Principal Financial Group, Inc. (NYSE:PFG) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System trimmed its holdings in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 7.5% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 245,256 shares of the company's stock after selling 19,817 shares during the quarter. New York State Teachers Retirement System owned about 0.10% of Principal Financial Group worth $19,294,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Prime Capital Investment Advisors LLC increased its holdings in Principal Financial Group by 9.9% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 6,069 shares of the company's stock worth $477,000 after buying an additional 547 shares in the last quarter. Nilsine Partners LLC increased its holdings in Principal Financial Group by 10.3% in the 4th quarter. Nilsine Partners LLC now owns 3,287 shares of the company's stock worth $259,000 after buying an additional 307 shares in the last quarter. International Assets Investment Management LLC increased its holdings in Principal Financial Group by 9,002.1% in the 4th quarter. International Assets Investment Management LLC now owns 163,383 shares of the company's stock worth $12,853,000 after buying an additional 161,588 shares in the last quarter. Arizona State Retirement System increased its holdings in Principal Financial Group by 0.3% in the 4th quarter. Arizona State Retirement System now owns 66,433 shares of the company's stock worth $5,226,000 after buying an additional 199 shares in the last quarter. Finally, Sageworth Trust Co bought a new stake in Principal Financial Group in the 4th quarter worth about $203,000. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Price Performance

NYSE PFG traded down $1.81 during trading hours on Tuesday, reaching $82.81. The company's stock had a trading volume of 870,709 shares, compared to its average volume of 1,163,605. The firm's 50-day moving average price is $81.41 and its 200-day moving average price is $76.70. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a 1 year low of $65.17 and a 1 year high of $86.79. The company has a market capitalization of $19.53 billion, a price-to-earnings ratio of 33.80, a PEG ratio of 1.05 and a beta of 1.25.

Principal Financial Group (NYSE:PFG - Get Free Report) last posted its quarterly earnings results on Monday, February 12th. The company reported $1.83 EPS for the quarter, topping analysts' consensus estimates of $1.70 by $0.13. Principal Financial Group had a return on equity of 15.14% and a net margin of 4.56%. The company had revenue of $2.69 billion for the quarter, compared to analysts' expectations of $3.53 billion. During the same period in the previous year, the firm earned $1.70 EPS. On average, equities research analysts predict that Principal Financial Group, Inc. will post 7.64 EPS for the current fiscal year.

Principal Financial Group announced that its board has initiated a share buyback program on Monday, February 12th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to buy up to 7.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 12th were paid a $0.69 dividend. This is an increase from Principal Financial Group's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Monday, March 11th. This represents a $2.76 dividend on an annualized basis and a yield of 3.33%. Principal Financial Group's payout ratio is presently 112.65%.

Analyst Ratings Changes

Several research analysts have issued reports on PFG shares. Piper Sandler raised their target price on Principal Financial Group from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday. Royal Bank of Canada lifted their price objective on Principal Financial Group from $75.00 to $83.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 14th. Evercore ISI raised Principal Financial Group from an "underperform" rating to an "inline" rating and lifted their price objective for the company from $82.00 to $83.00 in a research report on Thursday, January 4th. Keefe, Bruyette & Woods lifted their price objective on Principal Financial Group from $80.00 to $85.00 and gave the company a "market perform" rating in a research report on Friday, February 16th. Finally, Morgan Stanley lifted their price objective on Principal Financial Group from $72.00 to $75.00 and gave the company an "equal weight" rating in a research report on Tuesday, February 13th. Two analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $77.64.

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.