Principal Financial Group, Inc. $PFG Shares Sold by Prana Capital Management LP

Prana Capital Management LP trimmed its holdings in Principal Financial Group, Inc. (NASDAQ:PFG) by 6.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 241,339 shares of the company’s stock after selling 17,891 shares during the quarter. Prana Capital Management LP’s holdings in Principal Financial Group were worth $20,009,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in PFG. Traub Capital Management LLC purchased a new position in shares of Principal Financial Group during the second quarter worth about $26,000. Capital A Wealth Management LLC raised its stake in Principal Financial Group by 5,533.3% during the 2nd quarter. Capital A Wealth Management LLC now owns 338 shares of the company’s stock valued at $27,000 after acquiring an additional 332 shares during the last quarter. FWL Investment Management LLC acquired a new stake in Principal Financial Group during the 3rd quarter worth approximately $32,000. CYBER HORNET ETFs LLC acquired a new stake in Principal Financial Group during the 2nd quarter worth approximately $45,000. Finally, Financial Consulate Inc. purchased a new position in shares of Principal Financial Group in the 3rd quarter valued at approximately $46,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Stock Up 1.5%

PFG opened at $87.73 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.27 and a quick ratio of 0.27. Principal Financial Group, Inc. has a 12 month low of $68.39 and a 12 month high of $97.88. The stock has a market capitalization of $19.02 billion, a P/E ratio of 16.65, a P/E/G ratio of 0.80 and a beta of 0.87. The business has a 50 day simple moving average of $92.16 and a 200-day simple moving average of $86.86.

Principal Financial Group (NASDAQ:PFG) last announced its quarterly earnings data on Wednesday, February 18th. The company reported $2.20 earnings per share for the quarter. The firm had revenue of $4.58 billion for the quarter. Principal Financial Group had a return on equity of 16.09% and a net margin of 7.58%.

Principal Financial Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Wednesday, March 11th will be paid a dividend of $0.80 per share. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.6%. Principal Financial Group’s dividend payout ratio is 60.72%.

Insider Buying and Selling at Principal Financial Group

In other news, CEO Deanna D. Strable-Soethout sold 9,300 shares of the stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $95.12, for a total value of $884,616.00. Following the completion of the transaction, the chief executive officer owned 144,168 shares in the company, valued at $13,713,260.16. This trade represents a 6.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 24,965 shares of company stock worth $2,352,460. Corporate insiders own 1.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PFG. Bank of America boosted their target price on Principal Financial Group from $95.00 to $96.00 and gave the company a “neutral” rating in a report on Tuesday, February 10th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $103.00 price objective on shares of Principal Financial Group in a research report on Monday, January 5th. UBS Group boosted their price objective on shares of Principal Financial Group from $88.00 to $92.00 and gave the company a “neutral” rating in a research note on Thursday, January 8th. Piper Sandler upped their price objective on shares of Principal Financial Group from $94.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 23rd. Finally, Barclays restated an “underweight” rating and issued a $85.00 target price on shares of Principal Financial Group in a research note on Thursday, January 8th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $94.11.

Principal Financial Group Profile

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.