Pictet Asset Management Holding SA lessened its stake in shares of Principal Financial Group, Inc. (NASDAQ:PFG – Free Report) by 10.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 129,198 shares of the company’s stock after selling 14,756 shares during the quarter. Pictet Asset Management Holding SA owned about 0.06% of Principal Financial Group worth $11,642,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. DV Equities LLC purchased a new position in shares of Principal Financial Group in the 4th quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Principal Financial Group in the fourth quarter valued at $26,000. Hilton Head Capital Partners LLC acquired a new position in Principal Financial Group in the fourth quarter valued at $26,000. MBM Wealth Consultants LLC acquired a new position in Principal Financial Group in the first quarter valued at $28,000. Finally, Quest 10 Wealth Builders Inc. grew its holdings in shares of Principal Financial Group by 343.6% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 346 shares of the company’s stock worth $30,000 after purchasing an additional 268 shares during the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.
Analyst Ratings Changes
PFG has been the topic of a number of research analyst reports. Raymond James Financial cut Principal Financial Group from a “strong-buy” rating to an “outperform” rating and lifted their target price for the stock from $99.00 to $111.00 in a research report on Tuesday, May 19th. Evercore set a $108.00 price target on Principal Financial Group in a research note on Monday, April 27th. Bank of America reaffirmed an “underperform” rating and set a $95.00 price target (down from $98.00) on shares of Principal Financial Group in a research report on Wednesday, June 24th. Piper Sandler boosted their price objective on Principal Financial Group from $113.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, June 24th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $92.00 price objective on shares of Principal Financial Group in a report on Thursday, March 26th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Principal Financial Group currently has a consensus rating of “Hold” and a consensus target price of $100.90.
Principal Financial Group Price Performance
Shares of NASDAQ:PFG opened at $110.87 on Friday. The company has a 50-day simple moving average of $104.45 and a 200-day simple moving average of $95.93. Principal Financial Group, Inc. has a one year low of $75.00 and a one year high of $112.45. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.27 and a current ratio of 0.27. The stock has a market capitalization of $23.95 billion, a price-to-earnings ratio of 15.86, a PEG ratio of 1.09 and a beta of 0.88.
Principal Financial Group (NASDAQ:PFG – Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.06. The firm had revenue of $3.53 billion for the quarter, compared to analyst estimates of $4.11 billion. Principal Financial Group had a return on equity of 16.25% and a net margin of 10.10%.During the same quarter last year, the company posted $1.81 earnings per share. On average, analysts predict that Principal Financial Group, Inc. will post 9.37 EPS for the current year.
Principal Financial Group Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Monday, June 1st were given a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, June 1st. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.80. Principal Financial Group’s payout ratio is 46.92%.
Insider Buying and Selling
In other news, General Counsel George Djurasovic sold 2,571 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $100.83, for a total transaction of $259,233.93. Following the completion of the sale, the general counsel owned 21,906 shares in the company, valued at $2,208,781.98. This represents a 10.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Wee Yee Cheong sold 7,534 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $103.16, for a total value of $777,207.44. Following the sale, the insider directly owned 66,443 shares of the company’s stock, valued at approximately $6,854,259.88. This represents a 10.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,317 shares of company stock valued at $2,884,902 over the last ninety days. 1.13% of the stock is owned by insiders.
About Principal Financial Group
Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.
Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.
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