Amalgamated Bank Cuts Holdings in Principal Financial Group, Inc. $PFG

Amalgamated Bank trimmed its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 2.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,615 shares of the company’s stock after selling 1,225 shares during the period. Amalgamated Bank’s holdings in Principal Financial Group were worth $3,226,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Victory Capital Management Inc. raised its stake in shares of Principal Financial Group by 802.2% during the 1st quarter. Victory Capital Management Inc. now owns 3,707,534 shares of the company’s stock worth $312,805,000 after buying an additional 3,296,608 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Principal Financial Group by 114.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,613,143 shares of the company’s stock worth $220,471,000 after buying an additional 1,393,008 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Principal Financial Group by 1.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,468,728 shares of the company’s stock worth $123,917,000 after buying an additional 20,221 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Principal Financial Group by 1.7% during the 1st quarter. Royal Bank of Canada now owns 1,080,097 shares of the company’s stock worth $91,128,000 after buying an additional 17,969 shares in the last quarter. Finally, AustralianSuper Pty Ltd raised its stake in shares of Principal Financial Group by 11.2% during the 2nd quarter. AustralianSuper Pty Ltd now owns 993,643 shares of the company’s stock worth $78,925,000 after buying an additional 100,397 shares in the last quarter. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Price Performance

Shares of NYSE:PFG opened at $83.02 on Tuesday. The business’s fifty day moving average price is $81.29 and its two-hundred day moving average price is $79.13. The stock has a market cap of $18.49 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. Principal Financial Group, Inc. has a one year low of $68.39 and a one year high of $90.31.

Principal Financial Group (NYSE:PFG) last announced its earnings results on Monday, October 27th. The company reported $2.32 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.12. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same quarter in the previous year, the firm posted $2.05 EPS. On average, analysts forecast that Principal Financial Group, Inc. will post 8.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Wednesday, December 3rd will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 3.8%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.78. The ex-dividend date is Wednesday, December 3rd. Principal Financial Group’s payout ratio is 46.00%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PFG. Keefe, Bruyette & Woods increased their target price on Principal Financial Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a research note on Thursday, October 30th. Morgan Stanley upgraded Principal Financial Group from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $80.00 to $81.00 in a report on Thursday, October 23rd. JPMorgan Chase & Co. upped their price target on Principal Financial Group from $92.00 to $101.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Wells Fargo & Company upped their price target on Principal Financial Group from $73.00 to $74.00 and gave the stock an “underweight” rating in a report on Wednesday, October 29th. Finally, Piper Sandler set a $94.00 target price on Principal Financial Group and gave the company an “overweight” rating in a report on Tuesday, October 7th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Principal Financial Group currently has an average rating of “Hold” and a consensus price target of $88.90.

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.