Rafferty Asset Management LLC Sells 5,260 Shares of Principal Financial Group, Inc. $PFG

Key Points

• Rafferty Asset Management LLC reduced its stake in Principal Financial Group by 7.1%, owning 68,986 shares worth approximately $5.82 million after selling 5,260 shares in the first quarter.
• Principal Financial Group recently increased its quarterly dividend to $0.78 per share, which represents an annualized yield of 3.9% and reflects a dividend payout ratio of 62.78%.
• The company's earnings per share (EPS) for the last quarter was reported at $2.16, exceeding analysts' estimates by $0.19, with a forecast of 8.5 EPS for the current fiscal year.

Rafferty Asset Management LLC lessened its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 7.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 68,986 shares of the company's stock after selling 5,260 shares during the period. Rafferty Asset Management LLC's holdings in Principal Financial Group were worth $5,820,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Victory Capital Management Inc. grew its position in shares of 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 buying an additional 3,296,608 shares during the last quarter. Northern Trust Corp grew its position in shares of Principal Financial Group by 9.8% during the 4th 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Principal Financial Group by 12.6% during the 4th 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 buying an additional 209,885 shares during the last quarter. Deutsche Bank AG grew its position in shares of Principal Financial Group by 73.5% during the 4th 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. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Principal Financial Group by 1.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,468,728 shares of the company's stock valued at $123,917,000 after buying an additional 20,221 shares during the last quarter. Institutional investors own 75.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PFG shares. Keefe, Bruyette & Woods decreased their target price on shares of Principal Financial Group from $90.00 to $88.00 and set a "market perform" rating for the company in a research report on Monday, August 4th. Morgan Stanley upped their price target on shares of Principal Financial Group from $75.00 to $77.00 and gave the company an "underweight" rating in a research report on Monday, August 18th. Wells Fargo & Company dropped their price target on shares of Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating on the stock in a research note on Wednesday, July 30th. Barclays increased their price objective on Principal Financial Group from $76.00 to $80.00 and gave the stock an "underweight" rating in a report on Monday, July 7th. Finally, Piper Sandler increased their price target on shares of Principal Financial Group from $88.00 to $89.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Two equities research 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 MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $86.90.

Principal Financial Group Price Performance

PFG stock traded up $0.29 during trading on Friday, hitting $80.51. 974,695 shares of the stock traded hands, compared to its average volume of 1,392,479. Principal Financial Group, Inc. has a one year low of $68.39 and a one year high of $91.97. The stock has a market cap of $17.94 billion, a price-to-earnings ratio of 12.05, a P/E/G ratio of 0.76 and a beta of 1.00. The company has a 50 day simple moving average of $79.13 and a 200 day simple moving average of $79.30. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36.

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 for the quarter, topping analysts' consensus estimates of $1.97 by $0.19. Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same period in the prior year, the firm earned $1.63 earnings per share. Equities analysts expect 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. Investors of record on Thursday, September 4th will be issued a dividend of $0.78 per share. This is an increase from Principal Financial Group's previous quarterly dividend of $0.76. This represents a $3.12 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Thursday, September 4th. Principal Financial Group's dividend payout ratio is presently 62.78%.

Principal Financial Group 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.