New York State Common Retirement Fund Lowers Stock Position in Principal Financial Group, Inc. (NYSE:PFG)

New York State Common Retirement Fund trimmed its position in Principal Financial Group, Inc. (NYSE:PFG) by 0.4% in the 1st quarter, HoldingsChannel reports. The fund owned 126,285 shares of the company’s stock after selling 500 shares during the quarter. New York State Common Retirement Fund’s holdings in Principal Financial Group were worth $10,655,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PFG. von Borstel & Associates Inc. purchased a new position in Principal Financial Group during the first quarter valued at approximately $32,000. Navigoe LLC purchased a new stake in shares of Principal Financial Group in the fourth quarter worth $37,000. Ameriflex Group Inc. bought a new stake in shares of Principal Financial Group during the 4th quarter valued at $37,000. Covestor Ltd lifted its stake in shares of Principal Financial Group by 144.3% during the 4th quarter. Covestor Ltd now owns 540 shares of the company’s stock valued at $42,000 after buying an additional 319 shares in the last quarter. Finally, MorganRosel Wealth Management LLC purchased a new position in shares of Principal Financial Group during the 1st quarter valued at $46,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Stock Performance

NYSE PFG opened at $81.06 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30. Principal Financial Group, Inc. has a 1-year low of $68.39 and a 1-year high of $91.98. The business has a 50 day simple moving average of $78.76 and a two-hundred day simple moving average of $79.82. The stock has a market capitalization of $18.17 billion, a PE ratio of 12.13, a P/E/G ratio of 0.76 and a beta of 0.99.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Monday, April 28th. The company reported $1.81 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.02). Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same quarter in the previous year, the business earned $1.65 earnings per share. On average, research analysts predict that Principal Financial Group, Inc. will post 8.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Monday, June 2nd were paid a $0.76 dividend. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.75. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend was Monday, June 2nd. Principal Financial Group’s dividend payout ratio (DPR) is presently 65.10%.

Analysts Set New Price Targets

PFG has been the subject of a number of analyst reports. UBS Group cut their price target on Principal Financial Group from $93.00 to $80.00 and set a “neutral” rating for the company in a research note on Tuesday, April 29th. Barclays upped their price objective on Principal Financial Group from $76.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, July 7th. Keefe, Bruyette & Woods lifted their target price on Principal Financial Group from $87.00 to $90.00 and gave the company a “market perform” rating in a research note on Wednesday, July 9th. Morgan Stanley reissued an “underweight” rating and issued a $75.00 price target (up from $71.00) on shares of Principal Financial Group in a report on Monday. Finally, Piper Sandler upped their price target on Principal Financial Group from $88.00 to $89.00 and gave the stock an “overweight” rating in a research note on Thursday, July 3rd. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Principal Financial Group presently has an average rating of “Hold” and a consensus price target of $84.82.

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 Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.