Invesco Ltd. Reduces Stock Holdings in Principal Financial Group, Inc. (NASDAQ:PFG)

Invesco Ltd. cut its position in shares of Principal Financial Group, Inc. (NASDAQ:PFG) by 9.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,078,410 shares of the company’s stock after selling 338,716 shares during the period. Invesco Ltd.’s holdings in Principal Financial Group were worth $198,252,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Principal Financial Group by 11.9% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 50,404 shares of the company’s stock worth $3,185,000 after acquiring an additional 5,372 shares during the period. Stifel Financial Corp increased its position in Principal Financial Group by 6.9% during the second quarter. Stifel Financial Corp now owns 57,080 shares of the company’s stock worth $3,607,000 after purchasing an additional 3,699 shares during the last quarter. LPL Financial LLC increased its position in Principal Financial Group by 1.3% during the second quarter. LPL Financial LLC now owns 100,437 shares of the company’s stock worth $6,347,000 after purchasing an additional 1,270 shares during the last quarter. Toroso Investments LLC increased its position in Principal Financial Group by 13.1% during the second quarter. Toroso Investments LLC now owns 8,846 shares of the company’s stock worth $559,000 after purchasing an additional 1,026 shares during the last quarter. Finally, OLD Mission Capital LLC acquired a new stake in Principal Financial Group during the second quarter worth about $1,265,000. 71.77% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have weighed in on PFG. JPMorgan Chase & Co. increased their target price on shares of Principal Financial Group from $71.00 to $72.00 in a research note on Tuesday, January 4th. Piper Sandler raised their price objective on shares of Principal Financial Group from $68.00 to $76.00 and gave the company a “neutral” rating in a research note on Monday, December 13th. Barclays raised their price objective on shares of Principal Financial Group from $82.00 to $86.00 and gave the company an “overweight” rating in a research note on Wednesday, February 9th. The Goldman Sachs Group began coverage on shares of Principal Financial Group in a report on Thursday, December 2nd. They issued a “sell” rating and a $64.00 target price on the stock. Finally, Royal Bank of Canada raised their target price on shares of Principal Financial Group from $67.00 to $71.00 and gave the company a “sector perform” rating in a report on Thursday, October 28th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $71.92.

NASDAQ:PFG opened at $76.04 on Monday. The firm’s fifty day moving average price is $73.54 and its 200 day moving average price is $69.42. Principal Financial Group, Inc. has a 1-year low of $52.86 and a 1-year high of $80.36. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.07 and a quick ratio of 0.07. The firm has a market cap of $20.16 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth ratio of 0.73 and a beta of 1.59.

Principal Financial Group (NASDAQ:PFG) last issued its earnings results on Sunday, February 6th. The company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.65 by $0.20. Principal Financial Group had a net margin of 12.28% and a return on equity of 10.91%. During the same quarter last year, the company posted $1.48 EPS. As a group, analysts expect that Principal Financial Group, Inc. will post 6.55 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 25th. Investors of record on Thursday, March 10th will be given a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 3.37%. Principal Financial Group’s dividend payout ratio is presently 41.22%.

Principal Financial Group Profile

Principal Financial Group, Inc is a financial company, which offers financial products and services to businesses, individuals and institutional clients. It specializes in retirement solutions, insurance, and investment products through its diverse family of financial services companies and national network of financial professionals.

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