Avantax Planning Partners Inc. Increases Stake in Principal Financial Group, Inc. (NYSE:PFG)

Avantax Planning Partners Inc. boosted its position in shares of Principal Financial Group, Inc. (NYSE:PFG) by 4.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 36,110 shares of the company’s stock after purchasing an additional 1,523 shares during the quarter. Avantax Planning Partners Inc.’s holdings in Principal Financial Group were worth $2,795,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Independent Advisor Alliance grew its position in Principal Financial Group by 19.4% during the 4th quarter. Independent Advisor Alliance now owns 4,573 shares of the company’s stock valued at $354,000 after purchasing an additional 742 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Principal Financial Group by 6.4% during the 4th quarter. Daiwa Securities Group Inc. now owns 29,295 shares of the company’s stock valued at $2,268,000 after purchasing an additional 1,772 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Principal Financial Group by 33.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 154,534 shares of the company’s stock valued at $11,962,000 after purchasing an additional 38,952 shares during the last quarter. AlphaQuest LLC grew its position in Principal Financial Group by 18.5% during the 4th quarter. AlphaQuest LLC now owns 29,201 shares of the company’s stock valued at $2,260,000 after purchasing an additional 4,555 shares during the last quarter. Finally, Argentarii LLC purchased a new stake in Principal Financial Group during the 4th quarter valued at about $641,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Price Performance

Shares of NYSE:PFG opened at $83.68 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. Principal Financial Group, Inc. has a 1-year low of $72.21 and a 1-year high of $91.97. The company has a market capitalization of $18.88 billion, a P/E ratio of 12.53, a P/E/G ratio of 0.76 and a beta of 1.17. The firm’s 50 day simple moving average is $82.69 and its two-hundred day simple moving average is $83.32.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Wednesday, March 12th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $3.00 annualized dividend and a yield of 3.59%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.73. Principal Financial Group’s payout ratio is currently 44.91%.

Analyst Ratings Changes

A number of analysts have recently issued reports on PFG shares. Wells Fargo & Company raised their price target on shares of Principal Financial Group from $69.00 to $74.00 and gave the company an “underweight” rating in a report on Wednesday, February 19th. BMO Capital Markets started coverage on shares of Principal Financial Group in a report on Thursday, January 23rd. They set a “market perform” rating and a $93.00 price target on the stock. Keefe, Bruyette & Woods raised 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 report on Wednesday, February 12th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $91.00 price target on shares of Principal Financial Group in a report on Thursday, January 16th. Finally, Piper Sandler raised their price target on shares of Principal Financial Group from $90.00 to $93.00 and gave the company an “overweight” rating in a 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.