Retirement Systems of Alabama reduced its holdings in shares of Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) by 5.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 72,900 shares of the company’s stock after selling 4,089 shares during the quarter. Retirement Systems of Alabama’s holdings in Principal Financial Group were worth $6,118,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Pacer Advisors Inc. increased its position in Principal Financial Group by 1,436.2% during the fourth quarter. Pacer Advisors Inc. now owns 7,266 shares of the company’s stock valued at $610,000 after acquiring an additional 6,793 shares during the last quarter. Harvest Fund Management Co. Ltd increased its position in Principal Financial Group by 30.0% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 5,046 shares of the company’s stock worth $431,000 after buying an additional 1,165 shares in the last quarter. Peterson Financial Group Inc. purchased a new stake in Principal Financial Group in the fourth quarter worth about $318,000. Ellevest Inc. increased its position in Principal Financial Group by 2.9% in the fourth quarter. Ellevest Inc. now owns 5,242 shares of the company’s stock worth $440,000 after buying an additional 150 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its position in Principal Financial Group by 25.1% in the fourth quarter. Illinois Municipal Retirement Fund now owns 24,627 shares of the company’s stock worth $2,067,000 after buying an additional 4,947 shares in the last quarter. 74.21% of the stock is owned by institutional investors.
Principal Financial Group Price Performance
Shares of Principal Financial Group stock opened at $70.07 on Thursday. The stock has a 50 day moving average of $73.83 and a 200 day moving average of $82.24. Principal Financial Group, Inc. has a 12 month low of $61.05 and a 12 month high of $96.17. The firm has a market cap of $17.03 billion, a PE ratio of 4.16, a PEG ratio of 1.37 and a beta of 1.27. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.40.
Principal Financial Group Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 1st will be issued a $0.64 dividend. The ex-dividend date of this dividend is Wednesday, May 31st. This represents a $2.56 annualized dividend and a dividend yield of 3.65%. Principal Financial Group’s payout ratio is 15.21%.
Insider Transactions at Principal Financial Group
In other news, SVP Kenneth A. Mccullum sold 3,694 shares of the stock in a transaction that occurred on Saturday, March 18th. The stock was sold at an average price of $69.50, for a total value of $256,733.00. Following the sale, the senior vice president now directly owns 29,244 shares in the company, valued at $2,032,458. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.17% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts have commented on the company. Barclays reduced their price target on Principal Financial Group from $92.00 to $75.00 in a research report on Wednesday, April 12th. JPMorgan Chase & Co. upped their price target on Principal Financial Group from $78.00 to $83.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 4th. Wells Fargo & Company began coverage on Principal Financial Group in a research report on Tuesday, April 25th. They set an “equal weight” rating and a $79.00 target price for the company. Bank of America cut Principal Financial Group from a “buy” rating to a “neutral” rating and cut their target price for the stock from $81.00 to $78.00 in a research report on Monday. Finally, 92 Resources reiterated a “downgrade” rating on shares of Principal Financial Group in a research report on Monday. Nine investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $77.31.
About Principal Financial Group
Principal Financial Group, Inc engages in the investment management offering business. It offers financial products and services to businesses, individuals, and institutional clients. It operates its business through following segments: Retirement and Income Solutions, Principal Global Investors, Principal International, U.S.
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