Meiji Yasuda Asset Management Co Ltd. cut its stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 78.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,729 shares of the company's stock after selling 28,950 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.'s holdings in Principal Financial Group were worth $598,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Curio Wealth LLC acquired a new position in shares of Principal Financial Group during the 4th quarter worth $29,000. BankPlus Trust Department bought a new stake in Principal Financial Group in the fourth quarter worth $33,000. Truvestments Capital LLC acquired a new position in Principal Financial Group during the third quarter worth $43,000. Sugarloaf Wealth Management LLC raised its holdings in Principal Financial Group by 53.6% during the fourth quarter. Sugarloaf Wealth Management LLC now owns 559 shares of the company's stock valued at $43,000 after buying an additional 195 shares in the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Principal Financial Group in the fourth quarter worth about $46,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.
Principal Financial Group Stock Performance
PFG stock traded up $0.78 during trading on Tuesday, reaching $85.15. 1,108,214 shares of the stock were exchanged, compared to its average volume of 1,220,702. Principal Financial Group, Inc. has a twelve month low of $72.21 and a twelve month 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 company has a market capitalization of $19.21 billion, a P/E ratio of 12.75, a price-to-earnings-growth ratio of 0.76 and a beta of 1.17. The stock has a 50 day simple moving average of $84.26 and a 200-day simple moving average of $83.75.
Principal Financial Group Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Wednesday, March 12th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.52%. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Wednesday, March 12th. Principal Financial Group's dividend payout ratio is presently 44.91%.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on PFG. Keefe, Bruyette & Woods raised their price objective on Principal Financial Group from $90.00 to $92.00 and gave the company a "market perform" rating in a research note on Wednesday, February 12th. Wells Fargo & Company lifted their price target on shares of Principal Financial Group from $69.00 to $74.00 and gave the company an "underweight" rating in a research report on Wednesday, February 19th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $91.00 price objective on shares of Principal Financial Group in a report on Thursday, January 16th. Barclays lifted their target price on shares of Principal Financial Group from $77.00 to $80.00 and gave the stock an "underweight" rating in a report on Friday, February 7th. Finally, Piper Sandler upped their price target on shares of Principal Financial Group from $90.00 to $93.00 and gave the company an "overweight" rating in a report on Monday, February 10th. Four research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $85.92.
View Our Latest Stock Report on Principal Financial Group
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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