Thrivent Financial for Lutherans Sells 40,077 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Thrivent Financial for Lutherans lessened its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 62.4% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 24,149 shares of the company’s stock after selling 40,077 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Principal Financial Group were worth $2,075,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. EdgeRock Capital LLC bought a new position in Principal Financial Group in the 2nd quarter valued at about $26,000. Strategic Financial Concepts LLC acquired a new position in shares of Principal Financial Group in the 2nd quarter worth approximately $32,000. Family Firm Inc. acquired a new position in shares of Principal Financial Group in the 2nd quarter worth approximately $33,000. Peterson Financial Group Inc. acquired a new position in shares of Principal Financial Group during the 3rd quarter valued at $33,000. Finally, Innealta Capital LLC bought a new stake in Principal Financial Group during the 2nd quarter valued at $43,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PFG shares. Piper Sandler boosted their price target on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada upped their target price on shares of Principal Financial Group from $87.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Wells Fargo & Company upped their target price on shares of Principal Financial Group from $85.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. Bank of America reduced their target price on shares of Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Finally, Morgan Stanley reduced their target price on shares of Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $85.92.

Principal Financial Group Price Performance

NYSE PFG opened at $87.28 on Friday. The company has a market cap of $19.96 billion, a PE ratio of -96.98, a price-to-earnings-growth ratio of 1.01 and a beta of 1.20. Principal Financial Group, Inc. has a 52 week low of $71.39 and a 52 week high of $91.97. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35. The firm’s 50-day simple moving average is $86.38 and its two-hundred day simple moving average is $82.45.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($0.26). The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $3.92 billion. Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. During the same quarter last year, the company posted $1.72 earnings per share. Research analysts predict that Principal Financial Group, Inc. will post 7.04 earnings per share for the current year.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be issued a $0.73 dividend. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.92 annualized dividend and a dividend yield of 3.35%. Principal Financial Group’s dividend payout ratio (DPR) is currently -324.44%.

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.