Principal Financial Group, Inc. (NYSE:PFG) Position Reduced by California Public Employees Retirement System

California Public Employees Retirement System trimmed its position in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 4.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 452,839 shares of the company's stock after selling 23,520 shares during the quarter. California Public Employees Retirement System owned approximately 0.19% of Principal Financial Group worth $35,625,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC raised its holdings in Principal Financial Group by 18.8% in the 3rd quarter. Global Retirement Partners LLC now owns 1,205 shares of the company's stock valued at $82,000 after acquiring an additional 191 shares during the last quarter. Avior Wealth Management LLC grew its holdings in Principal Financial Group by 88.7% in the 3rd quarter. Avior Wealth Management LLC now owns 887 shares of the company's stock valued at $64,000 after buying an additional 417 shares in the last quarter. GHP Investment Advisors Inc. increased its stake in shares of Principal Financial Group by 143.0% in the 3rd quarter. GHP Investment Advisors Inc. now owns 384 shares of the company's stock worth $27,000 after acquiring an additional 226 shares during the last quarter. Czech National Bank raised its holdings in shares of Principal Financial Group by 45.4% during the 3rd quarter. Czech National Bank now owns 38,868 shares of the company's stock worth $2,801,000 after acquiring an additional 12,140 shares during the period. Finally, Asset Management One Co. Ltd. boosted its position in shares of Principal Financial Group by 1.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 100,690 shares of the company's stock valued at $7,257,000 after acquiring an additional 1,339 shares during the last quarter. 75.08% of the stock is owned by institutional investors and hedge funds.

Principal Financial Group Stock Down 2.4 %

Shares of NYSE:PFG traded down $1.94 during trading on Friday, hitting $79.12. The company's stock had a trading volume of 1,424,758 shares, compared to its average volume of 896,866. Principal Financial Group, Inc. has a fifty-two week low of $65.17 and a fifty-two week high of $86.79. The business has a 50 day moving average price of $81.78 and a two-hundred day moving average price of $77.50. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $18.61 billion, a PE ratio of 15.10, a P/E/G ratio of 0.86 and a beta of 1.25.

Principal Financial Group (NYSE:PFG - Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The company reported $1.65 earnings per share for the quarter, missing the consensus estimate of $1.74 by ($0.09). The company had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $3.68 billion. Principal Financial Group had a return on equity of 15.25% and a net margin of 8.70%. During the same quarter last year, the company earned $1.48 EPS. As a group, research analysts expect that Principal Financial Group, Inc. will post 7.6 EPS for the current fiscal year.

Principal Financial Group announced that its board has authorized a share buyback program on Monday, February 12th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 12th were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.49%. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Monday, March 11th. Principal Financial Group's dividend payout ratio is presently 52.67%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Principal Financial Group from $86.00 to $91.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 11th. Royal Bank of Canada increased their price objective on Principal Financial Group from $75.00 to $83.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 14th. Piper Sandler upped their price target on Principal Financial Group from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, April 5th. Evercore ISI raised their price objective on Principal Financial Group from $84.00 to $86.00 and gave the stock an "in-line" rating in a research report on Thursday, April 11th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Principal Financial Group from $85.00 to $89.00 and gave the company a "market perform" rating in a research report on Wednesday, April 10th. Two analysts have rated the stock with a sell rating and ten have issued a hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $80.64.

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.