HighTower Advisors LLC Increases Stake in Principal Financial Group, Inc. (NYSE:PFG)

HighTower Advisors LLC raised its holdings in Principal Financial Group, Inc. (NYSE:PFG) by 8.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 14,451 shares of the company’s stock after acquiring an additional 1,080 shares during the quarter. HighTower Advisors LLC’s holdings in Principal Financial Group were worth $1,119,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. BankPlus Trust Department purchased a new position in Principal Financial Group in the fourth quarter valued at $33,000. Truvestments Capital LLC purchased a new position in shares of Principal Financial Group in the 3rd quarter valued at about $43,000. Sugarloaf Wealth Management LLC grew its position in shares of Principal Financial Group by 53.6% during the fourth quarter. Sugarloaf Wealth Management LLC now owns 559 shares of the company’s stock worth $43,000 after buying an additional 195 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Principal Financial Group during the fourth quarter worth approximately $46,000. Finally, Whipplewood Advisors LLC purchased a new stake in shares of Principal Financial Group during the fourth quarter worth approximately $54,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of Principal Financial Group from a “neutral” rating to an “overweight” rating and lowered their price target for the stock from $95.00 to $92.00 in a report on Tuesday, January 7th. BMO Capital Markets started coverage on shares of Principal Financial Group in a research note on Thursday, January 23rd. They set a “market perform” rating and a $93.00 target price for the company. Piper Sandler raised their price target 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. Keefe, Bruyette & Woods lifted their price target on Principal Financial Group from $90.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 12th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $91.00 target price on shares of Principal Financial Group in a research report on Thursday, January 16th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $85.92.

Principal Financial Group Stock Performance

Shares of Principal Financial Group stock opened at $85.60 on Thursday. Principal Financial Group, Inc. has a 12 month low of $72.21 and a 12 month high of $91.98. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30. The stock has a market capitalization of $19.31 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 0.76 and a beta of 1.17. The firm’s fifty day simple moving average is $84.05 and its 200-day simple moving average is $83.59.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th will be paid a dividend of $0.75 per share. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $3.00 annualized dividend and a dividend yield of 3.50%. Principal Financial Group’s dividend payout ratio is 44.91%.

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.