Principal Financial Group, Inc. (NYSE:PFG) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System decreased its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 11.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 183,310 shares of the company’s stock after selling 24,660 shares during the period. New York State Teachers Retirement System’s holdings in Principal Financial Group were worth $15,746,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. EdgeRock Capital LLC bought a new stake in shares of Principal Financial Group during the 2nd quarter valued at about $26,000. Strategic Financial Concepts LLC acquired a new position in Principal Financial Group in the second quarter valued at approximately $32,000. Family Firm Inc. bought a new position in shares of Principal Financial Group during the second quarter valued at approximately $33,000. Salomon & Ludwin LLC raised its position in shares of Principal Financial Group by 319.3% during the 1st quarter. Salomon & Ludwin LLC now owns 499 shares of the company’s stock worth $43,000 after purchasing an additional 380 shares during the period. Finally, Innealta Capital LLC bought a new stake in shares of Principal Financial Group in the 2nd quarter worth approximately $43,000. 75.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods dropped their target price on Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 30th. Raymond James raised shares of Principal Financial Group from a “market perform” rating to a “strong-buy” rating and set a $99.00 price objective on the stock in a report on Tuesday, July 9th. Bank of America reduced 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. Wells Fargo & Company raised their price target 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, Piper Sandler boosted their price objective on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $85.58.

Principal Financial Group Price Performance

Shares of NYSE:PFG opened at $82.18 on Friday. The stock has a market cap of $19.03 billion, a price-to-earnings ratio of -91.31, a PEG ratio of 0.97 and a beta of 1.19. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.27 and a quick ratio of 0.29. Principal Financial Group, Inc. has a 12 month low of $67.79 and a 12 month high of $91.97. The stock’s 50 day moving average price is $84.54 and its 200 day moving average price is $81.82.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Thursday, October 24th. The company reported $1.76 EPS for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the prior year, the firm posted $1.72 EPS. Equities research analysts anticipate that Principal Financial Group, Inc. will post 7.12 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 3.55%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. The ex-dividend date is Monday, December 2nd. Principal Financial Group’s dividend payout ratio is presently -324.44%.

Principal Financial Group 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.