MetLife Investment Management LLC Cuts Stake in Principal Financial Group, Inc. (NYSE:PFG)

MetLife Investment Management LLC lessened its stake in Principal Financial Group, Inc. (NYSE:PFG) by 3.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 55,689 shares of the company’s stock after selling 2,138 shares during the quarter. MetLife Investment Management LLC’s holdings in Principal Financial Group were worth $4,784,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Cetera Investment Advisers increased its holdings in shares of Principal Financial Group by 108.1% in the first quarter. Cetera Investment Advisers now owns 53,579 shares of the company’s stock worth $4,624,000 after purchasing an additional 27,827 shares during the last quarter. Cetera Advisors LLC raised its holdings in shares of Principal Financial Group by 242.0% during the 1st quarter. Cetera Advisors LLC now owns 32,533 shares of the company’s stock worth $2,808,000 after acquiring an additional 23,020 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Principal Financial Group by 5.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 76,615 shares of the company’s stock valued at $6,497,000 after acquiring an additional 4,065 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Principal Financial Group by 83.9% in the second quarter. GAMMA Investing LLC now owns 3,572 shares of the company’s stock valued at $280,000 after purchasing an additional 1,630 shares in the last quarter. Finally, DNB Asset Management AS grew its holdings in shares of Principal Financial Group by 9.2% in the second quarter. DNB Asset Management AS now owns 36,961 shares of the company’s stock valued at $2,900,000 after purchasing an additional 3,105 shares in the last quarter. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Down 0.2 %

Shares of PFG opened at $87.09 on Monday. The firm has a market capitalization of $19.92 billion, a P/E ratio of -96.77, a P/E/G ratio of 1.01 and a beta of 1.20. Principal Financial Group, Inc. has a 12-month low of $72.21 and a 12-month high of $91.97. The firm has a fifty day moving average price of $86.41 and a 200-day moving average price of $82.45. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG) last issued its earnings results on Thursday, October 24th. The company reported $1.76 EPS for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the prior year, the company earned $1.72 earnings per share. Equities research analysts expect 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 disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.73 per share. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend is Monday, December 2nd. Principal Financial Group’s dividend payout ratio (DPR) is presently -324.44%.

Analyst Ratings Changes

Several research firms have commented on PFG. Morgan Stanley lowered 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 research report on Monday, August 19th. Bank of America dropped their price target on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. Barclays upped their price objective on Principal Financial Group from $75.00 to $77.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Piper Sandler lifted their target price on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada increased their price target on Principal Financial Group from $87.00 to $91.00 and gave the company a “sector perform” rating in a report on Tuesday, November 19th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $85.92.

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.