State of Michigan Retirement System Sells 900 Shares of Principal Financial Group, Inc. (NYSE:PFG)

State of Michigan Retirement System trimmed its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 1.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,080 shares of the company’s stock after selling 900 shares during the period. State of Michigan Retirement System’s holdings in Principal Financial Group were worth $4,419,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its position in Principal Financial Group by 4.1% in the third quarter. Farther Finance Advisors LLC now owns 6,584 shares of the company’s stock worth $566,000 after acquiring an additional 259 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Principal Financial Group by 15.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 21,764 shares of the company’s stock worth $1,870,000 after purchasing an additional 2,933 shares during the period. Harbor Capital Advisors Inc. lifted its stake in Principal Financial Group by 2.9% in the third quarter. Harbor Capital Advisors Inc. now owns 5,091 shares of the company’s stock valued at $437,000 after purchasing an additional 144 shares during the last quarter. Asset Management One Co. Ltd. increased its position in Principal Financial Group by 15.4% in the third quarter. Asset Management One Co. Ltd. now owns 109,100 shares of the company’s stock worth $9,372,000 after buying an additional 14,588 shares during the last quarter. Finally, 1834 Investment Advisors Co. bought a new stake in shares of Principal Financial Group in the third quarter valued at $202,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Price Performance

PFG stock opened at $86.64 on Friday. The firm has a 50 day simple moving average of $82.41 and a two-hundred day simple moving average of $83.15. The stock has a market cap of $19.54 billion, a PE ratio of 12.97, a P/E/G ratio of 0.76 and a beta of 1.17. Principal Financial Group, Inc. has a one year low of $72.21 and a one year high of $91.97. 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 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Wednesday, March 12th will be given a $0.75 dividend. The ex-dividend date is Wednesday, March 12th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.73. This represents a $3.00 annualized dividend and a yield of 3.46%. Principal Financial Group’s payout ratio is 44.91%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in 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 boosted their price objective on Principal Financial Group from $69.00 to $74.00 and gave the company an “underweight” rating in a research note on Wednesday, February 19th. BMO Capital Markets began coverage on Principal Financial Group in a report on Thursday, January 23rd. They set a “market perform” rating and a $93.00 price objective on the stock. Barclays lifted their target price on Principal Financial Group from $77.00 to $80.00 and gave the company an “underweight” rating in a report on Friday, February 7th. Finally, Keefe, Bruyette & Woods increased 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 report on Wednesday, February 12th. Four 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $85.92.

Principal Financial Group 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.