Legacy Bridge LLC Sells 950 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Legacy Bridge LLC trimmed its position in Principal Financial Group, Inc. (NYSE:PFG) by 62.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 570 shares of the company’s stock after selling 950 shares during the quarter. Legacy Bridge LLC’s holdings in Principal Financial Group were worth $49,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Sei Investments Co. grew its stake in Principal Financial Group by 59.4% during the 1st quarter. Sei Investments Co. now owns 24,275 shares of the company’s stock worth $2,095,000 after buying an additional 9,048 shares during the last quarter. Blair William & Co. IL grew its stake in shares of Principal Financial Group by 7.5% during the first quarter. Blair William & Co. IL now owns 4,905 shares of the company’s stock worth $423,000 after acquiring an additional 342 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Principal Financial Group by 10.0% during the first quarter. Acadian Asset Management LLC now owns 70,380 shares of the company’s stock worth $6,071,000 after acquiring an additional 6,375 shares during the last quarter. UniSuper Management Pty Ltd increased its holdings in shares of Principal Financial Group by 437.5% during the first quarter. UniSuper Management Pty Ltd now owns 14,427 shares of the company’s stock valued at $1,245,000 after acquiring an additional 11,743 shares in the last quarter. Finally, Bessemer Group Inc. raised its position in shares of Principal Financial Group by 473.8% in the 1st quarter. Bessemer Group Inc. now owns 19,423 shares of the company’s stock valued at $1,675,000 after purchasing an additional 16,038 shares during the last quarter. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Stock Down 0.6 %

Principal Financial Group stock opened at $86.07 on Tuesday. Principal Financial Group, Inc. has a 52 week low of $71.39 and a 52 week high of $91.97. The firm has a market cap of $19.69 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 1.00 and a beta of 1.20. The business’s 50-day moving average price is $85.74 and its 200 day moving average price is $82.27. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($0.26). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The firm had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same period last year, the firm earned $1.72 earnings per share. As a group, sell-side analysts anticipate that Principal Financial Group, Inc. will post 7.09 earnings per share for the current year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be given a $0.73 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.92 dividend on an annualized basis and a dividend yield of 3.39%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s dividend payout ratio is -320.00%.

Analyst Ratings Changes

Several analysts have weighed in on PFG shares. Piper Sandler boosted their target price on shares of Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Bank of America cut their target price on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating on the stock in a research report on Thursday, October 10th. Keefe, Bruyette & Woods lowered their price target on Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating for the company in a research report on Tuesday, July 30th. Royal Bank of Canada increased their price objective on Principal Financial Group from $83.00 to $87.00 and gave the company a “sector perform” rating in a report on Monday, July 29th. Finally, Morgan Stanley decreased their target price on Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. 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’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $85.58.

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.