Principal Financial Group, Inc. (NYSE:PFG) Stock Holdings Cut by Verition Fund Management LLC

Verition Fund Management LLC trimmed its position in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 39.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 226,796 shares of the company's stock after selling 150,049 shares during the period. Verition Fund Management LLC owned approximately 0.10% of Principal Financial Group worth $19,482,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PFG. EdgeRock Capital LLC purchased a new stake in Principal Financial Group during the second quarter worth approximately $26,000. Strategic Financial Concepts LLC acquired a new stake in Principal Financial Group in the 2nd quarter valued at $32,000. Family Firm Inc. acquired a new stake in Principal Financial Group in the 2nd quarter valued at $33,000. Peterson Financial Group Inc. purchased a new position in Principal Financial Group in the third quarter valued at about $33,000. Finally, Innealta Capital LLC acquired a new position in shares of Principal Financial Group during the second quarter worth about $43,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PFG shares. Bank of America lowered their target price on Principal Financial Group from $94.00 to $91.00 and set a "neutral" rating for the company in a research note on Thursday, October 10th. Piper Sandler boosted their target price on shares of Principal Financial Group from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 2nd. Wells Fargo & Company raised their price target on shares of Principal Financial Group from $85.00 to $86.00 and gave the company an "equal weight" rating in a report on Thursday, October 10th. Royal Bank of Canada boosted their price objective on shares of Principal Financial Group from $87.00 to $91.00 and gave the stock a "sector perform" rating in a report on Tuesday, November 19th. Finally, Morgan Stanley lowered their target price on Principal Financial Group from $85.00 to $83.00 and set an "equal weight" rating for the company in a research note on Monday, August 19th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Principal Financial Group currently has an average rating of "Hold" and an average target price of $85.92.

Principal Financial Group Stock Performance

Shares of NYSE PFG traded down $0.19 during midday trading on Friday, hitting $87.09. 559,612 shares of the company's stock were exchanged, compared to its average volume of 1,139,113. Principal Financial Group, Inc. has a twelve month low of $72.21 and a twelve month high of $91.97. The firm has a market cap of $19.92 billion, a P/E ratio of -96.77, a PEG ratio of 1.02 and a beta of 1.20. The stock's 50 day moving average price is $86.41 and its 200-day moving average price is $82.46. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30.

Principal Financial Group (NYSE:PFG - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.02 by ($0.26). The business had revenue of $3.01 billion for the quarter, compared to analyst estimates 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 last year, the firm posted $1.72 EPS. Equities research analysts anticipate that Principal Financial Group, Inc. will post 7.04 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.72. Principal Financial Group's dividend payout ratio is currently -320.00%.

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.