Geode Capital Management LLC Boosts Stock Holdings in Principal Financial Group, Inc. (NYSE:PFG)

Geode Capital Management LLC raised its stake in Principal Financial Group, Inc. (NYSE:PFG) by 1.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,466,587 shares of the company’s stock after purchasing an additional 52,410 shares during the quarter. Geode Capital Management LLC’s holdings in Principal Financial Group were worth $422,074,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. HighPoint Advisor Group LLC boosted its holdings in Principal Financial Group by 2.1% in the fourth quarter. HighPoint Advisor Group LLC now owns 9,778 shares of the company’s stock valued at $836,000 after acquiring an additional 203 shares during the last quarter. Allstate Corp purchased a new position in shares of Principal Financial Group in the 4th quarter worth about $520,000. Orion Portfolio Solutions LLC raised its holdings in shares of Principal Financial Group by 23.0% in the 4th quarter. Orion Portfolio Solutions LLC now owns 3,438 shares of the company’s stock worth $266,000 after purchasing an additional 644 shares during the period. Pictet Asset Management Holding SA lifted its stake in shares of Principal Financial Group by 18.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 145,275 shares of the company’s stock valued at $11,246,000 after purchasing an additional 22,699 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its holdings in shares of Principal Financial Group by 0.5% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 101,454 shares of the company’s stock worth $7,854,000 after purchasing an additional 519 shares during the period. 75.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $91.00 price target on shares of Principal Financial Group in a research report on Thursday, January 16th. Wells Fargo & Company lifted their target price 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. BMO Capital Markets started coverage on Principal Financial Group in a report on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price target for the company. Keefe, Bruyette & Woods boosted their price objective on 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. Finally, Piper Sandler increased their target price on Principal Financial Group from $93.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $86.57.

Principal Financial Group Price Performance

PFG stock opened at $72.94 on Friday. The stock’s 50 day moving average is $84.12 and its two-hundred day moving average is $83.67. Principal Financial Group, Inc. has a 52-week low of $72.21 and a 52-week high of $91.98. The company has a market capitalization of $16.45 billion, a PE ratio of 10.92, a P/E/G ratio of 0.76 and a beta of 1.01. 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 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Wednesday, March 12th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date was Wednesday, March 12th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.73. Principal Financial Group’s payout ratio is 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.