abrdn plc Sells 10,460 Shares of Principal Financial Group, Inc. (NYSE:PFG)

abrdn plc cut its stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 11.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 77,600 shares of the company's stock after selling 10,460 shares during the quarter. abrdn plc's holdings in Principal Financial Group were worth $6,007,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PFG. KBC Group NV raised its stake in shares of Principal Financial Group by 398.4% in the fourth quarter. KBC Group NV now owns 291,379 shares of the company's stock worth $22,555,000 after purchasing an additional 232,915 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Principal Financial Group by 85.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 466,133 shares of the company's stock worth $40,041,000 after purchasing an additional 215,045 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Principal Financial Group by 41.0% in the third quarter. Bank of Montreal Can now owns 503,735 shares of the company's stock worth $43,367,000 after purchasing an additional 146,473 shares during the last quarter. Mizuho Securities USA LLC raised its stake in shares of Principal Financial Group by 818.1% in the third quarter. Mizuho Securities USA LLC now owns 152,648 shares of the company's stock worth $13,112,000 after purchasing an additional 136,021 shares during the last quarter. Finally, International Assets Investment Management LLC raised its stake in shares of Principal Financial Group by 6,593.7% in the third quarter. International Assets Investment Management LLC now owns 132,200 shares of the company's stock worth $11,356,000 after purchasing an additional 130,225 shares during the last quarter. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Stock Performance

Shares of Principal Financial Group stock traded down $0.51 during trading hours on Wednesday, reaching $84.94. The company had a trading volume of 1,807,545 shares, compared to its average volume of 1,509,541. Principal Financial Group, Inc. has a one year low of $72.21 and a one year high of $91.97. The business has a fifty day simple moving average of $80.03 and a 200 day simple moving average of $82.07. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market cap of $19.43 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 0.79 and a beta of 1.22.

Principal Financial Group Increases Dividend

The business also recently declared 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 a positive change from Principal Financial Group's previous quarterly dividend of $0.73. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date is Wednesday, March 12th. Principal Financial Group's dividend payout ratio (DPR) is presently 43.71%.

Wall Street Analyst Weigh In

A number of analysts recently commented on PFG shares. Wells Fargo & Company decreased their price target on Principal Financial Group from $75.00 to $69.00 and set an "underweight" rating for the company in a research report on Tuesday, January 14th. Morgan Stanley reaffirmed an "underweight" rating and set a $80.00 price target (down from $86.00) on shares of Principal Financial Group in a research report on Thursday, December 5th. Barclays increased their price target on Principal Financial Group from $77.00 to $80.00 and gave the company an "underweight" rating in a research report on Friday, February 7th. Piper Sandler increased their price target on Principal Financial Group from $90.00 to $93.00 and gave the company an "overweight" rating in a research report on Monday. Finally, Keefe, Bruyette & Woods increased their price objective on Principal Financial Group from $90.00 to $92.00 and gave the company a "market perform" rating in a report on Wednesday. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Principal Financial Group presently has an average rating of "Hold" and a consensus price target of $85.54.

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.