Retirement Systems of Alabama lessened its holdings in Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) by 5.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,900 shares of the company’s stock after selling 4,089 shares during the period. Retirement Systems of Alabama’s holdings in Principal Financial Group were worth $6,118,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Pacer Advisors Inc. increased its stake in shares of Principal Financial Group by 1,436.2% in the 4th quarter. Pacer Advisors Inc. now owns 7,266 shares of the company’s stock valued at $610,000 after purchasing an additional 6,793 shares in the last quarter. Harvest Fund Management Co. Ltd increased its stake in shares of Principal Financial Group by 30.0% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 5,046 shares of the company’s stock valued at $431,000 after purchasing an additional 1,165 shares in the last quarter. Peterson Financial Group Inc. purchased a new stake in Principal Financial Group during the 4th quarter worth approximately $318,000. Ellevest Inc. increased its stake in Principal Financial Group by 2.9% during the 4th 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 stake in Principal Financial Group by 25.1% during the 4th 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. Hedge funds and other institutional investors own 74.21% of the company’s stock.
Principal Financial Group Trading Down 1.7 %
PFG opened at $70.07 on Thursday. Principal Financial Group, Inc. has a one year low of $61.05 and a one year high of $96.17. The stock has a market capitalization of $17.03 billion, a PE ratio of 4.16, a P/E/G ratio of 1.37 and a beta of 1.27. The business’s 50 day moving average price is $73.83 and its 200 day moving average price is $82.24. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.31 and a current ratio of 0.31.
Principal Financial Group Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 1st will be paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date is Wednesday, May 31st. Principal Financial Group’s dividend payout ratio (DPR) is 15.21%.
Insiders Place Their Bets
In other Principal Financial Group news, SVP Kenneth A. Mccullum sold 3,694 shares of the company’s stock in a transaction on Saturday, March 18th. The stock was sold at an average price of $69.50, for a total transaction of $256,733.00. Following the transaction, the senior vice president now directly owns 29,244 shares in the company, valued at $2,032,458. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.17% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Several research firms have commented on PFG. Bank of America lowered Principal Financial Group from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $81.00 to $78.00 in a research note on Monday. Wells Fargo & Company began coverage on Principal Financial Group in a research note on Tuesday, April 25th. They set an “equal weight” rating and a $79.00 price objective for the company. The Goldman Sachs Group boosted their price objective on Principal Financial Group from $61.00 to $71.00 and gave the stock a “sell” rating in a research note on Monday, January 9th. 92 Resources reiterated a “downgrade” rating on shares of Principal Financial Group in a research note on Monday. Finally, Barclays cut their price objective on Principal Financial Group from $92.00 to $75.00 in a research note on Wednesday, April 12th. Nine equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat.com, Principal Financial Group has a consensus rating of “Reduce” and an average target price of $77.31.
Principal Financial Group Company Profile
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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