State of Alaska Department of Revenue Trims Position in Principal Financial Group, Inc. (NYSE:PFG)

State of Alaska Department of Revenue decreased its position in Principal Financial Group, Inc. (NYSE:PFG) by 21.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 34,479 shares of the company’s stock after selling 9,610 shares during the quarter. State of Alaska Department of Revenue’s holdings in Principal Financial Group were worth $2,961,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Acadian Asset Management LLC increased its position in shares of Principal Financial Group by 403.6% during the 2nd quarter. Acadian Asset Management LLC now owns 354,447 shares of the company’s stock valued at $27,800,000 after purchasing an additional 284,067 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Principal Financial Group during the second quarter valued at approximately $19,698,000. BNP Paribas Financial Markets raised its position in Principal Financial Group by 165.2% in the first quarter. BNP Paribas Financial Markets now owns 337,877 shares of the company’s stock worth $29,162,000 after acquiring an additional 210,476 shares during the period. Intech Investment Management LLC boosted its stake in shares of Principal Financial Group by 586.1% during the 1st quarter. Intech Investment Management LLC now owns 234,815 shares of the company’s stock worth $20,267,000 after acquiring an additional 200,588 shares during the last quarter. Finally, Swedbank AB bought a new stake in shares of Principal Financial Group during the 1st quarter valued at $13,996,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Stock Down 2.4 %

Shares of PFG stock opened at $82.40 on Friday. The company’s fifty day simple moving average is $84.49 and its two-hundred day simple moving average is $81.80. Principal Financial Group, Inc. has a 52 week low of $66.71 and a 52 week high of $91.97. The stock has a market cap of $19.08 billion, a P/E ratio of 15.73, a PEG ratio of 0.88 and a beta of 1.19. The company has a quick ratio of 0.29, a current ratio of 0.27 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Thursday, October 24th. The company reported $1.76 EPS for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $3.92 billion. Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. During the same period in the previous year, the company posted $1.72 earnings per share. Analysts predict that Principal Financial Group, Inc. will post 7.28 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be given a $0.73 dividend. This represents a $2.92 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s payout ratio is currently 55.73%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PFG. Wells Fargo & Company raised their target price on Principal Financial Group from $85.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Citigroup lifted their price objective on Principal Financial Group from $68.00 to $70.00 and gave the company a “sell” rating in a research report on Tuesday, July 23rd. Barclays raised their target price on shares of Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Raymond James raised shares of Principal Financial Group from a “market perform” rating to a “strong-buy” rating and set a $99.00 price target on the stock in a report on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating for the company in a research note on Tuesday, July 30th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $85.58.

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.