Principal Financial Group, Inc. (NASDAQ:PFG) Shares Sold by Baird Financial Group Inc.

Posted by Defense World Staff on Jun 11th, 2023

Baird Financial Group Inc. decreased its holdings in Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) by 2.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 109,102 shares of the company’s stock after selling 2,316 shares during the quarter. Baird Financial Group Inc.’s holdings in Principal Financial Group were worth $9,156,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in Principal Financial Group by 175.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,732 shares of the company’s stock valued at $1,063,000 after buying an additional 9,377 shares in the last quarter. Balentine LLC raised its stake in Principal Financial Group by 4.6% during the fourth quarter. Balentine LLC now owns 10,178 shares of the company’s stock valued at $854,000 after buying an additional 444 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Principal Financial Group during the third quarter valued at approximately $830,000. FDx Advisors Inc. acquired a new stake in Principal Financial Group during the fourth quarter valued at approximately $349,000. Finally, Tredje AP fonden raised its stake in Principal Financial Group by 4.2% during the fourth quarter. Tredje AP fonden now owns 74,729 shares of the company’s stock valued at $6,271,000 after buying an additional 3,020 shares in the last quarter. Institutional investors and hedge funds own 74.21% of the company’s stock.

Insider Buying and Selling at Principal Financial Group

In other Principal Financial Group news, SVP Kenneth A. Mccullum sold 3,694 shares of the stock in a transaction on Saturday, March 18th. The stock was sold at an average price of $69.50, for a total transaction of $256,733.00. Following the completion of the transaction, the senior vice president now directly owns 29,244 shares of the company’s stock, valued at approximately $2,032,458. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.81% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PFG. JPMorgan Chase & Co. upped their price objective on Principal Financial Group from $78.00 to $83.00 and gave the company an “underweight” rating in a research note on Tuesday, April 4th. Barclays lowered their target price on Principal Financial Group from $92.00 to $75.00 in a report on Wednesday, April 12th. 92 Resources reaffirmed a “downgrade” rating on shares of Principal Financial Group in a report on Monday, May 1st. Keefe, Bruyette & Woods raised Principal Financial Group from an “underperform” rating to a “market perform” rating and lowered their target price for the company from $77.00 to $75.00 in a report on Thursday. Finally, Bank of America lowered Principal Financial Group from a “buy” rating to a “neutral” rating and lowered their target price for the company from $81.00 to $78.00 in a report on Monday, May 1st. Six analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to data from MarketBeat, Principal Financial Group has an average rating of “Hold” and a consensus price target of $77.15.

Principal Financial Group Stock Performance

Shares of PFG stock opened at $71.39 on Friday. Principal Financial Group, Inc. has a 12-month low of $61.05 and a 12-month high of $96.17. The firm has a market capitalization of $17.33 billion, a price-to-earnings ratio of 4.24, a price-to-earnings-growth ratio of 1.26 and a beta of 1.28. The business has a 50 day simple moving average of $69.03 and a 200 day simple moving average of $74.44. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.30 and a quick ratio of 0.30.

Principal Financial Group (NASDAQ:PFG – Get Rating) last issued its quarterly earnings results on Thursday, April 27th. The company reported $1.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.06). The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.22 billion. Principal Financial Group had a net margin of 24.97% and a return on equity of 16.04%. On average, equities research analysts anticipate that Principal Financial Group, Inc. will post 6.64 EPS for the current year.

Principal Financial Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 1st will be paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date of this dividend is Wednesday, May 31st. Principal Financial Group’s payout ratio is currently 15.21%.

Principal Financial Group Company Profile

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Principal Financial Group, Inc engages in the investment management offering business. It offers financial products and services to businesses, individuals, and institutional clients. It operates its business through following segments: Retirement and Income Solutions, Principal Global Investors, Principal International, U.S.