Alliancebernstein L.P. cut its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 6.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 239,775 shares of the company's stock after selling 15,808 shares during the quarter. Alliancebernstein L.P. owned about 0.10% of Principal Financial Group worth $18,561,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of PFG. Curio Wealth LLC purchased a new position in Principal Financial Group during the fourth quarter worth about $29,000. BankPlus Trust Department purchased a new position in shares of Principal Financial Group during the 4th quarter worth approximately $33,000. Sugarloaf Wealth Management LLC boosted its position in shares of Principal Financial Group by 53.6% during the 4th quarter. Sugarloaf Wealth Management LLC now owns 559 shares of the company's stock worth $43,000 after purchasing an additional 195 shares during the period. Golden State Wealth Management LLC acquired a new stake in Principal Financial Group in the 4th quarter valued at approximately $46,000. Finally, Whipplewood Advisors LLC purchased a new stake in Principal Financial Group in the fourth quarter valued at approximately $54,000. 75.08% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on PFG shares. BMO Capital Markets initiated coverage on Principal Financial Group in a research note on Thursday, January 23rd. They issued a "market perform" rating and a $93.00 price objective for the company. Morgan Stanley lowered their price objective on shares of Principal Financial Group from $77.00 to $65.00 and set an "underweight" rating for the company in a research note on Thursday. JPMorgan Chase & Co. raised shares of Principal Financial Group from a "neutral" rating to an "overweight" rating and cut their target price for the stock from $95.00 to $92.00 in a research note on Tuesday, January 7th. Barclays decreased their price target on shares of Principal Financial Group from $80.00 to $76.00 and set an "underweight" rating for the company in a research report on Friday. Finally, Piper Sandler upped their price objective on Principal Financial Group from $93.00 to $95.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 2nd. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Principal Financial Group has an average rating of "Hold" and an average price target of $84.69.
Read Our Latest Stock Report on Principal Financial Group
Principal Financial Group Stock Up 0.9 %
NYSE PFG traded up $0.65 during trading on Friday, reaching $72.61. 2,091,318 shares of the company's stock were exchanged, compared to its average volume of 1,256,605. Principal Financial Group, Inc. has a 1 year low of $68.39 and a 1 year high of $91.98. The stock has a market cap of $16.38 billion, a P/E ratio of 10.87, a price-to-earnings-growth ratio of 0.76 and a beta of 1.01. 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 has a 50 day moving average price of $82.79 and a two-hundred day moving average price of $83.08.
Principal Financial Group Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Wednesday, March 12th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.13%. This is an increase from Principal Financial Group's previous quarterly dividend of $0.73. The ex-dividend date was Wednesday, March 12th. Principal Financial Group's dividend payout ratio is 44.91%.
About Principal Financial Group
(
Free Report)
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.
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