Strategic Financial Concepts LLC Buys Shares of 38,600 Principal Financial Group, Inc. (NYSE:PFG)

Strategic Financial Concepts LLC bought a new stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 38,600 shares of the company's stock, valued at approximately $2,988,000.

A number of other hedge funds have also made changes to their positions in PFG. AMF Tjanstepension AB raised its stake in shares of Principal Financial Group by 28.7% in the 3rd quarter. AMF Tjanstepension AB now owns 290,723 shares of the company's stock valued at $24,997,000 after acquiring an additional 64,915 shares during the period. Atomi Financial Group Inc. purchased a new position in shares of Principal Financial Group in the 3rd quarter valued at $209,000. CWM LLC raised its stake in shares of Principal Financial Group by 10.0% in the 3rd quarter. CWM LLC now owns 12,410 shares of the company's stock valued at $1,066,000 after acquiring an additional 1,125 shares during the period. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Principal Financial Group by 434.8% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,182 shares of the company's stock valued at $359,000 after acquiring an additional 3,400 shares during the period. Finally, City State Bank increased its stake in Principal Financial Group by 9.8% during the 3rd quarter. City State Bank now owns 9,402 shares of the company's stock worth $808,000 after buying an additional 840 shares during the period. Hedge funds and other institutional investors own 75.08% of the company's stock.

Principal Financial Group Stock Performance

Shares of NYSE PFG traded up $2.01 during midday trading on Thursday, hitting $86.95. The company's stock had a trading volume of 1,254,707 shares, compared to its average volume of 1,505,252. Principal Financial Group, Inc. has a 1-year low of $72.21 and a 1-year high of $91.97. The firm's fifty day moving average price is $80.04 and its 200-day moving average price is $82.09. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market cap of $19.89 billion, a P/E ratio of 13.02, a P/E/G ratio of 0.79 and a beta of 1.22.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Wednesday, March 12th. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.73. This represents a $3.00 annualized dividend and a dividend yield of 3.45%. Principal Financial Group's payout ratio is 43.71%.

Analysts Set New Price Targets

PFG has been the topic of several analyst reports. Barclays lifted their price target on shares of Principal Financial Group from $77.00 to $80.00 and gave the stock an "underweight" rating in a research note on Friday, February 7th. Wells Fargo & Company dropped their price target on shares of Principal Financial Group from $75.00 to $69.00 and set an "underweight" rating on the stock in a research note on Tuesday, January 14th. Piper Sandler lifted their price target on shares of Principal Financial Group from $90.00 to $93.00 and gave the stock an "overweight" rating in a research note on Monday. Keefe, Bruyette & Woods lifted their price target on shares of Principal Financial Group from $90.00 to $92.00 and gave the stock a "market perform" rating in a research note on Wednesday. Finally, Morgan Stanley reaffirmed an "underweight" rating and set a $80.00 price target (down previously from $86.00) on shares of Principal Financial Group in a research note on Thursday, December 5th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Principal Financial Group has a consensus rating of "Hold" and a consensus price target of $85.54.

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.