Hsbc Holdings PLC Sells 16,962 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Hsbc Holdings PLC trimmed its position in shares of Principal Financial Group, Inc. (NYSE:PFG) by 1.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,443,115 shares of the company’s stock after selling 16,962 shares during the quarter. Hsbc Holdings PLC owned approximately 0.62% of Principal Financial Group worth $113,355,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. EdgeRock Capital LLC purchased a new position in shares of Principal Financial Group during the second quarter valued at approximately $26,000. Riverview Trust Co purchased a new position in shares of Principal Financial Group during the first quarter valued at approximately $34,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Principal Financial Group during the fourth quarter valued at approximately $33,000. Family Firm Inc. purchased a new position in shares of Principal Financial Group during the second quarter valued at approximately $33,000. Finally, Salomon & Ludwin LLC lifted its holdings in shares of Principal Financial Group by 319.3% during the first quarter. Salomon & Ludwin LLC now owns 499 shares of the company’s stock valued at $43,000 after purchasing an additional 380 shares during the last quarter. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Price Performance

Shares of PFG opened at $83.73 on Thursday. The firm has a market cap of $19.62 billion, a PE ratio of 15.98, a P/E/G ratio of 0.84 and a beta of 1.19. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.36. The firm has a fifty day simple moving average of $80.19 and a two-hundred day simple moving average of $80.92. Principal Financial Group, Inc. has a 1-year low of $66.21 and a 1-year high of $88.26.

Principal Financial Group (NYSE:PFG) last announced its earnings results on Thursday, July 25th. The company reported $1.63 earnings per share for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.24). The company 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 quarter in the prior year, the firm posted $1.53 earnings per share. On average, equities analysts anticipate that Principal Financial Group, Inc. will post 7.31 EPS for the current year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 5th will be given a dividend of $0.72 per share. 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. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.44%. Principal Financial Group’s payout ratio is presently 54.96%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PFG shares. Royal Bank of Canada lifted their target price on shares of Principal Financial Group from $83.00 to $87.00 and gave the company a “sector perform” rating in a report on Monday, July 29th. Morgan Stanley decreased 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 report on Monday, August 19th. JPMorgan Chase & Co. upgraded shares of Principal Financial Group from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $88.00 to $96.00 in a report on Tuesday, July 2nd. Jefferies Financial Group boosted their price objective on shares of Principal Financial Group from $73.00 to $76.00 and gave the stock a “hold” rating in a report on Thursday, July 18th. Finally, 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. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $85.50.

Principal Financial Group 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.