Sciencast Management LP Reduces Stock Holdings in Principal Financial Group, Inc. (NYSE:PFG)

Sciencast Management LP lowered its stake in Principal Financial Group, Inc. (NYSE:PFG) by 21.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,090 shares of the company’s stock after selling 2,252 shares during the period. Sciencast Management LP’s holdings in Principal Financial Group were worth $698,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Spire Wealth Management boosted its stake in shares of Principal Financial Group by 152.0% during the 4th quarter. Spire Wealth Management now owns 373 shares of the company’s stock valued at $29,000 after purchasing an additional 225 shares in the last quarter. EdgeRock Capital LLC purchased a new stake in Principal Financial Group in the fourth quarter worth about $31,000. Fortis Group Advisors LLC bought a new stake in Principal Financial Group during the 3rd quarter valued at approximately $33,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Principal Financial Group during the 4th quarter worth approximately $33,000. Finally, Riverview Trust Co bought a new position in shares of Principal Financial Group in the 1st quarter worth approximately $34,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Stock Performance

Shares of PFG stock traded up $1.05 during trading hours on Friday, reaching $84.93. The company had a trading volume of 871,379 shares, compared to its average volume of 1,096,943. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.29 and a current ratio of 0.29. The business has a fifty day moving average price of $80.88 and a 200-day moving average price of $80.66. Principal Financial Group, Inc. has a one year low of $66.21 and a one year high of $86.79. The firm has a market cap of $19.91 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 0.89 and a beta of 1.21.

Principal Financial Group (NYSE:PFG) last issued its earnings results on Thursday, April 25th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.74 by ($0.09). The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.68 billion. Principal Financial Group had a return on equity of 15.06% and a net margin of 8.70%. During the same quarter in the prior year, the business posted $1.48 EPS. Sell-side analysts predict that Principal Financial Group, Inc. will post 7.42 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Monday, June 3rd were issued a $0.71 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $2.84 annualized dividend and a dividend yield of 3.34%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.69. Principal Financial Group’s payout ratio is presently 54.20%.

Analysts Set New Price Targets

PFG has been the topic of several research reports. Morgan Stanley lifted their price target on Principal Financial Group from $81.00 to $82.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Bank of America raised their price objective on Principal Financial Group from $87.00 to $94.00 and gave the company a “neutral” rating in a research report on Thursday. Wells Fargo & Company dropped their target price on Principal Financial Group from $91.00 to $85.00 and set an “equal weight” rating on the stock in a report on Monday, April 29th. Keefe, Bruyette & Woods raised their price target on Principal Financial Group from $85.00 to $89.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Finally, Jefferies Financial Group upped their price target on shares of Principal Financial Group from $74.00 to $78.00 and gave the stock a “hold” rating in a research note on Friday, June 28th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $84.92.

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.