CANADA LIFE ASSURANCE Co Trims Stake in Principal Financial Group, Inc. (NYSE:PFG)

CANADA LIFE ASSURANCE Co reduced its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 3.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 245,316 shares of the company's stock after selling 9,542 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.11% of Principal Financial Group worth $18,979,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Principal Financial Group in the 4th quarter worth $217,021,000. Amundi raised its stake in Principal Financial Group by 24.1% during the 4th quarter. Amundi now owns 1,359,779 shares of the company's stock valued at $106,511,000 after purchasing an additional 264,383 shares during the period. KBC Group NV lifted its holdings 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 buying an additional 232,915 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Principal Financial Group during the 4th quarter valued at about $15,821,000. Finally, Quantbot Technologies LP grew its position in shares of Principal Financial Group by 2,064.3% during the fourth quarter. Quantbot Technologies LP now owns 148,299 shares of the company's stock valued at $11,480,000 after purchasing an additional 141,447 shares in the last quarter. 75.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PFG has been the subject of several research analyst reports. BMO Capital Markets initiated coverage on Principal Financial Group in a report on Thursday, January 23rd. They set a "market perform" rating and a $93.00 price target for the company. Morgan Stanley cut their target price on shares of Principal Financial Group from $77.00 to $65.00 and set an "underweight" rating for the company in a report on Thursday, April 10th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $91.00 price target on shares of Principal Financial Group in a research note on Thursday, January 16th. Wells Fargo & Company dropped their price objective on shares of Principal Financial Group from $74.00 to $68.00 and set an "underweight" rating for the company in a research note on Thursday, April 10th. Finally, Barclays decreased their target price on shares of Principal Financial Group from $80.00 to $76.00 and set an "underweight" rating on the stock in a research report on Friday, April 11th. 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 given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $84.69.

Principal Financial Group Trading Up 1.3 %

Shares of PFG stock traded up $0.96 on Thursday, reaching $75.00. 1,987,183 shares of the company's stock were exchanged, compared to its average volume of 1,289,117. The company's fifty day simple moving average is $80.98 and its 200 day simple moving average is $82.36. Principal Financial Group, Inc. has a 52 week low of $68.39 and a 52 week high of $91.98. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $16.87 billion, a PE ratio of 11.23, a P/E/G ratio of 0.76 and a beta of 1.01.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 2nd will be issued a $0.76 dividend. This is a boost from Principal Financial Group's previous quarterly dividend of $0.75. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.05%. Principal Financial Group's dividend payout ratio is presently 44.91%.

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.