Mirae Asset Global Investments Co. Ltd. Purchases 5,350 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 29.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,533 shares of the company’s stock after purchasing an additional 5,350 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Principal Financial Group were worth $1,827,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of PFG. JPMorgan Chase & Co. raised its holdings in shares of Principal Financial Group by 5.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,462,562 shares of the company’s stock worth $211,534,000 after acquiring an additional 118,722 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake 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 purchasing an additional 18,801 shares during the last quarter. Barclays PLC raised its position in Principal Financial Group by 12.3% in the 3rd 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 during the last quarter. AustralianSuper Pty Ltd lifted its stake in 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 acquiring an additional 115,569 shares in the last quarter. Finally, Bank of Montreal Can boosted its holdings in Principal Financial Group by 41.0% during the third quarter. Bank of Montreal Can now owns 503,735 shares of the company’s stock worth $43,367,000 after purchasing an additional 146,473 shares during the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods reduced their price objective on Principal Financial Group from $93.00 to $90.00 and set a “market perform” rating for the company in a research note on Friday, January 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $91.00 price objective on shares of Principal Financial Group in a research note on Thursday, January 16th. Piper Sandler raised their target price on Principal Financial Group from $90.00 to $93.00 and gave the stock an “overweight” rating in a research note on Monday. BMO Capital Markets started coverage on Principal Financial Group in a research report on Thursday, January 23rd. They set a “market perform” rating and a $93.00 price target on the stock. Finally, Morgan Stanley restated an “underweight” rating and issued a $80.00 price objective (down from $86.00) on shares of Principal Financial Group in a research report on Thursday, December 5th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Principal Financial Group presently has a consensus rating of “Hold” and a consensus target price of $85.38.

Principal Financial Group Stock Performance

Principal Financial Group stock opened at $84.38 on Tuesday. Principal Financial Group, Inc. has a fifty-two week low of $72.21 and a fifty-two week high of $91.97. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market cap of $19.30 billion, a P/E ratio of 12.63, a price-to-earnings-growth ratio of 0.79 and a beta of 1.22. The firm’s fifty day moving average price is $80.04 and its 200-day moving average price is $82.04.

Principal Financial Group Increases Dividend

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

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.