Principal Financial Group, Inc. $PFG Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its stake in Principal Financial Group by 18.1% in the first quarter, holding 1,177,467 shares valued at approximately $99.23 million.
• Principal Financial Group recently declared a quarterly dividend of $0.78 per share, increasing from the previous $0.76 and offering a yield of 4.0% for investors.
• Research analysts have mixed ratings on Principal Financial Group, with a consensus price target of $86.90 and varying recommendations ranging from "Buy" to "Sell."

Hsbc Holdings PLC decreased its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 18.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,177,467 shares of the company's stock after selling 259,392 shares during the quarter. Hsbc Holdings PLC owned 0.53% of Principal Financial Group worth $99,230,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Victory Capital Management Inc. boosted 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 valued at $312,805,000 after acquiring an additional 3,296,608 shares during the period. Northern Trust Corp boosted its stake in shares of Principal Financial Group by 9.8% during the fourth quarter. Northern Trust Corp now owns 3,662,918 shares of the company's stock valued at $283,546,000 after purchasing an additional 326,604 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Principal Financial Group by 12.6% during 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 purchasing an additional 209,885 shares during the period. Deutsche Bank AG grew its holdings 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 purchasing an additional 627,865 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Principal Financial Group by 1.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,468,728 shares of the company's stock worth $123,917,000 after buying an additional 20,221 shares during the period. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Stock Up 2.6%

NYSE:PFG traded up $2.05 during trading hours on Friday, reaching $80.72. The company's stock had a trading volume of 1,250,491 shares, compared to its average volume of 1,407,295. The stock has a 50 day moving average price of $78.70 and a two-hundred day moving average price of $79.45. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. The company has a market capitalization of $17.98 billion, a P/E ratio of 12.08, a price-to-earnings-growth ratio of 0.76 and a beta of 1.00. 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 issued its quarterly earnings data on Monday, July 28th. The company reported $2.16 earnings per share for the quarter, topping analysts' consensus estimates 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 company posted $1.63 earnings per share. Equities analysts predict that Principal Financial Group, Inc. will post 8.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Thursday, September 4th will be given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.9%. 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 presently 62.78%.

Analyst Upgrades and Downgrades

PFG has been the topic of a number of research analyst reports. Barclays upped their target price 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. JPMorgan Chase & Co. boosted their price target on Principal Financial Group from $92.00 to $101.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Wells Fargo & Company reduced their price objective on Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating on the stock in a report on Wednesday, July 30th. Piper Sandler lifted their target price 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. Finally, Morgan Stanley increased their price target on Principal Financial Group from $75.00 to $77.00 and gave the stock an "underweight" rating in a research report on Monday, August 18th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Principal Financial Group presently has a consensus rating of "Reduce" and an average target price of $86.90.

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.