Pictet Asset Management Holding SA Acquires 22,699 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Pictet Asset Management Holding SA grew its stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 18.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 145,275 shares of the company's stock after purchasing an additional 22,699 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.06% of Principal Financial Group worth $11,246,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PFG. Norges Bank bought a new stake in Principal Financial Group in the 4th quarter valued at $217,021,000. JPMorgan Chase & Co. boosted its holdings in Principal Financial Group by 5.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,462,562 shares of the company's stock valued at $211,534,000 after purchasing an additional 118,722 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Principal Financial Group by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,448,507 shares of the company's stock worth $112,129,000 after acquiring an additional 44,818 shares during the period. Amundi lifted its position in shares of 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 acquiring an additional 264,383 shares during the period. Finally, Barclays PLC grew its holdings in shares of Principal Financial Group by 12.3% during the 3rd quarter. Barclays PLC now owns 806,672 shares of the company's stock worth $69,293,000 after purchasing an additional 88,179 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company's stock.

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Wall Street Analysts Forecast Growth

PFG has been the subject of several research analyst reports. Wells Fargo & Company boosted their price objective 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. Keefe, Bruyette & Woods upped their price objective on Principal Financial Group from $90.00 to $92.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. upgraded Principal Financial Group from a "neutral" rating to an "overweight" rating and decreased their target price for the company from $95.00 to $92.00 in a research report on Tuesday, January 7th. Piper Sandler increased their target price on shares of Principal Financial Group from $93.00 to $95.00 and gave the stock an "overweight" rating in a report on Wednesday, April 2nd. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $91.00 price target on shares of Principal Financial Group in a report on Thursday, January 16th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $86.57.

Principal Financial Group Trading Down 1.8 %

PFG traded down $1.29 during midday trading on Monday, hitting $71.65. 2,718,666 shares of the company were exchanged, compared to its average volume of 1,234,000. Principal Financial Group, Inc. has a 1-year low of $68.70 and a 1-year high of $91.98. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $16.16 billion, a P/E ratio of 10.73, a P/E/G ratio of 0.76 and a beta of 1.01. The firm's 50 day moving average price is $83.90 and its 200-day moving average price is $83.57.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Wednesday, March 12th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date was Wednesday, March 12th. This is an increase from Principal Financial Group's previous quarterly dividend of $0.73. Principal Financial Group's dividend payout ratio is currently 44.91%.

Principal Financial Group Company 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.