Principal Financial Group, Inc. $PFG Stock: Candriam S.C.A. Cuts Holdings

Key Points

• Candriam S.C.A. reduced its Principal Financial Group stake by 13.6% in the third quarter, selling 13,536 shares and ending the period with 86,162 shares worth about $9.7 million. Institutional investors collectively own 75.08% of the stock.
• Analysts’ average rating is Hold, with a consensus price target of $107.75; recommendations include three Buys, six Holds, and three Sells.
• Principal reported quarterly EPS of $2.22, below the $2.46 consensus, while revenue of $4.62 billion topped estimates. It raised its quarterly dividend to $0.85, equivalent to an annualized yield of about 2.9%.

Candriam S.C.A. cut its holdings in shares of Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) by 13.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,162 shares of the company's stock after selling 13,536 shares during the period. Candriam S.C.A.'s holdings in Principal Financial Group were worth $9,682,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in PFG. BlackRock Inc. acquired a new position in Principal Financial Group in the 2nd quarter valued at approximately $2,157,181,000. Bank of America Corp DE acquired a new position in shares of Principal Financial Group during the second quarter worth $741,960,000. Legal & General Group Plc acquired a new position in shares of Principal Financial Group during the second quarter worth $164,848,000. Deutsche Bank AG bought a new stake in shares of Principal Financial Group in the second quarter worth $132,735,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Principal Financial Group in the second quarter worth $124,372,000. 75.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PFG has been the subject of a number of recent research reports. Raymond James Financial restated an "outperform" rating and issued a $121.00 price objective on shares of Principal Financial Group in a report on Monday, August 17th. UBS Group cut their target price on Principal Financial Group from $120.00 to $112.00 and set a "neutral" rating on the stock in a report on Tuesday, October 27th. Wells Fargo & Company reduced their price target on Principal Financial Group from $112.00 to $109.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 28th. Keefe, Bruyette & Woods lowered their price objective on Principal Financial Group from $117.00 to $115.00 and set a "market perform" rating for the company in a research report on Friday, October 9th. Finally, Piper Sandler cut their price objective on Principal Financial Group from $128.00 to $125.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 28th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $107.75.

Principal Financial Group Price Performance

Shares of NASDAQ PFG opened at $115.39 on Tuesday. The company has a market capitalization of $24.51 billion, a PE ratio of 13.06, a P/E/G ratio of 1.34 and a beta of 0.87. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.37. Principal Financial Group, Inc. has a twelve month low of $80.00 and a twelve month high of $121.18. The firm has a fifty day simple moving average of $112.39 and a 200 day simple moving average of $104.18.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The company reported $2.22 EPS for the quarter, missing analysts' consensus estimates of $2.46 by ($0.24). Principal Financial Group had a net margin of 11.89% and a return on equity of 16.51%. The firm had revenue of $4.62 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same period last year, the company posted $2.32 EPS. On average, sell-side analysts forecast that Principal Financial Group, Inc. will post 9.18 EPS for the current year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Wednesday, December 2nd will be paid a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, December 2nd. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.9%. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.84. Principal Financial Group's dividend payout ratio (DPR) is presently 37.33%.

Principal Financial Group Company Profile

Principal Financial Group, Inc is a financial services company headquartered in Des Moines, Iowa. Founded in 1879 as Bankers Life Association, it later adopted the Principal name and expanded beyond its original insurance business.

The company provides retirement and pension solutions, investment management, life and disability insurance, and employee benefits to businesses, individuals, and institutional clients. Its offerings include workplace retirement plans, group benefits, and investment products and services.

Principal serves customers in the United States and internationally, with operations spanning markets in Latin America and Asia.

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