Sumitomo Mitsui Trust Group Inc. Has $44.91 Million Stock Position in Principal Financial Group, Inc. (NYSE:PFG)

Sumitomo Mitsui Trust Group Inc. lessened its stake in Principal Financial Group, Inc. (NYSE:PFG) by 8.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 522,860 shares of the company’s stock after selling 48,628 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Principal Financial Group were worth $44,914,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Acadian Asset Management LLC lifted its position in Principal Financial Group by 403.6% in the 2nd quarter. Acadian Asset Management LLC now owns 354,447 shares of the company’s stock valued at $27,800,000 after acquiring an additional 284,067 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of Principal Financial Group in the 2nd quarter valued at about $19,698,000. Swedbank AB bought a new stake in shares of Principal Financial Group in the first quarter valued at about $13,996,000. Capital Research Global Investors boosted its position in shares of Principal Financial Group by 2.4% during the first quarter. Capital Research Global Investors now owns 6,602,298 shares of the company’s stock worth $569,844,000 after buying an additional 152,774 shares during the period. Finally, International Assets Investment Management LLC grew its holdings in shares of Principal Financial Group by 6,593.7% during the third quarter. International Assets Investment Management LLC now owns 132,200 shares of the company’s stock worth $11,356,000 after buying an additional 130,225 shares in the last quarter. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Price Performance

NYSE:PFG opened at $86.56 on Friday. Principal Financial Group, Inc. has a 12-month low of $71.37 and a 12-month high of $91.97. The firm has a market capitalization of $19.80 billion, a price-to-earnings ratio of -96.20, a P/E/G ratio of 1.00 and a beta of 1.20. The stock’s 50 day moving average price is $85.42 and its two-hundred day moving average price is $82.15. The company has a quick ratio of 0.30, a current ratio of 0.30 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($0.26). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same period in the prior year, the business earned $1.72 EPS. On average, analysts anticipate that Principal Financial Group, Inc. will post 7.12 earnings per share for the current year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be paid a $0.73 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.92 dividend on an annualized basis and a yield of 3.37%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s dividend payout ratio is -320.00%.

Analysts Set New Price Targets

Several equities research analysts have commented on PFG shares. Piper Sandler boosted their target price on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Morgan Stanley reduced their target price on shares of Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Keefe, Bruyette & Woods decreased their target price on shares of Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating for the company in a research report on Tuesday, July 30th. Wells Fargo & Company boosted their price target on shares of Principal Financial Group from $85.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. Finally, Royal Bank of Canada raised their price objective on Principal Financial Group from $83.00 to $87.00 and gave the company a “sector perform” rating in a report on Monday, July 29th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $85.58.

About Principal Financial Group

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.