Mackenzie Financial Corp Sells 7,194 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Mackenzie Financial Corp trimmed its stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 23.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,678 shares of the company's stock after selling 7,194 shares during the quarter. Mackenzie Financial Corp's holdings in Principal Financial Group were worth $1,833,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Curio Wealth LLC bought a new stake in Principal Financial Group during the 4th quarter valued at approximately $29,000. BankPlus Trust Department acquired a new stake in Principal Financial Group during the 4th quarter valued at $33,000. Navigoe LLC acquired a new stake in shares of Principal Financial Group in the 4th quarter valued at $37,000. Covestor Ltd boosted its position in shares of Principal Financial Group by 144.3% in the 4th quarter. Covestor Ltd now owns 540 shares of the company's stock worth $42,000 after purchasing an additional 319 shares during the last quarter. Finally, Golden State Wealth Management LLC bought a new position in shares of Principal Financial Group in the 4th quarter worth $46,000. 75.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PFG. Barclays dropped their target price on Principal Financial Group from $80.00 to $76.00 and set an "underweight" rating on the stock in a research report on Friday, April 11th. Morgan Stanley boosted their price target on Principal Financial Group from $67.00 to $71.00 and gave the company an "underweight" rating in a research note on Monday, May 19th. UBS Group lowered their price target on Principal Financial Group from $93.00 to $80.00 and set a "neutral" rating for the company in a report on Tuesday, April 29th. Piper Sandler upped their target price on Principal Financial Group from $93.00 to $95.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. Finally, Wells Fargo & Company raised their price target on shares of Principal Financial Group from $68.00 to $69.00 and gave the stock an "underweight" rating in a report on Tuesday, April 29th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Principal Financial Group has an average rating of "Hold" and an average target price of $83.85.

Principal Financial Group Trading Up 0.5%

Shares of Principal Financial Group stock traded up $0.39 during midday trading on Tuesday, reaching $77.36. 592,959 shares of the company's stock traded hands, compared to its average volume of 1,322,152. 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 cap of $17.34 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 0.76 and a beta of 1.01. The stock has a 50 day moving average of $76.88 and a 200-day moving average of $80.54. Principal Financial Group, Inc. has a 12 month low of $68.39 and a 12 month high of $91.98.

Principal Financial Group (NYSE:PFG - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The company reported $1.81 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.83 by ($0.02). Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%. During the same period in the prior year, the company posted $1.65 earnings per share. As a group, equities analysts expect that Principal Financial Group, Inc. will post 8.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 2nd will be paid a $0.76 dividend. This is a boost from Principal Financial Group's previous quarterly dividend of $0.75. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date is Monday, June 2nd. Principal Financial Group's dividend payout ratio is currently 65.10%.

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.