Man Group plc Sells 78,615 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Man Group plc lowered its stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 35.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 140,518 shares of the company's stock after selling 78,615 shares during the quarter. Man Group plc owned 0.06% of Principal Financial Group worth $10,877,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PFG. Norges Bank acquired a new position in Principal Financial Group during the fourth quarter worth $217,021,000. Deutsche Bank AG grew its holdings in shares of Principal Financial Group by 73.5% during the fourth quarter. Deutsche Bank AG now owns 1,482,053 shares of the company's stock valued at $114,726,000 after buying an additional 627,865 shares during the last quarter. Northern Trust Corp grew its holdings 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 buying an additional 326,604 shares during the last quarter. Amundi grew its holdings in shares of Principal Financial Group by 24.1% during the fourth quarter. Amundi now owns 1,359,779 shares of the company's stock valued at $106,511,000 after buying an additional 264,383 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of Principal Financial Group by 398.4% during the fourth quarter. KBC Group NV now owns 291,379 shares of the company's stock valued at $22,555,000 after buying an additional 232,915 shares during the last quarter. Institutional investors own 75.08% of the company's stock.

Principal Financial Group Stock Down 0.4%

Principal Financial Group stock traded down $0.34 during midday trading on Friday, hitting $77.01. 846,029 shares of the stock were exchanged, compared to its average volume of 1,323,696. Principal Financial Group, Inc. has a 52-week low of $68.39 and a 52-week high of $91.98. The stock has a market capitalization of $17.26 billion, a price-to-earnings ratio of 11.53, a price-to-earnings-growth ratio of 0.76 and a beta of 1.01. The business's 50-day moving average price is $77.70 and its 200-day moving average price is $80.94. 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 (NYSE:PFG - Get Free Report) last released its earnings results on Monday, April 28th. The company reported $1.81 earnings per share for the quarter, missing analysts' consensus estimates of $1.83 by ($0.02). Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same quarter in the previous year, the firm earned $1.65 earnings per share. On average, research 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. Shareholders of record on Monday, June 2nd will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.95%. This is a boost from Principal Financial Group's previous quarterly dividend of $0.75. The ex-dividend date is Monday, June 2nd. Principal Financial Group's payout ratio is presently 65.10%.

Analyst Ratings Changes

PFG has been the subject of a number of analyst reports. Morgan Stanley lifted their price objective on shares of Principal Financial Group from $67.00 to $71.00 and gave the company an "underweight" rating in a report on Monday, May 19th. Keefe, Bruyette & Woods lifted their price objective on shares of Principal Financial Group from $86.00 to $87.00 and gave the company a "market perform" rating in a report on Wednesday, May 7th. Wells Fargo & Company lifted their price objective on shares of Principal Financial Group from $68.00 to $69.00 and gave the company an "underweight" rating in a report on Tuesday, April 29th. Piper Sandler lifted their price objective on shares of Principal Financial Group from $93.00 to $95.00 and gave the company an "overweight" rating in a report on Wednesday, April 2nd. Finally, UBS Group reduced their price objective on shares of Principal Financial Group from $93.00 to $80.00 and set a "neutral" rating for the company in a report on Tuesday, April 29th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $83.85.

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.