Fjarde AP Fonden Fourth Swedish National Pension Fund Sells 41,600 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its holdings in Principal Financial Group by 38.6%, selling 41,600 shares in the first quarter, leaving it with 66,151 shares valued at $5,581,000.
• Principal Financial Group increased its quarterly dividend from $0.76 to $0.78, representing a 4.0% yield, with the payout ratio at 62.78%.
• The company reported $2.16 EPS for the last quarter, exceeding expectations, and analysts predict an average of 8.5 EPS for the current fiscal year.

Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its holdings in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 38.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 66,151 shares of the company's stock after selling 41,600 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Principal Financial Group were worth $5,581,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. von Borstel & Associates Inc. bought a new stake in Principal Financial Group in the first quarter worth approximately $32,000. Zions Bancorporation National Association UT bought a new stake in Principal Financial Group in the first quarter worth approximately $34,000. Navigoe LLC bought a new stake in Principal Financial Group in the fourth quarter worth approximately $37,000. Ameriflex Group Inc. bought a new stake in Principal Financial Group in the fourth quarter worth approximately $37,000. Finally, GKV Capital Management Co. Inc. bought a new stake in Principal Financial Group in the first quarter worth approximately $45,000. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Stock Down 0.6%

Shares of NYSE:PFG opened at $77.64 on Friday. The stock has a market cap of $17.30 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 0.76 and a beta of 1.00. 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 12-month low of $68.39 and a 12-month high of $91.97. The business's 50 day moving average is $78.47 and its 200 day moving average is $79.58.

Principal Financial Group (NYSE:PFG - Get Free Report) last announced its earnings results on Monday, July 28th. The company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.19. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%. During the same quarter in the previous year, the business earned $1.63 EPS. On average, sell-side 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 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 $0.78 dividend. This is an increase from Principal Financial Group's previous quarterly dividend of $0.76. This represents a $3.12 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Thursday, September 4th. Principal Financial Group's payout ratio is presently 62.78%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PFG. Barclays boosted their price objective on Principal Financial Group from $76.00 to $80.00 and gave the company an "underweight" rating in a report on Monday, July 7th. Wells Fargo & Company decreased their price objective on Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating for the company in a report on Wednesday, July 30th. UBS Group boosted their price objective on Principal Financial Group from $85.00 to $87.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Piper Sandler boosted their price objective on Principal Financial Group from $88.00 to $89.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Finally, Morgan Stanley restated an "underweight" rating and set a $75.00 price objective (up previously from $71.00) on shares of Principal Financial Group in a report on Monday, July 14th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average 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.

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