Bank of New York Mellon Corp Trims Stock Holdings in Principal Financial Group, Inc. (NYSE:PFG)

Bank of New York Mellon Corp lessened its position in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 6.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,433,473 shares of the company's stock after selling 94,565 shares during the period. Bank of New York Mellon Corp owned approximately 0.64% of Principal Financial Group worth $120,942,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Curio Wealth LLC acquired a new stake in Principal Financial Group in the fourth quarter valued at about $29,000. von Borstel & Associates Inc. purchased a new stake in shares of Principal Financial Group in the first quarter valued at approximately $32,000. Ameriflex Group Inc. acquired a new position in Principal Financial Group during the fourth quarter worth $37,000. Navigoe LLC purchased a new position in Principal Financial Group in the fourth quarter worth $37,000. Finally, Covestor Ltd lifted its holdings in Principal Financial Group by 144.3% in the fourth quarter. Covestor Ltd now owns 540 shares of the company's stock valued at $42,000 after acquiring an additional 319 shares during the period. Hedge funds and other institutional investors own 75.08% of the company's stock.

Principal Financial Group Trading Down 1.5%

PFG stock traded down $1.23 during midday trading on Friday, hitting $80.37. The stock had a trading volume of 814,309 shares, compared to its average volume of 1,319,613. The firm has a market cap of $18.02 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 0.76 and a beta of 0.99. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30. Principal Financial Group, Inc. has a 12-month low of $68.39 and a 12-month high of $91.98. The company's 50-day moving average price is $78.41 and its 200 day moving average price is $79.71.

Principal Financial Group (NYSE:PFG - Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The company reported $1.81 EPS for the quarter, missing the consensus estimate 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 last year, the business earned $1.65 EPS. On average, equities research analysts predict that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Monday, June 2nd were issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.78%. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, June 2nd. Principal Financial Group's dividend payout ratio (DPR) is presently 65.10%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PFG shares. Keefe, Bruyette & Woods upped their price target on shares of Principal Financial Group from $87.00 to $90.00 and gave the stock a "market perform" rating in a research note on Wednesday. Piper Sandler increased their target price on shares of Principal Financial Group from $88.00 to $89.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Wells Fargo & Company boosted their price target on Principal Financial Group from $69.00 to $73.00 and gave the stock an "underweight" rating in a research note on Thursday. JPMorgan Chase & Co. raised their price objective on Principal Financial Group from $92.00 to $101.00 and gave the company an "overweight" rating in a research note on Tuesday. Finally, Morgan Stanley boosted their target price on Principal Financial Group from $67.00 to $71.00 and gave the stock an "underweight" rating in a research report on Monday, May 19th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Principal Financial Group has an average rating of "Hold" and an average price target of $83.75.

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.