Norges Bank Buys Shares of 2,803,530 Principal Financial Group, Inc. (NYSE:PFG)

Norges Bank purchased a new position in shares of Principal Financial Group, Inc. (NYSE:PFG) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,803,530 shares of the company’s stock, valued at approximately $217,021,000. Norges Bank owned about 1.23% of Principal Financial Group at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Amundi lifted its holdings in shares of Principal Financial Group by 24.1% during the 4th quarter. Amundi now owns 1,359,779 shares of the company’s stock worth $106,511,000 after acquiring an additional 264,383 shares during the period. KBC Group NV lifted its stake in shares of Principal Financial Group by 398.4% in the 4th 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 in the last quarter. Raymond James Financial Inc. purchased a new stake in Principal Financial Group during the fourth quarter worth approximately $15,821,000. Quantbot Technologies LP increased its holdings in Principal Financial Group by 2,064.3% in the 4th quarter. Quantbot Technologies LP now owns 148,299 shares of the company’s stock valued at $11,480,000 after purchasing an additional 141,447 shares in the last quarter. Finally, AustralianSuper Pty Ltd grew its position 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 acquiring an additional 125,198 shares in the last quarter. 75.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in 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. Piper Sandler raised their target price on Principal Financial Group from $90.00 to $93.00 and gave the company an “overweight” rating in a research note on Monday, February 10th. BMO Capital Markets began coverage on Principal Financial Group in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price target on the stock. JPMorgan Chase & Co. upgraded Principal Financial Group from a “neutral” rating to an “overweight” rating and lowered their price objective for the company from $95.00 to $92.00 in a research note on Tuesday, January 7th. Finally, Barclays upped their target price on Principal Financial Group from $77.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, February 7th. Four analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $85.92.

Principal Financial Group Stock Down 2.4 %

Shares of NYSE:PFG opened at $83.06 on Monday. The company’s fifty day moving average is $84.15 and its two-hundred day moving average is $83.69. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. Principal Financial Group, Inc. has a 1-year low of $72.21 and a 1-year high of $91.98. The stock has a market capitalization of $18.74 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 0.76 and a beta of 1.17.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Wednesday, March 12th were issued a $0.75 dividend. The ex-dividend date was Wednesday, March 12th. This represents a $3.00 dividend on an annualized basis and a yield of 3.61%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.73. Principal Financial Group’s dividend payout ratio (DPR) 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.