Sumitomo Mitsui Trust Group Inc. Trims Holdings in Principal Financial Group, Inc. (NYSE:PFG)

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 8.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 522,860 shares of the company's stock after selling 48,628 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.23% of Principal Financial Group worth $44,914,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Sei Investments Co. grew its stake in Principal Financial Group by 59.4% during the first quarter. Sei Investments Co. now owns 24,275 shares of the company's stock valued at $2,095,000 after acquiring an additional 9,048 shares in the last quarter. Blair William & Co. IL boosted its stake in Principal Financial Group by 7.5% during the first quarter. Blair William & Co. IL now owns 4,905 shares of the company's stock valued at $423,000 after buying an additional 342 shares during the period. Acadian Asset Management LLC grew its position in Principal Financial Group by 10.0% during the first quarter. Acadian Asset Management LLC now owns 70,380 shares of the company's stock worth $6,071,000 after buying an additional 6,375 shares in the last quarter. Jacobi Capital Management LLC increased its stake in Principal Financial Group by 3.1% in the 1st quarter. Jacobi Capital Management LLC now owns 5,301 shares of the company's stock worth $458,000 after acquiring an additional 160 shares during the last quarter. Finally, Hillsdale Investment Management Inc. purchased a new stake in shares of Principal Financial Group in the 1st quarter valued at about $618,000. Hedge funds and other institutional investors own 75.08% of the company's stock.

Principal Financial Group Trading Up 0.2 %

NYSE PFG traded up $0.20 on Friday, hitting $86.56. The company's stock had a trading volume of 3,581,452 shares, compared to its average volume of 1,143,378. The firm has a market cap of $19.80 billion, a P/E ratio of -96.18, a PEG ratio of 1.00 and a beta of 1.20. Principal Financial Group, Inc. has a 52-week low of $71.37 and a 52-week high of $91.97. The company's 50-day simple moving average is $85.60 and its 200 day simple moving average is $82.20. 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 (NYSE:PFG - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($0.26). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter last year, the firm earned $1.72 EPS. Research analysts predict that Principal Financial Group, Inc. will post 7.12 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be paid a $0.73 dividend. This is an increase from Principal Financial Group's previous quarterly dividend of $0.72. This represents a $2.92 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date is Monday, December 2nd. Principal Financial Group's dividend payout ratio is presently -320.00%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PFG shares. Wells Fargo & Company raised their target price on shares of Principal Financial Group from $85.00 to $86.00 and gave the company an "equal weight" rating in a research note on Thursday, October 10th. Citigroup upped their target price on shares of Principal Financial Group from $68.00 to $70.00 and gave the stock a "sell" rating in a research report on Tuesday, July 23rd. Piper Sandler lifted their price target on Principal Financial Group from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 2nd. Morgan Stanley cut their price objective on Principal Financial Group from $85.00 to $83.00 and set an "equal weight" rating for the company in a report on Monday, August 19th. Finally, Barclays raised their price objective on Principal Financial Group from $75.00 to $77.00 and gave the company an "underweight" rating in a report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $85.58.

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.