79,345 Shares in Principal Financial Group, Inc. (NYSE:PFG) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new stake in Principal Financial Group, Inc. (NYSE:PFG) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm bought 79,345 shares of the company’s stock, valued at approximately $6,142,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harbor Capital Advisors Inc. increased its stake in Principal Financial Group by 2.6% in the fourth quarter. Harbor Capital Advisors Inc. now owns 5,223 shares of the company’s stock valued at $404,000 after acquiring an additional 132 shares during the last quarter. Leavell Investment Management Inc. increased its stake in shares of Principal Financial Group by 5.4% in the 4th quarter. Leavell Investment Management Inc. now owns 2,693 shares of the company’s stock valued at $208,000 after purchasing an additional 138 shares during the last quarter. CENTRAL TRUST Co raised its holdings in shares of Principal Financial Group by 9.6% during the 4th quarter. CENTRAL TRUST Co now owns 1,730 shares of the company’s stock worth $134,000 after buying an additional 151 shares in the last quarter. Cidel Asset Management Inc. raised its holdings in shares of Principal Financial Group by 6.3% during the 4th quarter. Cidel Asset Management Inc. now owns 2,636 shares of the company’s stock worth $204,000 after buying an additional 156 shares in the last quarter. Finally, Hartford Funds Management Co LLC lifted its position in shares of Principal Financial Group by 1.5% during the 4th quarter. Hartford Funds Management Co LLC now owns 11,241 shares of the company’s stock worth $870,000 after buying an additional 161 shares during the last quarter. 75.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on PFG shares. JPMorgan Chase & Co. raised Principal Financial Group from a “neutral” rating to an “overweight” rating and lowered their target price for the stock from $95.00 to $92.00 in a research note on Tuesday, January 7th. BMO Capital Markets initiated coverage on shares of Principal Financial Group in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price objective for the company. Piper Sandler boosted their target price 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, February 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $91.00 price objective on shares of Principal Financial Group in a report on Thursday, January 16th. Finally, Wells Fargo & Company boosted their target price on shares of Principal Financial Group from $69.00 to $74.00 and gave the stock an “underweight” rating in a report on Wednesday, February 19th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $85.92.

Principal Financial Group Price Performance

Shares of NYSE PFG opened at $85.67 on Wednesday. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $19.32 billion, a PE ratio of 12.82, a P/E/G ratio of 0.76 and a beta of 1.17. The firm has a fifty day simple moving average of $83.94 and a 200 day simple moving average of $83.58. Principal Financial Group, Inc. has a twelve month low of $72.21 and a twelve month high of $91.98.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.50%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Wednesday, March 12th. Principal Financial Group’s payout ratio is currently 44.91%.

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.