Conning Inc. Sells 21,721 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Conning Inc. decreased its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 74.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,541 shares of the company’s stock after selling 21,721 shares during the period. Conning Inc.’s holdings in Principal Financial Group were worth $592,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PFG. Argonautica Private Wealth Management Inc. increased its stake in shares of Principal Financial Group by 45.9% during the second quarter. Argonautica Private Wealth Management Inc. now owns 9,068 shares of the company’s stock worth $711,000 after purchasing an additional 2,854 shares during the period. AustralianSuper Pty Ltd increased its stake in shares of Principal Financial Group by 13.2% during the second quarter. AustralianSuper Pty Ltd now owns 424,643 shares of the company’s stock worth $33,313,000 after purchasing an additional 49,377 shares during the period. Bank of New York Mellon Corp increased its stake in Principal Financial Group by 2.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,903,138 shares of the company’s stock worth $149,301,000 after acquiring an additional 53,516 shares during the period. AMG National Trust Bank increased its stake in Principal Financial Group by 20.1% during the 2nd quarter. AMG National Trust Bank now owns 120,797 shares of the company’s stock worth $9,477,000 after acquiring an additional 20,219 shares during the period. Finally, EdgeRock Capital LLC acquired a new stake in shares of Principal Financial Group in the 2nd quarter valued at $26,000. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Trading Up 0.9 %

PFG stock traded up $0.73 during mid-day trading on Wednesday, reaching $80.18. The company had a trading volume of 736,308 shares, compared to its average volume of 1,131,263. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a 50 day moving average of $79.76 and a 200 day moving average of $80.84. Principal Financial Group, Inc. has a 12 month low of $66.21 and a 12 month high of $88.26. The company has a market capitalization of $18.79 billion, a PE ratio of 15.22, a price-to-earnings-growth ratio of 0.82 and a beta of 1.21.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, July 25th. The company reported $1.63 EPS for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.24). The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $3.78 billion. Principal Financial Group had a net margin of 8.05% and a return on equity of 14.92%. During the same period in the previous year, the company earned $1.53 EPS. On average, equities analysts predict that Principal Financial Group, Inc. will post 7.31 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 5th will be paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.59%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Thursday, September 5th. Principal Financial Group’s payout ratio is 54.96%.

Wall Street Analysts Forecast Growth

PFG has been the topic of several recent research reports. Jefferies Financial Group raised their price objective on Principal Financial Group from $73.00 to $76.00 and gave the company a “hold” rating in a report on Thursday, July 18th. Wells Fargo & Company decreased their price objective on shares of Principal Financial Group from $87.00 to $85.00 and set an “equal weight” rating for the company in a report on Monday, July 29th. Royal Bank of Canada lifted their target price on shares of Principal Financial Group from $83.00 to $87.00 and gave the stock a “sector perform” rating in a research report on Monday, July 29th. Morgan Stanley cut their price objective on shares of Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a research report on Monday, August 19th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating for the company in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $85.58.

Principal Financial Group Company 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.