Principal Financial Group, Inc. (NYSE:PFG) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its position in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 5.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,939 shares of the company's stock after selling 3,085 shares during the period. Corebridge Financial Inc.'s holdings in Principal Financial Group were worth $3,866,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Cerity Partners LLC increased its stake in Principal Financial Group by 12.3% during the 3rd quarter. Cerity Partners LLC now owns 30,042 shares of the company's stock worth $2,581,000 after buying an additional 3,281 shares during the period. Glenmede Trust Co. NA grew its stake in shares of Principal Financial Group by 2.5% in the third quarter. Glenmede Trust Co. NA now owns 12,004 shares of the company's stock worth $1,031,000 after acquiring an additional 291 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Principal Financial Group by 18.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 115,582 shares of the company's stock worth $9,928,000 after acquiring an additional 17,931 shares during the period. Public Sector Pension Investment Board raised its stake in shares of Principal Financial Group by 1.4% in the third quarter. Public Sector Pension Investment Board now owns 37,141 shares of the company's stock valued at $3,190,000 after acquiring an additional 500 shares in the last quarter. Finally, Erste Asset Management GmbH purchased a new position in Principal Financial Group in the third quarter valued at $362,000. 75.08% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Morgan Stanley reaffirmed an "underweight" rating and issued a $80.00 price target (down previously from $86.00) on shares of Principal Financial Group in a research report on Thursday, December 5th. Keefe, Bruyette & Woods raised their target price on shares of Principal Financial Group from $90.00 to $92.00 and gave the company a "market perform" rating in a report on Wednesday, February 12th. JPMorgan Chase & Co. upgraded shares of Principal Financial Group from a "neutral" rating to an "overweight" rating and lowered their price target for the stock from $95.00 to $92.00 in a report on Tuesday, January 7th. Barclays increased their price objective on shares of Principal Financial Group from $77.00 to $80.00 and gave the company an "underweight" rating in a research report on Friday, February 7th. Finally, BMO Capital Markets assumed coverage on shares of Principal Financial Group in a research report on Thursday, January 23rd. They set a "market perform" rating and a $93.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $85.92.

Principal Financial Group Stock Performance

Shares of Principal Financial Group stock traded up $0.78 on Tuesday, hitting $85.15. The stock had a trading volume of 1,108,214 shares, compared to its average volume of 1,220,702. The company's 50 day moving average price is $84.21 and its 200 day moving average price is $83.72. The stock has a market cap of $19.21 billion, a price-to-earnings ratio of 12.75, a P/E/G ratio of 0.76 and a beta of 1.17. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a 52-week low of $72.21 and a 52-week high of $91.98.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Wednesday, March 12th were paid a dividend of $0.75 per share. The ex-dividend date was Wednesday, March 12th. This is an increase from Principal Financial Group's previous quarterly dividend of $0.73. This represents a $3.00 annualized dividend and a yield of 3.52%. Principal Financial Group's dividend payout ratio is currently 44.91%.

About Principal Financial Group

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.