Brandywine Global Investment Management LLC Sells 10,382 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Brandywine Global Investment Management LLC reduced its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 7.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 134,700 shares of the company’s stock after selling 10,382 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in Principal Financial Group were worth $10,427,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Glenmede Trust Co. NA raised its position in Principal Financial Group by 2.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 12,004 shares of the company’s stock valued at $1,031,000 after buying an additional 291 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Principal Financial Group by 18.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 115,582 shares of the company’s stock worth $9,928,000 after buying an additional 17,931 shares during the period. Public Sector Pension Investment Board raised its position in shares of Principal Financial Group by 1.4% in the third quarter. Public Sector Pension Investment Board now owns 37,141 shares of the company’s stock valued at $3,190,000 after buying an additional 500 shares in the last quarter. Erste Asset Management GmbH bought a new stake in Principal Financial Group during the third quarter worth about $362,000. Finally, Benjamin Edwards Inc. acquired a new stake in shares of Principal Financial Group in the 3rd quarter valued at $382,000. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Price Performance

Principal Financial Group stock opened at $84.37 on Tuesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30. The firm has a 50-day moving average of $84.21 and a two-hundred day moving average of $83.72. The stock has a market cap of $19.03 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 0.76 and a beta of 1.17. Principal Financial Group, Inc. has a 1 year low of $72.21 and a 1 year high of $91.98.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th were issued a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, March 12th. This is an increase 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 3.56%. Principal Financial Group’s dividend payout ratio (DPR) is currently 44.91%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PFG shares. JPMorgan Chase & Co. upgraded Principal Financial Group from a “neutral” rating to an “overweight” rating and reduced their price target for the stock from $95.00 to $92.00 in a report on Tuesday, January 7th. 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 note on Thursday, January 16th. Keefe, Bruyette & Woods boosted their price target on shares of Principal Financial Group from $90.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 12th. Morgan Stanley reissued an “underweight” rating and set a $80.00 target price (down from $86.00) on shares of Principal Financial Group in a research report on Thursday, December 5th. Finally, Piper Sandler upped their price objective on shares of Principal Financial Group from $90.00 to $93.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $85.92.

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.