Metis Global Partners LLC Cuts Position in Principal Financial Group, Inc. (NYSE:PFG)

Metis Global Partners LLC lessened its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 34.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,366 shares of the company’s stock after selling 3,864 shares during the period. Metis Global Partners LLC’s holdings in Principal Financial Group were worth $570,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. KBC Group NV lifted its stake in Principal Financial Group by 398.4% in the fourth quarter. KBC Group NV now owns 291,379 shares of the company’s stock valued at $22,555,000 after purchasing an additional 232,915 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Principal Financial Group by 85.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 466,133 shares of the company’s stock valued at $40,041,000 after purchasing an additional 215,045 shares during the last quarter. Bank of Montreal Can lifted its stake in Principal Financial Group by 41.0% in the third quarter. Bank of Montreal Can now owns 503,735 shares of the company’s stock valued at $43,367,000 after purchasing an additional 146,473 shares during the last quarter. Mizuho Securities USA LLC lifted its stake in Principal Financial Group by 818.1% in the third quarter. Mizuho Securities USA LLC now owns 152,648 shares of the company’s stock valued at $13,112,000 after purchasing an additional 136,021 shares during the last quarter. Finally, AustralianSuper Pty Ltd lifted its stake in Principal Financial Group by 23.2% in the fourth quarter. AustralianSuper Pty Ltd now owns 665,410 shares of the company’s stock valued at $51,509,000 after purchasing an additional 125,198 shares during the last quarter. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on PFG. Royal Bank of Canada reiterated a “sector perform” rating and issued a $91.00 price objective on shares of Principal Financial Group in a research note on Thursday, January 16th. Wells Fargo & Company increased their target price on Principal Financial Group from $69.00 to $74.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 19th. Morgan Stanley restated an “underweight” rating and set a $80.00 target price (down previously from $86.00) on shares of Principal Financial Group in a research report on Thursday, December 5th. Piper Sandler increased their target price on Principal Financial Group from $90.00 to $93.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Finally, Keefe, Bruyette & Woods increased their target price on Principal Financial Group from $90.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 12th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Principal Financial Group has an average rating of “Hold” and a consensus target price of $85.92.

Principal Financial Group Stock Up 1.7 %

PFG opened at $87.06 on Thursday. The stock has a market cap of $19.64 billion, a PE ratio of 13.03, a P/E/G ratio of 0.76 and a beta of 1.17. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. Principal Financial Group, Inc. has a 52 week low of $72.21 and a 52 week high of $91.97. The business’s fifty day simple moving average is $82.24 and its 200 day simple moving average is $83.12.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors 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 yield of 3.45%. The ex-dividend date of this dividend is Wednesday, March 12th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.73. Principal Financial Group’s dividend payout ratio is currently 44.91%.

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.