Principal Financial Group, Inc. $PFG Stock Position Decreased by New York State Teachers Retirement System

Key Points

• Institutional ownership shifted slightly in Principal Financial Group, with New York State Teachers Retirement System cutting its stake by 7.9% in the first quarter, though institutional investors still hold about 75.08% of the stock.
• Insiders have been selling shares, including recent sales by General Counsel George Djurasovic and insider Wee Yee Cheong; insiders have sold 28,317 shares worth about $2.88 million over the last 90 days.
• Principal Financial Group beat earnings expectations last quarter with EPS of $2.07 versus the $2.01 estimate, and it also raised its quarterly dividend to $0.82 per share, implying a 3.0% yield.

New York State Teachers Retirement System decreased its holdings in shares of Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 165,049 shares of the company's stock after selling 14,254 shares during the quarter. New York State Teachers Retirement System owned approximately 0.08% of Principal Financial Group worth $14,873,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Private Advisor Group LLC raised its position in shares of Principal Financial Group by 8.5% during the 1st quarter. Private Advisor Group LLC now owns 31,870 shares of the company's stock worth $2,872,000 after purchasing an additional 2,491 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Principal Financial Group by 120.3% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 55,401 shares of the company's stock valued at $4,992,000 after purchasing an additional 30,250 shares during the period. Elevation Point Wealth Partners LLC acquired a new position in Principal Financial Group during the 1st quarter valued at approximately $861,000. Keybank National Association OH grew its stake in Principal Financial Group by 69.8% during the 1st quarter. Keybank National Association OH now owns 6,906 shares of the company's stock worth $622,000 after buying an additional 2,840 shares during the last quarter. Finally, Root Financial Partners LLC grew its stake in Principal Financial Group by 16.9% during the 1st quarter. Root Financial Partners LLC now owns 1,112 shares of the company's stock worth $100,000 after buying an additional 161 shares during the last quarter. Institutional investors own 75.08% of the company's stock.

Insider Transactions at Principal Financial Group

In related news, General Counsel George Djurasovic sold 2,571 shares of the business's stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $100.83, for a total transaction of $259,233.93. Following the sale, the general counsel owned 21,906 shares of the company's stock, valued at $2,208,781.98. The trade was a 10.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Wee Yee Cheong sold 7,534 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $103.16, for a total value of $777,207.44. Following the completion of the sale, the insider owned 66,443 shares of the company's stock, valued at $6,854,259.88. This trade represents a 10.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 28,317 shares of company stock worth $2,884,902 over the last 90 days. 1.13% of the stock is owned by insiders.

Principal Financial Group Price Performance

Shares of Principal Financial Group stock opened at $110.87 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.27 and a quick ratio of 0.27. Principal Financial Group, Inc. has a 1-year low of $75.00 and a 1-year high of $112.45. The business's fifty day moving average price is $104.72 and its two-hundred day moving average price is $96.03. The company has a market capitalization of $23.95 billion, a P/E ratio of 15.86, a PEG ratio of 1.11 and a beta of 0.88.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.06. The company had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $4.11 billion. Principal Financial Group had a return on equity of 16.25% and a net margin of 10.10%.During the same quarter in the prior year, the business posted $1.81 earnings per share. As a group, research analysts forecast that Principal Financial Group, Inc. will post 9.37 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Monday, June 1st were paid a dividend of $0.82 per share. This represents a $3.28 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, June 1st. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.80. Principal Financial Group's dividend payout ratio is 46.92%.

Wall Street Analyst Weigh In

PFG has been the topic of a number of recent research reports. Wells Fargo & Company cut their target price on Principal Financial Group from $91.00 to $87.00 and set an "equal weight" rating on the stock in a research note on Friday, April 10th. Barclays upped their price target on shares of Principal Financial Group from $85.00 to $87.00 and gave the stock an "underweight" rating in a research report on Friday, April 24th. Piper Sandler increased their price objective on shares of Principal Financial Group from $113.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, June 24th. UBS Group lifted their price objective on shares of Principal Financial Group from $92.00 to $94.00 and gave the company a "neutral" rating in a research report on Thursday, April 9th. Finally, Morgan Stanley boosted their target price on shares of Principal Financial Group from $95.00 to $107.00 and gave the company an "equal weight" rating in a research note on Thursday, May 21st. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $100.90.

About Principal Financial Group

Principal Financial Group NASDAQ: PFG is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm's business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal's product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.

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