Sumitomo Mitsui Trust Group Inc. Decreases Stock Holdings in Principal Financial Group, Inc. (NYSE:PFG)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 1.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 513,166 shares of the company’s stock after selling 9,694 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Principal Financial Group were worth $39,724,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in Principal Financial Group by 5.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,462,562 shares of the company’s stock valued at $211,534,000 after purchasing an additional 118,722 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Principal Financial Group by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,403,689 shares of the company’s stock worth $120,577,000 after buying an additional 18,801 shares during the period. Barclays PLC grew its stake in shares of Principal Financial Group by 12.3% in the third quarter. Barclays PLC now owns 806,672 shares of the company’s stock valued at $69,293,000 after buying an additional 88,179 shares in the last quarter. AustralianSuper Pty Ltd raised its holdings in shares of Principal Financial Group by 27.2% during the 3rd quarter. AustralianSuper Pty Ltd now owns 540,212 shares of the company’s stock valued at $46,404,000 after buying an additional 115,569 shares during the period. Finally, Bank of Montreal Can lifted its position in Principal Financial Group by 41.0% during the 3rd quarter. Bank of Montreal Can now owns 503,735 shares of the company’s stock worth $43,367,000 after acquiring an additional 146,473 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Trading Up 2.5 %

Shares of NYSE PFG opened at $84.38 on Tuesday. The stock has a market capitalization of $19.30 billion, a P/E ratio of 12.63, a PEG ratio of 0.79 and a beta of 1.22. The stock’s 50 day moving average price is $80.04 and its two-hundred day moving average price is $82.04. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35. Principal Financial Group, Inc. has a 52-week low of $72.21 and a 52-week high of $91.97.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Wednesday, March 12th will be paid a dividend of $0.75 per share. The ex-dividend date is Wednesday, March 12th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.73. This represents a $3.00 annualized dividend and a yield of 3.56%. Principal Financial Group’s dividend payout ratio (DPR) is 43.71%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. JPMorgan Chase & Co. raised shares of 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 report on Tuesday, January 7th. Piper Sandler raised their price target on shares of Principal Financial Group from $90.00 to $93.00 and gave the company an “overweight” rating in a report on Monday. BMO Capital Markets started coverage on shares of Principal Financial Group in a report on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price objective on the stock. Wells Fargo & Company decreased their price objective on shares of Principal Financial Group from $75.00 to $69.00 and set an “underweight” rating for the company in a research report on Tuesday, January 14th. Finally, Keefe, Bruyette & Woods dropped their target price on Principal Financial Group from $93.00 to $90.00 and set a “market perform” rating on the stock in a research report on Friday, January 10th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $85.38.

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.