports. Piper Sandler increased their price target on Principal Financial Group from $85.00 to $90.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. Morgan Stanley reduced their price target on shares of Principal Financial Group from $85.00 to $83.00 and set an "equal weight" rating for the company in a research report on Monday, August 19th. Keefe, Bruyette & Woods lowered their price objective on shares of Principal Financial Group from $88.00 to $86.00 and set a "market perform" rating on the stock in a report on Tuesday, July 30th. Wells Fargo & Company raised their price objective on shares of Principal Financial Group from $85.00 to $86.00 and gave the company an "equal weight" rating in a research note on Thursday, October 10th. Finally, Royal Bank of Canada boosted their target price on shares of Principal Financial Group from $87.00 to $91.00 and gave the stock a "sector perform" rating in a research report on Tuesday. 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's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $85.92.
Check Out Our Latest Stock Report on PFG
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.
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