Norges Bank Makes New Investment in Principal Financial Group, Inc. (NYSE:PFG)

Norges Bank acquired a new stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,803,530 shares of the company's stock, valued at approximately $217,021,000. Norges Bank owned about 1.23% of Principal Financial Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of PFG. Amundi increased its stake in shares of Principal Financial Group by 24.1% in the 4th quarter. Amundi now owns 1,359,779 shares of the company's stock valued at $106,511,000 after acquiring an additional 264,383 shares during the last quarter. KBC Group NV increased its stake in Principal Financial Group by 398.4% in the fourth quarter. KBC Group NV now owns 291,379 shares of the company's stock valued at $22,555,000 after purchasing an additional 232,915 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Principal Financial Group in the fourth quarter worth $15,821,000. Quantbot Technologies LP boosted 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 worth $11,480,000 after purchasing an additional 141,447 shares in the last quarter. Finally, AustralianSuper Pty Ltd grew its holdings in shares of Principal Financial Group by 23.2% in the 4th quarter. AustralianSuper Pty Ltd now owns 665,410 shares of the company's stock valued at $51,509,000 after buying an additional 125,198 shares during the period. Institutional investors and hedge funds own 75.08% of the company's stock.

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Wall Street Analysts Forecast Growth

Several brokerages recently commented on PFG. BMO Capital Markets started coverage on Principal Financial Group in a research note on Thursday, January 23rd. They set a "market perform" rating and a $93.00 price objective on the stock. Morgan Stanley reiterated an "underweight" rating and set a $80.00 price objective (down previously from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. Keefe, Bruyette & Woods boosted their price objective on Principal Financial Group from $90.00 to $92.00 and gave the company a "market perform" rating in a research report on Wednesday, February 12th. Wells Fargo & Company raised their target price on shares of Principal Financial Group from $69.00 to $74.00 and gave the stock an "underweight" rating in a report on Wednesday, February 19th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $91.00 price target on shares of Principal Financial Group in a report on Thursday, January 16th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Principal Financial Group has a consensus rating of "Hold" and an average target price of $85.92.

Principal Financial Group Stock Up 0.9 %

NYSE:PFG traded up $0.78 on Tuesday, hitting $85.15. 1,108,214 shares of the company's stock were exchanged, compared to its average volume of 1,220,702. The company has a market cap 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 firm has a 50-day moving average price of $84.26 and a 200-day moving average price of $83.75. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30. 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 declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Wednesday, March 12th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, March 12th. This is a boost 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 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.