Swiss National Bank Sells 24,500 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Swiss National Bank decreased its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 3.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 756,400 shares of the company's stock after selling 24,500 shares during the quarter. Swiss National Bank owned 0.32% of Principal Financial Group worth $59,506,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Fortis Group Advisors LLC purchased a new position in Principal Financial Group during the 3rd quarter valued at about $33,000. PrairieView Partners LLC purchased a new position in Principal Financial Group during the fourth quarter valued at approximately $39,000. Anchor Investment Management LLC purchased a new position in Principal Financial Group during the fourth quarter valued at approximately $40,000. Valley National Advisers Inc. increased its stake in Principal Financial Group by 81.7% in the 3rd quarter. Valley National Advisers Inc. now owns 556 shares of the company's stock valued at $40,000 after buying an additional 250 shares during the period. Finally, First Pacific Financial lifted its position in Principal Financial Group by 91.2% in the 4th quarter. First Pacific Financial now owns 564 shares of the company's stock worth $44,000 after buying an additional 269 shares in the last quarter. 75.08% of the stock is owned by institutional investors and hedge funds.

Principal Financial Group Stock Performance

Shares of NYSE PFG traded up $1.44 during trading hours on Monday, hitting $82.65. 787,016 shares of the stock were exchanged, compared to its average volume of 1,120,693. Principal Financial Group, Inc. has a one year low of $65.17 and a one year high of $86.79. The company's 50 day moving average is $81.84 and its 200 day moving average is $77.98. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market capitalization of $19.37 billion, a P/E ratio of 15.77, a P/E/G ratio of 0.92 and a beta of 1.24.

Principal Financial Group (NYSE:PFG - Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The company reported $1.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.74 by ($0.09). The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.68 billion. Principal Financial Group had a net margin of 8.70% and a return on equity of 15.06%. During the same quarter last year, the company earned $1.48 earnings per share. On average, research analysts expect that Principal Financial Group, Inc. will post 7.5 EPS for the current year.

Principal Financial Group announced that its board has authorized a stock repurchase plan on Monday, February 12th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to repurchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Monday, June 3rd will be given a $0.71 dividend. This is an increase from Principal Financial Group's previous quarterly dividend of $0.69. This represents a $2.84 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend is Monday, June 3rd. Principal Financial Group's dividend payout ratio (DPR) is currently 52.67%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PFG shares. Keefe, Bruyette & Woods upped their price target on shares of Principal Financial Group from $85.00 to $89.00 and gave the stock a "market perform" rating in a research note on Wednesday, April 10th. Piper Sandler upped 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, April 5th. Royal Bank of Canada lifted their price target on Principal Financial Group from $75.00 to $83.00 and gave the company a "sector perform" rating in a report on Wednesday, February 14th. Wells Fargo & Company dropped their price objective on Principal Financial Group from $91.00 to $85.00 and set an "equal weight" rating on the stock in a report on Monday, April 29th. Finally, Evercore ISI lifted their target price on shares of Principal Financial Group from $84.00 to $86.00 and gave the company an "in-line" rating in a research note on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. Based on data from MarketBeat.com, Principal Financial Group has a consensus rating of "Hold" and an average price target of $80.30.

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.