PNC Financial Services Group Inc. Decreases Stake in Principal Financial Group, Inc. (NYSE:PFG)

PNC Financial Services Group Inc. reduced its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 1.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 153,682 shares of the company’s stock after selling 2,503 shares during the period. PNC Financial Services Group Inc.’s holdings in Principal Financial Group were worth $11,897,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PFG. BBR Partners LLC boosted its position in shares of Principal Financial Group by 100.5% during the fourth quarter. BBR Partners LLC now owns 22,052 shares of the company’s stock worth $1,707,000 after buying an additional 11,052 shares during the period. Callan Family Office LLC acquired a new stake in Principal Financial Group during the 4th quarter worth approximately $272,000. Hartford Funds Management Co LLC boosted its position in Principal Financial Group by 1.5% in the 4th quarter. Hartford Funds Management Co LLC now owns 11,241 shares of the company’s stock valued at $870,000 after buying an additional 161 shares during the period. Freestone Capital Holdings LLC grew its stake in shares of Principal Financial Group by 0.9% in the fourth quarter. Freestone Capital Holdings LLC now owns 35,356 shares of the company’s stock worth $2,737,000 after acquiring an additional 332 shares in the last quarter. Finally, Inceptionr LLC purchased a new stake in shares of Principal Financial Group during the fourth quarter worth $1,325,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Wall Street Analysts Forecast Growth

PFG has been the subject of a number of analyst reports. BMO Capital Markets started coverage on shares of Principal Financial Group in a research note on Thursday, January 23rd. They set a “market perform” rating and a $93.00 target price for the company. Wells Fargo & Company increased their price objective on Principal Financial Group from $69.00 to $74.00 and gave the company an “underweight” rating in a report on Wednesday, February 19th. Keefe, Bruyette & Woods lifted their price target on shares of Principal Financial Group from $90.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 12th. Morgan Stanley reaffirmed an “underweight” rating and set a $80.00 price objective (down previously from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. Finally, Barclays boosted their target price on Principal Financial Group from $77.00 to $80.00 and gave the company an “underweight” rating in a report on Friday, February 7th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Principal Financial Group presently has an average rating of “Hold” and a consensus price target of $85.92.

Principal Financial Group Price Performance

Shares of NYSE PFG opened at $82.88 on Wednesday. The stock has a fifty day moving average price of $82.80 and a 200 day moving average price of $83.34. Principal Financial Group, Inc. has a 1-year low of $72.21 and a 1-year high of $91.97. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30. The company has a market cap of $18.70 billion, a PE ratio of 12.41, a P/E/G ratio of 0.76 and a beta of 1.17.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th will be issued a $0.75 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.73. The ex-dividend date is Wednesday, March 12th. This represents a $3.00 annualized dividend and a dividend yield of 3.62%. Principal Financial Group’s payout ratio is presently 44.91%.

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.