AMG National Trust Bank Lowers Stock Holdings in Principal Financial Group, Inc. $PFG

AMG National Trust Bank decreased its position in shares of Principal Financial Group, Inc. (NYSE:PFG) by 0.4% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 105,144 shares of the company’s stock after selling 439 shares during the quarter. AMG National Trust Bank’s holdings in Principal Financial Group were worth $8,352,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Simon Quick Advisors LLC purchased a new position in shares of Principal Financial Group during the 2nd quarter valued at $2,155,000. Strs Ohio raised its stake in Principal Financial Group by 28.8% during the 2nd quarter. Strs Ohio now owns 30,912 shares of the company’s stock valued at $2,455,000 after purchasing an additional 6,909 shares during the period. Impact Partnership Wealth LLC bought a new stake in Principal Financial Group during the 2nd quarter valued at approximately $402,000. Assetmark Inc. raised its stake in Principal Financial Group by 238.0% during the 2nd quarter. Assetmark Inc. now owns 8,037 shares of the company’s stock valued at $638,000 after purchasing an additional 5,659 shares during the period. Finally, Spire Wealth Management raised its stake in Principal Financial Group by 221.7% during the 2nd quarter. Spire Wealth Management now owns 1,258 shares of the company’s stock valued at $100,000 after purchasing an additional 867 shares during the period. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Up 0.4%

Shares of NYSE PFG opened at $82.74 on Friday. The firm’s 50-day moving average price is $81.17 and its 200-day moving average price is $78.89. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $18.43 billion, a price-to-earnings ratio of 12.39, a P/E/G ratio of 0.76 and a beta of 1.03. Principal Financial Group, Inc. has a 12-month low of $68.39 and a 12-month high of $90.31.

Principal Financial Group (NYSE:PFG) last announced its earnings results on Monday, October 27th. The company reported $2.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.12. 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 posted $2.05 EPS. On average, equities research analysts anticipate that Principal Financial Group, Inc. will post 8.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Wednesday, December 3rd will be given a dividend of $0.79 per share. The ex-dividend date is Wednesday, December 3rd. This represents a $3.16 annualized dividend and a dividend yield of 3.8%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.78. Principal Financial Group’s dividend payout ratio is currently 62.78%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Wells Fargo & Company lifted their target price on Principal Financial Group from $73.00 to $74.00 and gave the company an “underweight” rating in a research note on Wednesday. Piper Sandler set a $94.00 price target on shares of Principal Financial Group and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. JPMorgan Chase & Co. boosted their price target on shares of Principal Financial Group from $92.00 to $101.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Evercore ISI boosted their price target on shares of Principal Financial Group from $92.00 to $94.00 and gave the stock an “in-line” rating in a research note on Thursday, October 9th. Finally, UBS Group boosted their price target on shares of Principal Financial Group from $85.00 to $87.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 29th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $88.90.

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