Everence Capital Management Inc. Sells 9,280 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Everence Capital Management Inc. lessened its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 67.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,520 shares of the company's stock after selling 9,280 shares during the quarter. Everence Capital Management Inc.'s holdings in Principal Financial Group were worth $388,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its position in Principal Financial Group by 2.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 6,325 shares of the company's stock valued at $493,000 after acquiring an additional 135 shares in the last quarter. Ballentine Partners LLC boosted its position in shares of Principal Financial Group by 5.0% during the second quarter. Ballentine Partners LLC now owns 2,906 shares of the company's stock valued at $228,000 after purchasing an additional 138 shares in the last quarter. Graypoint LLC grew its stake in Principal Financial Group by 5.6% in the second quarter. Graypoint LLC now owns 2,654 shares of the company's stock worth $208,000 after purchasing an additional 140 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Principal Financial Group by 18.2% in the second quarter. EverSource Wealth Advisors LLC now owns 930 shares of the company's stock worth $76,000 after purchasing an additional 143 shares in the last quarter. Finally, Legacy Financial Advisors Inc. raised its holdings in Principal Financial Group by 2.7% in the second quarter. Legacy Financial Advisors Inc. now owns 5,575 shares of the company's stock worth $437,000 after purchasing an additional 145 shares in the last quarter. Hedge funds and other institutional investors own 75.08% of the company's stock.

Principal Financial Group Stock Performance

PFG stock traded up $0.27 on Tuesday, hitting $89.92. The company had a trading volume of 828,253 shares, compared to its average volume of 1,119,037. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a 12-month low of $66.21 and a 12-month high of $91.97. The stock has a market cap of $20.82 billion, a price-to-earnings ratio of 17.46, a P/E/G ratio of 0.95 and a beta of 1.19. The stock's 50-day simple moving average is $83.35 and its 200 day simple moving average is $81.62.

Principal Financial Group (NYSE:PFG - Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The company reported $1.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.87 by ($0.24). The firm had revenue of $4.31 billion during the quarter, compared to analysts' expectations of $3.78 billion. Principal Financial Group had a return on equity of 14.92% and a net margin of 8.05%. During the same quarter last year, the business earned $1.53 earnings per share. As a group, equities research analysts expect that Principal Financial Group, Inc. will post 7.31 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Thursday, September 5th were given a dividend of $0.72 per share. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $2.88 annualized dividend and a dividend yield of 3.20%. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.71. Principal Financial Group's dividend payout ratio is presently 55.92%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Morgan Stanley reduced their target price on shares of Principal Financial Group from $85.00 to $83.00 and set an "equal weight" rating on the stock in a research report on Monday, August 19th. Citigroup raised their target price on shares of Principal Financial Group from $68.00 to $70.00 and gave the company a "sell" rating in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods lowered 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 report on Tuesday, July 30th. Barclays raised their price objective on Principal Financial Group from $74.00 to $75.00 and gave the company an "underweight" rating in a research report on Wednesday, October 9th. Finally, Piper Sandler raised their price target on Principal Financial Group from $85.00 to $90.00 and gave the company a "neutral" rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $85.42.

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.