State of Alaska Department of Revenue Trims Stake in Principal Financial Group, Inc. (NYSE:PFG)

State of Alaska Department of Revenue lessened its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 30.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,994 shares of the company’s stock after selling 10,485 shares during the quarter. State of Alaska Department of Revenue’s holdings in Principal Financial Group were worth $1,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Metis Global Partners LLC grew its holdings in Principal Financial Group by 5.0% during the third quarter. Metis Global Partners LLC now owns 11,230 shares of the company’s stock valued at $965,000 after purchasing an additional 533 shares during the period. Sanctuary Advisors LLC grew its stake in shares of Principal Financial Group by 66.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 24,932 shares of the company’s stock valued at $2,137,000 after acquiring an additional 9,933 shares during the period. Legacy Financial Group LLC purchased a new stake in Principal Financial Group in the 4th quarter worth approximately $771,000. Columbus Macro LLC lifted its holdings in Principal Financial Group by 46.7% during the fourth quarter. Columbus Macro LLC now owns 25,653 shares of the company’s stock valued at $1,986,000 after purchasing an additional 8,169 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in shares of Principal Financial Group by 358.7% in the third quarter. Empowered Funds LLC now owns 16,328 shares of the company’s stock worth $1,403,000 after purchasing an additional 12,768 shares during the period. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PFG. Piper Sandler raised their price objective on shares of Principal Financial Group from $90.00 to $93.00 and gave the company an “overweight” rating in a research report on Monday. Morgan Stanley reissued an “underweight” rating and set a $80.00 price target (down from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. Barclays upped their price objective on Principal Financial Group from $77.00 to $80.00 and gave the stock an “underweight” rating in a research note on Friday, February 7th. Keefe, Bruyette & Woods lowered their price target on Principal Financial Group from $93.00 to $90.00 and set a “market perform” rating on the stock in a report on Friday, January 10th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $91.00 price objective on shares of Principal Financial Group in a report on Thursday, January 16th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $85.38.

Principal Financial Group Trading Up 1.3 %

PFG stock opened at $85.45 on Wednesday. The firm has a fifty day moving average price of $80.02 and a 200 day moving average price of $82.04. Principal Financial Group, Inc. has a fifty-two week low of $72.21 and a fifty-two week high of $91.97. The firm has a market cap of $19.54 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 0.79 and a beta of 1.22. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 3.51%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.73. The ex-dividend date is Wednesday, March 12th. Principal Financial Group’s dividend payout ratio is currently 43.71%.

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.