Maryland State Retirement & Pension System lowered its stake in shares of Principal Financial Group, Inc. (NYSE:PFG – Free Report) by 4.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 18,456 shares of the company’s stock after selling 793 shares during the period. Maryland State Retirement & Pension System’s holdings in Principal Financial Group were worth $1,400,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in PFG. Vanguard Group Inc. boosted its position in Principal Financial Group by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 29,028,108 shares of the company’s stock valued at $2,130,953,000 after buying an additional 150,598 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Principal Financial Group by 9.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,910,405 shares of the company’s stock valued at $412,081,000 after buying an additional 406,684 shares during the period. First Trust Advisors LP boosted its position in Principal Financial Group by 72.7% in the 1st quarter. First Trust Advisors LP now owns 4,902,024 shares of the company’s stock valued at $364,318,000 after buying an additional 2,063,939 shares during the period. Morgan Stanley boosted its position in Principal Financial Group by 67.3% in the 4th quarter. Morgan Stanley now owns 4,514,124 shares of the company’s stock valued at $378,825,000 after buying an additional 1,816,343 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in Principal Financial Group by 932.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 4,124,958 shares of the company’s stock valued at $28,765,000 after buying an additional 3,725,293 shares during the period. Hedge funds and other institutional investors own 70.68% of the company’s stock.
Principal Financial Group Price Performance
Shares of NYSE:PFG opened at $74.51 on Friday. The company’s fifty day moving average price is $77.35 and its 200 day moving average price is $74.01. Principal Financial Group, Inc. has a 12 month low of $65.17 and a 12 month high of $96.17. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market capitalization of $18.01 billion, a P/E ratio of 11.52, a P/E/G ratio of 1.61 and a beta of 1.31.
Principal Financial Group Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, September 7th will be paid a $0.65 dividend. The ex-dividend date is Wednesday, September 6th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.64. This represents a $2.60 dividend on an annualized basis and a yield of 3.49%. Principal Financial Group’s payout ratio is currently 40.19%.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on PFG shares. Piper Sandler raised their price target on shares of Principal Financial Group from $75.00 to $82.00 in a research report on Friday, July 7th. Barclays decreased their price objective on shares of Principal Financial Group from $78.00 to $76.00 and set an “equal weight” rating for the company in a research report on Monday, July 31st. StockNews.com raised shares of Principal Financial Group from a “sell” rating to a “hold” rating in a research report on Friday, September 8th. 3M reaffirmed an “upgrade” rating on shares of Principal Financial Group in a research report on Friday, June 9th. Finally, Keefe, Bruyette & Woods raised shares of Principal Financial Group from an “underperform” rating to a “market perform” rating and decreased their price objective for the stock from $77.00 to $75.00 in a research report on Thursday, June 8th. Five research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to data from MarketBeat, Principal Financial Group has an average rating of “Hold” and a consensus target price of $76.54.
View Our Latest Research Report on Principal Financial Group
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 Global Investors, Principal International, and U.S. Insurance Solutions segments.
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