Sound Income Strategies LLC Has $10.11 Million Holdings in Principal Financial Group, Inc. (NASDAQ:PFG)

Sound Income Strategies LLC cut its holdings in shares of Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) by 30.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 120,408 shares of the company’s stock after selling 52,138 shares during the quarter. Principal Financial Group accounts for about 1.3% of Sound Income Strategies LLC’s portfolio, making the stock its 21st biggest holding. Sound Income Strategies LLC’s holdings in Principal Financial Group were worth $10,105,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Royal Bank of Canada increased its position in shares of Principal Financial Group by 307.9% during the first quarter. Royal Bank of Canada now owns 1,133,674 shares of the company’s stock valued at $83,223,000 after purchasing an additional 855,747 shares during the period. Natixis increased its position in shares of Principal Financial Group by 1,992.7% during the second quarter. Natixis now owns 762,934 shares of the company’s stock valued at $50,956,000 after purchasing an additional 726,477 shares during the period. AXA S.A. increased its position in shares of Principal Financial Group by 404.3% during the third quarter. AXA S.A. now owns 348,748 shares of the company’s stock valued at $25,162,000 after purchasing an additional 279,589 shares during the period. Great West Life Assurance Co. Can bought a new stake in shares of Principal Financial Group during the third quarter valued at approximately $19,723,000. Finally, Bank of New York Mellon Corp increased its position in shares of Principal Financial Group by 13.1% during the third quarter. Bank of New York Mellon Corp now owns 2,242,655 shares of the company’s stock valued at $161,809,000 after purchasing an additional 259,942 shares during the period. 74.21% of the stock is currently owned by institutional investors and hedge funds.

Principal Financial Group Price Performance

Shares of PFG stock traded down $2.57 during trading hours on Friday, hitting $69.99. 14,716,678 shares of the company’s stock were exchanged, compared to its average volume of 1,934,017. The stock’s 50-day moving average is $87.41 and its 200-day moving average is $84.99. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market cap of $17.01 billion, a price-to-earnings ratio of 3.72, a price-to-earnings-growth ratio of 1.53 and a beta of 1.30. Principal Financial Group, Inc. has a 52 week low of $61.05 and a 52 week high of $96.17.

Principal Financial Group (NASDAQ:PFG – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The company reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.16. Principal Financial Group had a return on equity of 15.98% and a net margin of 27.51%. The business had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the prior year, the firm posted $1.85 earnings per share. As a group, research analysts forecast that Principal Financial Group, Inc. will post 6.88 EPS for the current year.

Principal Financial Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend is Tuesday, March 14th. Principal Financial Group’s dividend payout ratio (DPR) is presently 13.60%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Credit Suisse Group cut Principal Financial Group from a “neutral” rating to an “underperform” rating and set a $86.00 price target on the stock. in a research report on Thursday, December 8th. Barclays upped their price target on Principal Financial Group from $89.00 to $92.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 1st. The Goldman Sachs Group upped their price target on Principal Financial Group from $61.00 to $71.00 and gave the company a “sell” rating in a research report on Monday, January 9th. JPMorgan Chase & Co. upped their price target on Principal Financial Group from $72.00 to $78.00 and gave the company an “underweight” rating in a research report on Friday, January 6th. Finally, Morgan Stanley upped their price target on Principal Financial Group from $76.00 to $77.00 and gave the company an “underweight” rating in a research report on Friday, February 24th. Eight analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $78.64.

Principal Financial Group Company Profile

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Principal Financial Group, Inc engages in the investment management offering business. It offers financial products and services to businesses, individuals, and institutional clients. It operates its business through following segments: Retirement and Income Solutions, Principal Global Investors, Principal International, U.S.