204,385 Shares in Principal Financial Group, Inc. (NYSE:PFG) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new position in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 204,385 shares of the company's stock, valued at approximately $15,821,000. Raymond James Financial Inc. owned about 0.09% of Principal Financial Group at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of PFG. BankPlus Trust Department bought a new position in Principal Financial Group during the fourth quarter worth about $33,000. Truvestments Capital LLC bought a new position in Principal Financial Group during the third quarter worth about $43,000. Prospera Private Wealth LLC bought a new position in Principal Financial Group during the third quarter worth about $45,000. Sugarloaf Wealth Management LLC grew 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 worth $43,000 after purchasing an additional 195 shares during the period. Finally, Golden State Wealth Management LLC bought a new position in Principal Financial Group during the fourth quarter worth about $46,000. 75.08% of the stock is currently owned by institutional investors and hedge funds.

Principal Financial Group Price Performance

Shares of NYSE PFG traded down $0.87 during midday trading on Friday, reaching $83.26. 2,541,416 shares of the company were exchanged, compared to its average volume of 1,135,623. The stock's 50-day moving average price is $83.65 and its 200-day moving average price is $83.45. The stock has a market cap of $18.78 billion, a P/E ratio of 12.46, a PEG ratio of 0.76 and a beta of 1.17. Principal Financial Group, Inc. has a one year low of $72.21 and a one 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.

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Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Wednesday, March 12th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date of this dividend is Wednesday, March 12th. This is a boost from Principal Financial Group's previous quarterly dividend of $0.73. Principal Financial Group's payout ratio is presently 44.91%.

Wall Street Analysts Forecast Growth

PFG has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upgraded Principal Financial Group from a "neutral" rating to an "overweight" rating and reduced their price target for the stock from $95.00 to $92.00 in a report on Tuesday, January 7th. Keefe, Bruyette & Woods raised their price objective on shares of 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. Barclays raised their price objective on shares of Principal Financial Group from $77.00 to $80.00 and gave the stock an "underweight" rating in a research report on Friday, February 7th. Royal Bank of Canada restated a "sector perform" rating and set a $91.00 price objective on shares of Principal Financial Group in a research report on Thursday, January 16th. Finally, Morgan Stanley restated an "underweight" rating and set a $80.00 price objective (down from $86.00) on shares of Principal Financial Group in a research report on Thursday, December 5th. Four 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 stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $85.92.

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.