Principal Financial Group, Inc. $PFG Stock Position Decreased by Rafferty Asset Management LLC

Rafferty Asset Management LLC cut its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 7.1% in the 1st quarter, HoldingsChannel.com reports. The fund owned 68,986 shares of the company’s stock after selling 5,260 shares during the quarter. Rafferty Asset Management LLC’s holdings in Principal Financial Group were worth $5,820,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PFG. Marshall Wace LLP bought a new stake in shares of Principal Financial Group during the 4th quarter worth $630,000. Stifel Financial Corp boosted its stake in shares of Principal Financial Group by 3.8% during the 4th quarter. Stifel Financial Corp now owns 14,638 shares of the company’s stock worth $1,133,000 after acquiring an additional 530 shares in the last quarter. Boothbay Fund Management LLC bought a new stake in shares of Principal Financial Group during the 4th quarter worth $200,000. Quarry LP bought a new stake in shares of Principal Financial Group during the 4th quarter worth $73,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Principal Financial Group by 0.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 128,206 shares of the company’s stock worth $9,924,000 after acquiring an additional 502 shares in the last quarter. 75.08% of the stock is owned by institutional investors.

Principal Financial Group Price Performance

Shares of NYSE:PFG opened at $80.22 on Friday. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a 1 year low of $68.39 and a 1 year high of $91.97. The business has a fifty day simple moving average of $79.05 and a 200 day simple moving average of $79.43. The firm has a market cap of $17.87 billion, a price-to-earnings ratio of 12.01, a P/E/G ratio of 0.76 and a beta of 1.00.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Monday, July 28th. The company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.19. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same quarter last year, the business earned $1.63 earnings per share. As a group, sell-side analysts predict that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Thursday, September 4th will be issued a dividend of $0.78 per share. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.76. This represents a $3.12 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Thursday, September 4th. Principal Financial Group’s dividend payout ratio is 62.78%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reduced their price objective on Principal Financial Group from $90.00 to $88.00 and set a “market perform” rating for the company in a research note on Monday, August 4th. Wells Fargo & Company reduced their target price on Principal Financial Group from $73.00 to $72.00 and set an “underweight” rating for the company in a report on Wednesday, July 30th. Piper Sandler increased their target price on Principal Financial Group from $88.00 to $89.00 and gave the company an “overweight” rating in a report on Thursday, July 3rd. UBS Group increased their target price on Principal Financial Group from $85.00 to $87.00 and gave the company a “neutral” rating in a report on Tuesday, July 29th. Finally, Barclays increased their target price on Principal Financial Group from $76.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, July 7th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $86.90.

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.