Sumitomo Mitsui DS Asset Management Company Ltd Boosts Position in Principal Financial Group, Inc. (NYSE:PFG)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 2.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,194 shares of the company’s stock after acquiring an additional 489 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Principal Financial Group were worth $1,873,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Harbor Capital Advisors Inc. increased its holdings in Principal Financial Group by 2.6% in the 4th quarter. Harbor Capital Advisors Inc. now owns 5,223 shares of the company’s stock valued at $404,000 after purchasing an additional 132 shares in the last quarter. Prime Capital Investment Advisors LLC raised its holdings in shares of Principal Financial Group by 2.3% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 6,358 shares of the company’s stock valued at $546,000 after buying an additional 142 shares during the period. Empirical Finance LLC lifted its position in Principal Financial Group by 1.8% during the 3rd quarter. Empirical Finance LLC now owns 7,875 shares of the company’s stock worth $676,000 after acquiring an additional 142 shares in the last quarter. Palisade Asset Management LLC boosted its holdings in Principal Financial Group by 2.1% in the 3rd quarter. Palisade Asset Management LLC now owns 6,946 shares of the company’s stock worth $597,000 after acquiring an additional 146 shares during the period. Finally, CENTRAL TRUST Co grew its position in Principal Financial Group by 9.6% in the fourth quarter. CENTRAL TRUST Co now owns 1,730 shares of the company’s stock valued at $134,000 after acquiring an additional 151 shares in the last quarter. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Price Performance

Shares of PFG opened at $84.38 on Tuesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35. The firm has a market cap of $19.30 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 0.79 and a beta of 1.22. Principal Financial Group, Inc. has a 52 week low of $72.21 and a 52 week high of $91.97. The stock has a 50 day moving average of $80.04 and a 200-day moving average of $82.04.

Principal Financial Group Increases Dividend

The firm 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 is a positive change from Principal Financial Group’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $3.00 annualized dividend and a yield of 3.56%. Principal Financial Group’s payout ratio is presently 43.71%.

Analysts Set New Price Targets

A number of research analysts have recently commented on PFG shares. Royal Bank of Canada reissued a “sector perform” rating and set a $91.00 target price on shares of Principal Financial Group in a research report on Thursday, January 16th. Morgan Stanley reiterated an “underweight” rating and issued a $80.00 price objective (down previously from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. Keefe, Bruyette & Woods lowered their target price on Principal Financial Group from $93.00 to $90.00 and set a “market perform” rating for the company in a research note on Friday, January 10th. JPMorgan Chase & Co. raised Principal Financial Group from a “neutral” rating to an “overweight” rating and dropped their target price for the stock from $95.00 to $92.00 in a research report on Tuesday, January 7th. Finally, Piper Sandler increased their price target on Principal Financial Group from $90.00 to $93.00 and gave the company an “overweight” rating in a report on Monday. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $85.38.

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.