DnB Asset Management AS Sells 52,327 Shares of Principal Financial Group, Inc. (NYSE:PFG)

DnB Asset Management AS reduced its stake in shares of Principal Financial Group, Inc. (NYSE:PFG) by 30.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 120,933 shares of the company’s stock after selling 52,327 shares during the quarter. DnB Asset Management AS owned about 0.05% of Principal Financial Group worth $9,361,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Curio Wealth LLC bought a new position in Principal Financial Group in the 4th quarter valued at $29,000. BankPlus Trust Department bought a new position in Principal Financial Group in the fourth quarter valued at about $33,000. Sugarloaf Wealth Management LLC increased its position in Principal Financial Group by 53.6% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 559 shares of the company’s stock worth $43,000 after purchasing an additional 195 shares during the period. Golden State Wealth Management LLC bought a new stake in Principal Financial Group during the 4th quarter worth about $46,000. Finally, Whipplewood Advisors LLC acquired a new position in Principal Financial Group during the 4th quarter valued at about $54,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PFG shares. Keefe, Bruyette & Woods boosted their price target on shares of Principal Financial Group from $90.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 12th. Royal Bank of Canada reissued a “sector perform” rating and issued a $91.00 price target on shares of Principal Financial Group in a research note on Thursday, January 16th. BMO Capital Markets assumed coverage on Principal Financial Group in a research note on Thursday, January 23rd. They set a “market perform” rating and a $93.00 price objective for the company. Piper Sandler raised their target price on Principal Financial Group from $90.00 to $93.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. Finally, JPMorgan Chase & Co. upgraded Principal Financial Group from a “neutral” rating to an “overweight” rating and decreased their target price for the stock 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 assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Principal Financial Group presently has an average rating of “Hold” and an average price target of $85.92.

Principal Financial Group Trading Down 2.4 %

Shares of NYSE:PFG opened at $83.06 on Friday. The firm has a market cap of $18.74 billion, a price-to-earnings ratio of 12.43, a PEG 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 12 month low of $72.21 and a 12 month high of $91.98. The company’s fifty day simple moving average is $84.15 and its 200 day simple moving average is $83.66.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th were given a dividend of $0.75 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.73. This represents a $3.00 annualized dividend and a dividend yield of 3.61%. The ex-dividend date of this dividend was Wednesday, March 12th. 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.