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

KLP Kapitalforvaltning AS purchased a new stake in Principal Financial Group, Inc. (NYSE:PFG) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 79,345 shares of the company’s stock, valued at approximately $6,142,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its stake in Principal Financial Group by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,403,689 shares of the company’s stock valued at $120,577,000 after purchasing an additional 18,801 shares during the last quarter. Cerity Partners LLC boosted its position in shares of Principal Financial Group by 12.3% during the third quarter. Cerity Partners LLC now owns 30,042 shares of the company’s stock valued at $2,581,000 after buying an additional 3,281 shares during the last quarter. Larson Financial Group LLC grew its holdings in Principal Financial Group by 132.8% during the third quarter. Larson Financial Group LLC now owns 675 shares of the company’s stock worth $58,000 after buying an additional 385 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Principal Financial Group by 1.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 27,523 shares of the company’s stock valued at $2,364,000 after buying an additional 457 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in Principal Financial Group by 7.8% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,006 shares of the company’s stock valued at $258,000 after acquiring an additional 218 shares in the last quarter. 75.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PFG has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on shares of Principal Financial Group from $69.00 to $74.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 19th. 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. 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. BMO Capital Markets assumed coverage on Principal Financial Group in a report on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 target price for the company. Finally, JPMorgan Chase & Co. raised Principal Financial Group from a “neutral” rating to an “overweight” rating and decreased their price target for the company from $95.00 to $92.00 in a research report on Tuesday, January 7th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Principal Financial Group currently has a consensus rating of “Hold” and an average target price of $85.92.

Principal Financial Group Price Performance

PFG stock opened at $85.67 on Wednesday. The firm has a 50 day moving average of $83.94 and a 200-day moving average of $83.58. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $19.32 billion, a P/E ratio of 12.82, a price-to-earnings-growth ratio of 0.76 and a beta of 1.17. Principal Financial Group, Inc. has a 12 month low of $72.21 and a 12 month high of $91.98.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th will be issued a $0.75 dividend. The ex-dividend date is Wednesday, March 12th. This represents a $3.00 annualized dividend and a dividend yield of 3.50%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.73. Principal Financial Group’s dividend payout ratio is presently 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.