Praxis Investment Management Inc. Sells 2,480 Shares of Principal Financial Group, Inc. $PFG

Praxis Investment Management Inc. cut its position in Principal Financial Group, Inc. (NYSE:PFG) by 34.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,630 shares of the company’s stock after selling 2,480 shares during the quarter. Praxis Investment Management Inc.’s holdings in Principal Financial Group were worth $368,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group bought a new position in Principal Financial Group during the second quarter worth $25,000. American National Bank & Trust bought a new position in Principal Financial Group during the second quarter worth $28,000. von Borstel & Associates Inc. bought a new position in Principal Financial Group during the first quarter worth $32,000. Private Wealth Asset Management LLC boosted its position in Principal Financial Group by 163.4% during the second quarter. Private Wealth Asset Management LLC now owns 403 shares of the company’s stock worth $32,000 after purchasing an additional 250 shares during the period. Finally, Zions Bancorporation National Association UT bought a new position in Principal Financial Group during the first quarter worth $34,000. 75.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on PFG. Evercore ISI lifted their price objective on shares of Principal Financial Group from $92.00 to $94.00 and gave the stock an “in-line” rating in a research report on Thursday, October 9th. Wells Fargo & Company lifted their price objective on shares of Principal Financial Group from $72.00 to $73.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 8th. Barclays lifted their price objective on shares of Principal Financial Group from $80.00 to $83.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 8th. Piper Sandler set a $94.00 target price on shares of Principal Financial Group and gave the company an “overweight” rating in a research report on Tuesday, October 7th. Finally, Morgan Stanley boosted their target price on shares of Principal Financial Group from $77.00 to $80.00 and gave the company an “underweight” rating in a research report on Tuesday, October 7th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Principal Financial Group currently has an average rating of “Reduce” and a consensus target price of $88.60.

Principal Financial Group Trading Up 0.3%

Shares of Principal Financial Group stock opened at $78.63 on Friday. The firm has a 50-day moving average of $80.73 and a 200-day moving average of $78.47. The stock has a market cap of $17.52 billion, a PE ratio of 11.77, a PEG ratio of 0.76 and a beta of 1.03. Principal Financial Group, Inc. has a 52-week low of $68.39 and a 52-week high of $91.40. 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 (NYSE:PFG) last posted its quarterly earnings results on Monday, July 28th. The company reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $1.97 by $0.19. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same period in the prior year, the firm earned $1.63 earnings per share. As a group, sell-side analysts forecast that Principal Financial Group, Inc. will post 8.5 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Thursday, September 4th were paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 4.0%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend was Thursday, September 4th. Principal Financial Group’s payout ratio is presently 62.78%.

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.