Prana Capital Management LP Cuts Position in Principal Financial Group, Inc. $PFG

Prana Capital Management LP decreased its position in Principal Financial Group, Inc. (NASDAQ:PFG) by 6.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 241,339 shares of the company’s stock after selling 17,891 shares during the quarter. Prana Capital Management LP owned 0.11% of Principal Financial Group worth $20,009,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in PFG. Capital Management Corp VA lifted its position in shares of Principal Financial Group by 19.2% during the 3rd quarter. Capital Management Corp VA now owns 172,736 shares of the company’s stock worth $14,322,000 after purchasing an additional 27,857 shares during the last quarter. Nordea Investment Management AB increased its holdings in Principal Financial Group by 160.3% in the third quarter. Nordea Investment Management AB now owns 48,902 shares of the company’s stock valued at $3,978,000 after buying an additional 30,118 shares during the last quarter. Mediolanum International Funds Ltd increased its holdings in Principal Financial Group by 41.5% in the third quarter. Mediolanum International Funds Ltd now owns 127,368 shares of the company’s stock valued at $10,504,000 after buying an additional 37,357 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in Principal Financial Group in the third quarter valued at $18,526,000. Finally, Capital Fund Management S.A. acquired a new stake in Principal Financial Group in the second quarter valued at $1,486,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Wall Street Analyst Weigh In

PFG has been the subject of several analyst reports. Barclays reaffirmed an “underweight” rating and set a $85.00 price objective on shares of Principal Financial Group in a research report on Thursday, January 8th. Morgan Stanley raised their target price on Principal Financial Group from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 3rd. Piper Sandler upped their price target on Principal Financial Group from $94.00 to $100.00 and gave the company an “overweight” rating in a report on Tuesday, December 23rd. UBS Group increased their price target 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. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $103.00 price objective on shares of Principal Financial Group in a report on Monday, January 5th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Principal Financial Group has an average rating of “Hold” and a consensus target price of $94.11.

Principal Financial Group Stock Performance

Shares of PFG stock opened at $87.73 on Wednesday. The stock’s 50-day moving average is $92.16 and its two-hundred day moving average is $86.86. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.27 and a current ratio of 0.27. Principal Financial Group, Inc. has a 1 year low of $68.39 and a 1 year high of $97.88. The firm has a market cap of $19.02 billion, a price-to-earnings ratio of 16.65, a PEG ratio of 0.80 and a beta of 0.87.

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

Principal Financial Group Announces Dividend

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

Insider Buying and Selling at Principal Financial Group

In other news, CEO Deanna D. Strable-Soethout sold 7,340 shares of the stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $95.00, for a total value of $697,300.00. Following the completion of the sale, the chief executive officer directly owned 136,828 shares of the company’s stock, valued at approximately $12,998,660. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 24,965 shares of company stock valued at $2,352,460 over the last three months. 1.08% of the stock is currently owned by corporate insiders.

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.