Principal Financial Group, Inc. (NYSE:PFG) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lowered its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 82.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,615 shares of the company's stock after selling 129,211 shares during the quarter. Bank of Nova Scotia's holdings in Principal Financial Group were worth $2,330,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its holdings in Principal Financial Group by 802.2% during the 1st quarter. Victory Capital Management Inc. now owns 3,707,534 shares of the company's stock worth $312,805,000 after acquiring an additional 3,296,608 shares in the last quarter. Northern Trust Corp lifted its position in Principal Financial Group by 9.8% during the 4th quarter. Northern Trust Corp now owns 3,662,918 shares of the company's stock worth $283,546,000 after acquiring an additional 326,604 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Principal Financial Group by 12.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,877,246 shares of the company's stock valued at $145,318,000 after buying an additional 209,885 shares during the last quarter. Deutsche Bank AG increased its stake in shares of Principal Financial Group by 73.5% in the fourth quarter. Deutsche Bank AG now owns 1,482,053 shares of the company's stock worth $114,726,000 after acquiring an additional 627,865 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of Principal Financial Group by 8.7% during the 4th quarter. Royal Bank of Canada now owns 1,062,128 shares of the company's stock valued at $82,221,000 after buying an additional 85,011 shares during the last quarter. Hedge funds and other institutional investors own 75.08% of the company's stock.

Principal Financial Group Stock Up 1.3%

NYSE PFG traded up $0.99 on Friday, hitting $76.59. 819,924 shares of the stock were exchanged, compared to its average volume of 1,420,083. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a fifty-two week low of $68.39 and a fifty-two week high of $91.97. The company has a market cap of $17.06 billion, a PE ratio of 11.47, a PEG ratio of 0.76 and a beta of 1.00. The company has a 50-day moving average price of $78.39 and a 200-day moving average price of $79.72.

Principal Financial Group (NYSE:PFG - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The company reported $2.16 earnings per share for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm posted $1.63 earnings per share. Sell-side 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 disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Thursday, September 4th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 4.1%. 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. Principal Financial Group's payout ratio is 62.78%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Morgan Stanley reaffirmed an "underweight" rating and issued a $75.00 price objective (up previously from $71.00) on shares of Principal Financial Group in a report on Monday, July 14th. Keefe, Bruyette & Woods decreased their target price on shares of Principal Financial Group from $90.00 to $88.00 and set a "market perform" rating on the stock in a research note on Monday, August 4th. UBS Group upped their price objective on shares of Principal Financial Group from $85.00 to $87.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. JPMorgan Chase & Co. lifted their target price on Principal Financial Group from $92.00 to $101.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company lowered their price objective on shares of Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating for the company in a research report on Wednesday, July 30th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Principal Financial Group has an average rating of "Hold" and a consensus price target of $86.70.

Principal Financial Group Company Profile

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.