Principal Financial Group, Inc. (NYSE:PFG) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its stake in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 11.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 183,310 shares of the company's stock after selling 24,660 shares during the quarter. New York State Teachers Retirement System owned approximately 0.08% of Principal Financial Group worth $15,746,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PFG. EdgeRock Capital LLC bought a new position in Principal Financial Group in the second quarter worth about $26,000. Strategic Financial Concepts LLC bought a new position in shares of Principal Financial Group during the 2nd quarter worth approximately $32,000. Family Firm Inc. purchased a new stake in Principal Financial Group during the second quarter valued at approximately $33,000. Salomon & Ludwin LLC boosted its stake in Principal Financial Group by 319.3% in the first quarter. Salomon & Ludwin LLC now owns 499 shares of the company's stock valued at $43,000 after acquiring an additional 380 shares in the last quarter. Finally, Innealta Capital LLC purchased a new position in Principal Financial Group in the second quarter worth $43,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PFG has been the subject of several analyst reports. Keefe, Bruyette & Woods decreased their price objective on 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. Citigroup raised their price target on Principal Financial Group from $68.00 to $70.00 and gave the stock a "sell" rating in a report on Tuesday, July 23rd. Piper Sandler upped their price objective on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a "neutral" rating in a report on Wednesday, October 2nd. Jefferies Financial Group lifted their target price on shares of Principal Financial Group from $73.00 to $76.00 and gave the stock a "hold" rating in a research note on Thursday, July 18th. Finally, Morgan Stanley cut their price target on shares of Principal Financial Group from $85.00 to $83.00 and set an "equal weight" rating on the stock in a research note on Monday, August 19th. Two equities research 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 company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $85.58.

Principal Financial Group Stock Performance

NYSE PFG traded down $0.22 on Friday, reaching $82.18. 858,110 shares of the company's stock traded hands, compared to its average volume of 1,170,181. The stock has a 50 day moving average price of $84.54 and a 200-day moving average price of $81.85. The firm has a market cap of $18.80 billion, a price-to-earnings ratio of -91.31, a P/E/G ratio of 0.95 and a beta of 1.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.29 and a current ratio of 0.30. Principal Financial Group, Inc. has a fifty-two week low of $67.79 and a fifty-two week high of $91.97.

Principal Financial Group (NYSE:PFG - Get Free Report) last issued its earnings results on Thursday, October 24th. The company reported $1.76 EPS for the quarter, missing analysts' consensus estimates of $2.02 by ($0.26). The company had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $3.92 billion. Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. During the same quarter in the previous year, the company earned $1.72 EPS. Equities research analysts predict that Principal Financial Group, Inc. will post 7.12 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.73 per share. This is a boost from Principal Financial Group's previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.92 dividend on an annualized basis and a dividend yield of 3.55%. Principal Financial Group's dividend payout ratio (DPR) is presently -320.00%.

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.