Assenagon Asset Management S.A. Cuts Position in Principal Financial Group, Inc. $PFG

Key Points

• Assenagon Asset Management S.A. significantly reduced its stake in Principal Financial Group, cutting its position by 59% and owning 60,734 shares after selling 87,449 shares during the second quarter.
• Principal Financial Group's recent earnings report showed an **EPS** of **$2.16**, surpassing analysts' expectations of **$1.97**, indicating a strong financial performance for the quarter.
• The company declared an increased quarterly dividend of **$0.78**, up from **$0.76**, with an annual yield of **3.8%**, highlighting its commitment to return value to shareholders.

Assenagon Asset Management S.A. cut its stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 59.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 60,734 shares of the company's stock after selling 87,449 shares during the period. Assenagon Asset Management S.A.'s holdings in Principal Financial Group were worth $4,824,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PFG. Ameriflex Group Inc. purchased a new position in Principal Financial Group in the fourth quarter worth $37,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Principal Financial Group in the fourth quarter worth $7,891,000. Lansforsakringar Fondforvaltning AB publ bought a new stake in Principal Financial Group in the fourth quarter worth $4,261,000. Wealth Enhancement Advisory Services LLC lifted its stake in Principal Financial Group by 3.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 33,071 shares of the company's stock worth $2,560,000 after purchasing an additional 1,150 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new stake in Principal Financial Group in the first quarter worth $279,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating for the company in a research note on Wednesday, July 30th. 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. Barclays boosted their price target on shares of Principal Financial Group from $76.00 to $80.00 and gave the stock an "underweight" rating in a research note on Monday, July 7th. Piper Sandler upped their price objective on shares of Principal Financial Group from $88.00 to $89.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Finally, Morgan Stanley upped their price objective on shares of Principal Financial Group from $75.00 to $77.00 and gave the company an "underweight" rating in a research note on Monday, August 18th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Principal Financial Group presently has an average rating of "Reduce" and a consensus price target of $86.90.

Principal Financial Group Stock Performance

Shares of NYSE:PFG opened at $81.84 on Thursday. The company has a market cap of $18.23 billion, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03. The company has a 50-day moving average price of $79.59 and a 200-day moving average price of $78.75. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a 12 month low of $68.39 and a 12 month high of $91.97.

Principal Financial Group (NYSE:PFG - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The company reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.97 by $0.19. Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same period in the prior year, the company earned $1.63 earnings per share. As a group, equities analysts anticipate that Principal Financial Group, Inc. will post 8.5 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Thursday, September 4th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This is an increase from Principal Financial Group's previous quarterly dividend of $0.76. This represents a $3.12 dividend on an annualized basis and a yield of 3.8%. Principal Financial Group's payout ratio is currently 62.78%.

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.

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