New York State Common Retirement Fund Lowers Position in Principal Financial Group, Inc. (NYSE:PFG)

New York State Common Retirement Fund trimmed its position in shares of Principal Financial Group, Inc. (NYSE:PFG) by 4.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 126,785 shares of the company’s stock after selling 6,500 shares during the quarter. New York State Common Retirement Fund’s holdings in Principal Financial Group were worth $9,814,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Peterson Financial Group Inc. purchased a new position in Principal Financial Group during the third quarter worth about $33,000. Truvestments Capital LLC purchased a new position in shares of Principal Financial Group in the 3rd quarter worth approximately $43,000. Sugarloaf Wealth Management LLC grew its holdings in shares of 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 acquiring an additional 195 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Principal Financial Group during the third quarter valued at approximately $45,000. Finally, Golden State Wealth Management LLC bought a new stake in Principal Financial Group during the fourth quarter worth $46,000. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Performance

Shares of PFG opened at $85.36 on Wednesday. Principal Financial Group, Inc. has a 52-week low of $72.21 and a 52-week high of $91.97. The stock’s 50-day simple moving average is $80.97 and its 200 day simple moving average is $82.70. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. The stock has a market capitalization of $19.25 billion, a price-to-earnings ratio of 12.78, a price-to-earnings-growth ratio of 0.76 and a beta of 1.22.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th will be given a $0.75 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.73. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend is Wednesday, March 12th. Principal Financial Group’s dividend payout ratio (DPR) is 44.91%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PFG. Piper Sandler raised their target price on Principal Financial Group from $90.00 to $93.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. JPMorgan Chase & Co. raised shares of Principal Financial Group from a “neutral” rating to an “overweight” rating and lowered their price objective for the stock from $95.00 to $92.00 in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods increased their target price on shares of Principal Financial Group from $90.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 12th. BMO Capital Markets assumed coverage on shares of Principal Financial Group in a research note on Thursday, January 23rd. They set a “market perform” rating and a $93.00 price target for the company. Finally, Barclays upped their price objective on Principal Financial Group from $77.00 to $80.00 and gave the company an “underweight” rating in a research note on Friday, February 7th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Principal Financial Group presently has an average rating of “Hold” and an average price target of $85.92.

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.