Raymond James Financial Inc. acquired a new stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) during the fourth quarter, according to the company in its most recent 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 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in PFG. Curio Wealth LLC purchased a new position in Principal Financial Group during the 4th quarter worth approximately $29,000. BankPlus Trust Department purchased a new position in shares of Principal Financial Group in the 4th quarter valued at about $33,000. Sugarloaf Wealth Management LLC increased its holdings in Principal Financial Group by 53.6% in 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. Golden State Wealth Management LLC acquired a new position in Principal Financial Group during the fourth quarter worth $46,000. Finally, Whipplewood Advisors LLC acquired a new position in shares of Principal Financial Group during the 4th quarter worth $54,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
PFG has been the topic of a number of recent research reports. Morgan Stanley reduced their target price on Principal Financial Group from $77.00 to $65.00 and set an "underweight" rating on the stock in a research note on Thursday, April 10th. Piper Sandler boosted their price target on Principal Financial Group from $93.00 to $95.00 and gave the company an "overweight" rating in a research report on Wednesday, April 2nd. BMO Capital Markets started coverage on shares of Principal Financial Group in a research report on Thursday, January 23rd. They issued a "market perform" rating and a $93.00 price objective for the company. Keefe, Bruyette & Woods increased their target price 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. Finally, Barclays dropped their price target on shares of Principal Financial Group from $80.00 to $76.00 and set an "underweight" rating on the stock in a research note on Friday, April 11th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Principal Financial Group currently has a consensus rating of "Hold" and a consensus target price of $84.69.
Get Our Latest Analysis on PFG
Principal Financial Group Stock Performance
Shares of Principal Financial Group stock traded up $0.96 during trading hours on Thursday, reaching $75.00. The company's stock had a trading volume of 1,987,183 shares, compared to its average volume of 1,288,761. The stock has a market cap of $16.87 billion, a P/E ratio of 11.23, a price-to-earnings-growth ratio of 0.76 and a beta of 1.01. Principal Financial Group, Inc. has a one year low of $68.39 and a one year high of $91.98. The company's 50 day simple moving average is $80.98 and its 200 day simple moving average is $82.36. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29.
Principal Financial Group Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.05%. This is a boost from Principal Financial Group's previous quarterly dividend of $0.75. Principal Financial Group's dividend payout ratio is presently 44.91%.
Principal Financial Group Company Profile
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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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