Rockland Trust Co. Sells 5,138 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Rockland Trust Co. trimmed its position in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 60.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,360 shares of the company's stock after selling 5,138 shares during the quarter. Rockland Trust Co.'s holdings in Principal Financial Group were worth $260,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PFG. Peterson Financial Group Inc. bought a new position in Principal Financial Group in the third quarter valued at approximately $33,000. Truvestments Capital LLC bought a new position in Principal Financial Group in the third quarter valued at approximately $43,000. Sugarloaf Wealth Management LLC increased its stake in Principal Financial Group by 53.6% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 559 shares of the company's stock valued at $43,000 after acquiring an additional 195 shares during the last quarter. Prospera Private Wealth LLC bought a new position in Principal Financial Group in the third quarter valued at approximately $45,000. Finally, Capital Performance Advisors LLP bought a new position in Principal Financial Group in the third quarter valued at approximately $50,000. 75.08% of the stock is owned by institutional investors.

Principal Financial Group Trading Up 1.3 %

PFG stock traded up $1.06 during midday trading on Thursday, hitting $81.14. The stock had a trading volume of 924,808 shares, compared to its average volume of 974,881. The firm has a market cap of $18.56 billion, a P/E ratio of -90.15, a price-to-earnings-growth ratio of 0.75 and a beta of 1.22. 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 $72.21 and a 1-year high of $91.97. The business has a fifty day moving average price of $81.52 and a two-hundred day moving average price of $82.14.

Principal Financial Group (NYSE:PFG - Get Free Report) last released its earnings results on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($0.26). The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates 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 in the previous year, the firm earned $1.72 EPS. On average, sell-side analysts predict that Principal Financial Group, Inc. will post 7.01 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 2nd were issued a $0.73 dividend. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $2.92 annualized dividend and a yield of 3.60%. Principal Financial Group's payout ratio is presently -324.44%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wells Fargo & Company decreased their target price on shares of Principal Financial Group from $75.00 to $69.00 and set an "underweight" rating on the stock in a research note on Tuesday. Keefe, Bruyette & Woods decreased their target price on shares of Principal Financial Group from $93.00 to $90.00 and set a "market perform" rating on the stock in a research note on Friday, January 10th. Piper Sandler raised shares of Principal Financial Group from a "neutral" rating to an "overweight" rating and set a $90.00 target price on the stock in a research note on Wednesday, December 18th. Bank of America decreased their target price on shares of Principal Financial Group from $94.00 to $91.00 and set a "neutral" rating on the stock in a research note on Thursday, October 10th. Finally, Morgan Stanley reaffirmed an "underweight" rating and set a $80.00 target price (down previously from $86.00) on shares of Principal Financial Group in a research note on Thursday, December 5th. Four analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $84.25.

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.