Swiss National Bank Sells 41,700 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Swiss National Bank reduced its position in shares of Principal Financial Group, Inc. (NYSE:PFG) by 6.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 654,200 shares of the company’s stock after selling 41,700 shares during the period. Swiss National Bank owned 0.29% of Principal Financial Group worth $50,642,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PFG. Prime Capital Investment Advisors LLC boosted its stake in shares of Principal Financial Group by 2.3% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 6,358 shares of the company’s stock worth $546,000 after buying an additional 142 shares during the last quarter. Pinnacle Financial Partners Inc purchased a new position in Principal Financial Group in the third quarter worth $57,000. KBC Group NV grew its stake in Principal Financial Group by 1.8% in the 3rd quarter. KBC Group NV now owns 58,464 shares of the company’s stock valued at $5,022,000 after purchasing an additional 1,046 shares during the period. Metis Global Partners LLC increased its position in shares of Principal Financial Group by 5.0% during the 3rd quarter. Metis Global Partners LLC now owns 11,230 shares of the company’s stock valued at $965,000 after purchasing an additional 533 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Principal Financial Group by 13.1% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,910 shares of the company’s stock worth $594,000 after purchasing an additional 798 shares during the period. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Stock Performance

Shares of PFG opened at $82.78 on Friday. Principal Financial Group, Inc. has a 52-week low of $72.21 and a 52-week high of $91.97. The stock’s 50-day simple moving average is $83.06 and its 200 day simple moving average is $83.36. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. The stock has a market capitalization of $18.67 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 0.76 and a beta of 1.17.

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. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.62%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.73. The ex-dividend date is Wednesday, March 12th. Principal Financial Group’s dividend payout ratio is presently 44.91%.

Analysts Set New Price Targets

PFG has been the subject of several research reports. Morgan Stanley restated an “underweight” rating and set a $80.00 price target (down previously from $86.00) on shares of Principal Financial Group in a research report on Thursday, December 5th. Wells Fargo & Company raised their price target 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. BMO Capital Markets started coverage on Principal Financial Group in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price objective on the stock. Keefe, Bruyette & Woods raised their target price on Principal Financial Group from $90.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 12th. Finally, Piper Sandler boosted 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. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price 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.