Bank of Nova Scotia lessened its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 82.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,615 shares of the company's stock after selling 129,211 shares during the period. Bank of Nova Scotia's holdings in Principal Financial Group were worth $2,330,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in PFG. von Borstel & Associates Inc. acquired a new stake in Principal Financial Group in the 1st quarter worth approximately $32,000. Navigoe LLC acquired a new position in Principal Financial Group during the 4th quarter valued at approximately $37,000. Ameriflex Group Inc. purchased a new position in shares of Principal Financial Group in the fourth quarter worth $37,000. Covestor Ltd lifted its stake in shares of Principal Financial Group by 144.3% during the fourth quarter. Covestor Ltd now owns 540 shares of the company's stock worth $42,000 after buying an additional 319 shares during the period. Finally, MorganRosel Wealth Management LLC purchased a new stake in shares of Principal Financial Group during the first quarter valued at $46,000. Institutional investors and hedge funds own 75.08% of the company's stock.
Principal Financial Group Price Performance
PFG traded down $1.21 during midday trading on Thursday, hitting $75.60. 1,087,147 shares of the company traded hands, compared to its average volume of 1,424,112. The business has a 50 day simple moving average of $78.42 and a two-hundred day simple moving average of $79.78. Principal Financial Group, Inc. has a 52-week low of $68.39 and a 52-week high of $91.97. The company has a market capitalization of $16.84 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 0.76 and a beta of 1.00. 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 (NYSE:PFG - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The company reported $2.16 earnings per share for the quarter, beating 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 last year, the firm posted $1.63 EPS. On average, equities analysts forecast that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.
Principal Financial Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Thursday, September 4th will be given a dividend of $0.78 per share. The ex-dividend date is Thursday, September 4th. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.76. This represents a $3.12 annualized dividend and a dividend yield of 4.1%. Principal Financial Group's dividend payout ratio (DPR) is presently 62.78%.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on PFG shares. UBS Group raised their target price on Principal Financial Group from $85.00 to $87.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. Piper Sandler lifted their price target on Principal Financial Group from $88.00 to $89.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Keefe, Bruyette & Woods lowered their price objective on Principal Financial Group from $90.00 to $88.00 and set a "market perform" rating on the stock in a research report on Monday. Barclays raised their price objective 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. Finally, JPMorgan Chase & Co. boosted their target price on shares of Principal Financial Group from $92.00 to $101.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Three analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $86.70.
Check Out Our Latest Research Report on Principal Financial Group
Principal Financial Group Profile
(
Free Report)
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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