Allspring Global Investments Holdings LLC raised its position in shares of Principal Financial Group, Inc. (NYSE:PFG – Free Report) by 9.9% in the second quarter, Holdings Channel.com reports. The institutional investor owned 24,878 shares of the company’s stock after buying an additional 2,246 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Principal Financial Group were worth $1,887,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Principal Financial Group by 0.5% during the first 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 in the last quarter. First Trust Advisors LP lifted its stake in Principal Financial Group by 72.7% during the first 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 in the last quarter. Morgan Stanley lifted its stake in Principal Financial Group by 67.3% during the fourth 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 in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Principal Financial Group by 932.1% in the first quarter. Envestnet Asset Management Inc. now owns 4,124,958 shares of the company’s stock worth $28,765,000 after purchasing an additional 3,725,293 shares in the last quarter. Finally, Northern Trust Corp lifted its position in shares of Principal Financial Group by 1.1% in the first quarter. Northern Trust Corp now owns 4,113,693 shares of the company’s stock worth $301,986,000 after purchasing an additional 43,319 shares in the last quarter. 70.68% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
PFG has been the subject of a number of research analyst reports. Morgan Stanley reissued an “underweight” rating and issued a $70.00 price target on shares of Principal Financial Group in a research report on Wednesday, August 2nd. Jefferies Financial Group reduced their price target on shares of Principal Financial Group from $69.00 to $66.00 and set a “hold” rating for the company in a research report on Thursday, September 14th. Piper Sandler reduced their price target on shares of Principal Financial Group from $82.00 to $80.00 and set a “neutral” rating for the company in a research report on Monday, October 2nd. Barclays reduced their price target 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. Finally, StockNews.com initiated coverage on shares of Principal Financial Group in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Five analysts have rated the stock with a sell rating and eight have given a hold rating to the company. Based on data from MarketBeat, Principal Financial Group currently has an average rating of “Hold” and a consensus price target of $76.54.
Principal Financial Group Trading Down 0.2 %
Shares of PFG stock opened at $69.74 on Tuesday. Principal Financial Group, Inc. has a 12 month low of $65.17 and a 12 month high of $96.17. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.38. The business’s 50 day moving average is $75.53 and its two-hundred day moving average is $74.09. The company has a market cap of $16.86 billion, a PE ratio of 10.78, a price-to-earnings-growth ratio of 1.46 and a beta of 1.31.
Principal Financial Group (NYSE:PFG – Get Free Report) last announced its quarterly earnings data on Thursday, July 27th. The company reported $1.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.13). The company had revenue of $3.50 billion during the quarter, compared to analyst estimates of $3.49 billion. Principal Financial Group had a return on equity of 15.85% and a net margin of 11.52%. Equities analysts predict that Principal Financial Group, Inc. will post 6.47 EPS for the current year.
Principal Financial Group Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Thursday, September 7th were paid a $0.65 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend was Wednesday, September 6th. This represents a $2.60 annualized dividend and a dividend yield of 3.73%. Principal Financial Group’s dividend payout ratio (DPR) is presently 40.19%.
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 Global Investors, Principal International, and U.S. Insurance Solutions segments.
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