Geode Capital Management LLC Decreases Holdings in Principal Financial Group, Inc. (NYSE:PFG)

Geode Capital Management LLC trimmed its position in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 0.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,414,177 shares of the company's stock after selling 15,277 shares during the period. Geode Capital Management LLC owned about 2.37% of Principal Financial Group worth $463,518,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PFG. EdgeRock Capital LLC bought a new position in Principal Financial Group during the 2nd quarter valued at approximately $26,000. Strategic Financial Concepts LLC purchased a new stake in Principal Financial Group in the second quarter worth $32,000. Family Firm Inc. purchased a new stake in Principal Financial Group in the second quarter worth $33,000. Peterson Financial Group Inc. bought a new stake in Principal Financial Group in the third quarter valued at $33,000. Finally, Innealta Capital LLC purchased a new position in Principal Financial Group during the 2nd quarter valued at $43,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Stock Down 0.5 %

Shares of PFG traded down $0.38 during trading hours on Friday, hitting $78.91. The company had a trading volume of 1,650,855 shares, compared to its average volume of 1,145,794. The stock has a market capitalization of $18.05 billion, a price-to-earnings ratio of -88.10, a P/E/G ratio of 0.93 and a beta of 1.20. The firm has a fifty day moving average price of $85.95 and a 200-day moving average price of $82.43. Principal Financial Group, Inc. has a 52-week low of $72.21 and a 52-week high of $91.97. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30.

Principal Financial Group (NYSE:PFG - Get Free Report) last issued 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). Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. The firm had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $3.92 billion. During the same period last year, the firm posted $1.72 earnings per share. On average, equities research analysts forecast that Principal Financial Group, Inc. will post 7.03 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from Principal Financial Group's previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a yield of 3.70%. Principal Financial Group's dividend payout ratio is -324.44%.

Wall Street Analyst Weigh In

Several research firms have recently commented on PFG. Barclays raised their target price on shares of Principal Financial Group from $75.00 to $77.00 and gave the stock an "underweight" rating in a research report on Friday, October 25th. Morgan Stanley restated an "underweight" rating and issued a $80.00 price objective (down from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. Wells Fargo & Company reiterated an "underweight" rating and set a $75.00 target price (down previously from $84.00) on shares of Principal Financial Group in a report on Wednesday. Piper Sandler increased their target price on Principal Financial Group from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 2nd. Finally, Bank of America dropped their price target on Principal Financial Group from $94.00 to $91.00 and set a "neutral" rating on the stock in a research report on Thursday, October 10th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Principal Financial Group currently has an average rating of "Hold" and a consensus target price of $84.75.

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.