Principal Financial Group, Inc. (NYSE:PFG) Shares Sold by Citigroup Inc.

Citigroup Inc. trimmed its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 16.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 243,993 shares of the company’s stock after selling 46,987 shares during the period. Citigroup Inc. owned about 0.11% of Principal Financial Group worth $20,959,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its stake in Principal Financial Group by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,403,689 shares of the company’s stock valued at $120,577,000 after buying an additional 18,801 shares in the last quarter. Blackhawk Capital Partners LLC. acquired a new stake in shares of Principal Financial Group during the third quarter valued at approximately $209,000. Massachusetts Financial Services Co. MA lifted its position in shares of Principal Financial Group by 85.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 466,133 shares of the company’s stock valued at $40,041,000 after acquiring an additional 215,045 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Principal Financial Group in the 3rd quarter valued at approximately $45,000. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Principal Financial Group in the 3rd quarter worth approximately $2,441,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Stock Down 0.3 %

Principal Financial Group stock opened at $86.79 on Wednesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35. Principal Financial Group, Inc. has a 1-year low of $71.39 and a 1-year high of $91.97. The firm’s fifty day simple moving average is $86.28 and its 200-day simple moving average is $82.39. The company has a market capitalization of $19.85 billion, a P/E ratio of -96.43, a P/E/G ratio of 1.00 and a beta of 1.20.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($0.26). The company 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 quarter last year, the business earned $1.72 earnings per share. Sell-side analysts forecast that Principal Financial Group, Inc. will post 7.04 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.73 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.92 dividend on an annualized basis and a yield of 3.36%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s dividend payout ratio is presently -320.00%.

Wall Street Analyst Weigh In

PFG has been the subject of a number of research analyst reports. Piper Sandler increased their target price on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods reduced their price objective on 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. Wells Fargo & Company lifted their target price on Principal Financial Group from $85.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Royal Bank of Canada increased their price target on shares of Principal Financial Group from $87.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Finally, Bank of America decreased their price target on shares of Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a report on Thursday, October 10th. Two 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’s stock. Based on data from MarketBeat, Principal Financial Group has an average rating of “Hold” and an average price target of $85.92.

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.