Trust Point Inc. Reduces Holdings in Principal Financial Group, Inc. $PFG

Key Points

• Trust Point Inc. cut its Principal Financial Group stake by 35.5% in the second quarter, selling 131,059 shares and retaining 238,017 shares valued at approximately $25.7 million. Institutional investors collectively own 75.08% of PFG.
• Principal Financial Group exceeded quarterly earnings expectations, reporting $2.50 EPS versus the $2.33 consensus, although revenue of $3.99 billion fell short of estimates. The company also raised its quarterly dividend to $0.84 per share, implying a 3.0% yield.
• Analyst sentiment remains mixed, with three Buy, seven Hold and three Sell ratings; the average rating is Hold with a $105.83 price target, below the stock’s reported $113.40 price.

Trust Point Inc. reduced its stake in Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) by 35.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 238,017 shares of the company's stock after selling 131,059 shares during the period. Principal Financial Group accounts for approximately 2.2% of Trust Point Inc.'s holdings, making the stock its 8th biggest position. Trust Point Inc. owned approximately 0.11% of Principal Financial Group worth $25,653,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. DV Equities LLC acquired a new stake in Principal Financial Group in the fourth quarter worth approximately $25,000. Hilton Head Capital Partners LLC bought a new position in Principal Financial Group during the 4th quarter valued at $26,000. Valley Wealth Managers Inc. acquired a new position in shares of Principal Financial Group during the 1st quarter valued at $27,000. MBM Wealth Consultants LLC acquired a new position in shares of Principal Financial Group during the 1st quarter valued at $28,000. Finally, Quest 10 Wealth Builders Inc. raised its stake in shares of Principal Financial Group by 343.6% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 346 shares of the company's stock worth $30,000 after buying an additional 268 shares in the last quarter. 75.08% of the stock is currently owned by institutional investors.

Insider Activity at Principal Financial Group

In related news, insider Wee Yee Cheong sold 7,534 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $103.16, for a total value of $777,207.44. Following the completion of the transaction, the insider owned 66,443 shares of the company's stock, valued at approximately $6,854,259.88. This trade represents a 10.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.13% of the company's stock.

Principal Financial Group Stock Down 1.7%

Shares of Principal Financial Group stock opened at $113.40 on Friday. Principal Financial Group, Inc. has a 12-month low of $75.51 and a 12-month high of $116.61. The firm has a market capitalization of $24.28 billion, a PE ratio of 16.11, a price-to-earnings-growth ratio of 1.05 and a beta of 0.88. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.36. The stock's fifty day moving average is $110.26 and its 200-day moving average is $100.02.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.17. Principal Financial Group had a return on equity of 16.49% and a net margin of 9.93%.The firm had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter in the previous year, the company earned $2.16 EPS. Equities analysts anticipate that Principal Financial Group, Inc. will post 9.56 earnings per share for the current year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 3rd will be issued a dividend of $0.84 per share. This is an increase from Principal Financial Group's previous quarterly dividend of $0.82. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Thursday, September 3rd. Principal Financial Group's dividend payout ratio (DPR) is presently 46.59%.

Analysts Set New Price Targets

Several brokerages recently weighed in on PFG. Atlantic Securities set a $94.00 target price on Principal Financial Group in a research note on Wednesday, July 15th. Citigroup downgraded shares of Principal Financial Group from a "sell" rating to an "underperform" rating in a report on Wednesday, June 24th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Principal Financial Group in a research note on Wednesday, July 29th. Evercore set a $108.00 target price on shares of Principal Financial Group in a report on Monday, April 27th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Principal Financial Group from $102.00 to $112.00 and gave the company a "market perform" rating in a research note on Monday, July 13th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $105.83.

Principal Financial Group Profile

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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