Trust Point Inc. Sells 131,059 Shares of Principal Financial Group, Inc. $PFG

Trust Point Inc. lessened its stake in Principal Financial Group, Inc. (NASDAQ:PFG) by 35.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 238,017 shares of the company’s stock after selling 131,059 shares during the quarter. Principal Financial Group accounts for about 2.2% of Trust Point Inc.’s holdings, making the stock its 8th biggest position. Trust Point Inc.’s holdings in Principal Financial Group were worth $25,653,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Principal Financial Group during the 4th quarter worth about $32,473,000. LBP AM SA acquired a new position in Principal Financial Group in the fourth quarter worth approximately $10,400,000. MUFG Securities EMEA plc raised its position in Principal Financial Group by 1,219.5% during the fourth quarter. MUFG Securities EMEA plc now owns 51,196 shares of the company’s stock valued at $4,516,000 after acquiring an additional 47,316 shares in the last quarter. VCI Wealth Management LLC acquired a new stake in Principal Financial Group in the fourth quarter valued at approximately $1,650,000. Finally, Legal & General Group Plc grew its position in Principal Financial Group by 1.5% in the fourth quarter. Legal & General Group Plc now owns 1,639,302 shares of the company’s stock worth $144,603,000 after acquiring an additional 23,686 shares in the last quarter. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Insiders Place Their Bets

In other Principal Financial Group news, insider Wee Yee Cheong sold 7,534 shares of the firm’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $103.16, for a total value of $777,207.44. Following the sale, the insider directly owned 66,443 shares in the company, valued at $6,854,259.88. This trade represents a 10.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.13% of the stock is currently owned by company insiders.

Principal Financial Group Price Performance

NASDAQ PFG opened at $113.40 on Friday. The stock has a 50-day simple moving average of $110.26 and a 200 day simple moving average of $100.02. Principal Financial Group, Inc. has a twelve month low of $75.51 and a twelve month high of $116.61. The stock has a market capitalization of $24.28 billion, a PE ratio of 16.11, a P/E/G ratio of 1.05 and a beta of 0.88. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.28 and a current ratio of 0.28.

Principal Financial Group (NASDAQ:PFG) last issued its quarterly earnings results on Monday, July 27th. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.33 by $0.17. Principal Financial Group had a return on equity of 16.49% and a net margin of 9.93%.The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.11 billion. During the same period in the previous year, the business posted $2.16 EPS. Research analysts anticipate that Principal Financial Group, Inc. will post 9.56 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 3rd will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 3.0%. The ex-dividend date is Thursday, September 3rd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.82. Principal Financial Group’s dividend payout ratio is currently 46.59%.

Wall Street Analyst Weigh In

PFG has been the subject of a number of recent research reports. Piper Sandler upped their price objective on shares of Principal Financial Group from $113.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Principal Financial Group in a research note on Wednesday, July 29th. Raymond James Financial lowered Principal Financial Group from a “strong-buy” rating to an “outperform” rating and increased their price objective for the company from $99.00 to $111.00 in a report on Tuesday, May 19th. Bank of America boosted their target price on Principal Financial Group from $94.00 to $104.00 and gave the stock an “underperform” rating in a report on Tuesday, July 28th. Finally, Citigroup downgraded Principal Financial Group from a “sell” rating to an “underperform” rating in a report on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $105.83.

Principal Financial Group Company Profile

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.