CacheTech Inc. Has $312,000 Stake in Principal Financial Group, Inc. $PFG

CacheTech Inc. cut its position in shares of Principal Financial Group, Inc. (NYSE:PFG) by 63.2% during the second quarter, Holdings Channel reports. The institutional investor owned 3,930 shares of the company’s stock after selling 6,758 shares during the quarter. CacheTech Inc.’s holdings in Principal Financial Group were worth $312,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Kingstone Capital Partners Texas LLC bought a new stake in Principal Financial Group in the 2nd quarter valued at $3,269,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Principal Financial Group by 3.4% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 25,037 shares of the company’s stock worth $1,989,000 after purchasing an additional 814 shares during the last quarter. LVW Advisors LLC acquired a new stake in shares of Principal Financial Group during the 2nd quarter worth about $297,000. Capital Fund Management S.A. bought a new stake in Principal Financial Group during the second quarter worth about $1,486,000. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Principal Financial Group by 3.5% during the second quarter. Public Employees Retirement System of Ohio now owns 72,348 shares of the company’s stock worth $5,747,000 after buying an additional 2,469 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on PFG shares. Keefe, Bruyette & Woods boosted their target price on Principal Financial Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a report on Thursday, October 30th. Morgan Stanley raised shares of Principal Financial Group from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $80.00 to $81.00 in a report on Thursday, October 23rd. Barclays lifted their price objective on Principal Financial Group from $80.00 to $83.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 8th. Wells Fargo & Company lifted their target price on shares of 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 price target on Principal Financial Group and gave the company an “overweight” rating in a research note on Tuesday, October 7th. Two investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $88.90.

Principal Financial Group Stock Performance

Shares of PFG stock opened at $89.94 on Monday. Principal Financial Group, Inc. has a 52 week low of $68.39 and a 52 week high of $92.03. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. The company’s 50 day moving average price is $83.26 and its two-hundred day moving average price is $80.74. The company has a market capitalization of $20.04 billion, a P/E ratio of 13.46, a price-to-earnings-growth ratio of 0.76 and a beta of 0.89.

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

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Wednesday, December 3rd will be paid a dividend of $0.79 per share. The ex-dividend date of this dividend is Wednesday, December 3rd. This represents a $3.16 annualized dividend and a dividend yield of 3.5%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.78. Principal Financial Group’s dividend payout ratio (DPR) is 46.00%.

Insider Activity at Principal Financial Group

In related news, EVP Wee Yee Cheong sold 1,887 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $85.04, for a total transaction of $160,470.48. Following the completion of the transaction, the executive vice president owned 81,421 shares in the company, valued at approximately $6,924,041.84. This represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.08% of the stock is currently owned by corporate insiders.

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.