Brown Brothers Harriman & Co. Reduces Stake in Principal Financial Group, Inc. (NYSE:PFG)

Brown Brothers Harriman & Co. cut its stake in Principal Financial Group, Inc. (NYSE:PFG) by 81.8% in the fourth quarter, Holdings Channel reports. The fund owned 546 shares of the company’s stock after selling 2,460 shares during the period. Brown Brothers Harriman & Co.’s holdings in Principal Financial Group were worth $42,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PFG. Harbor Capital Advisors Inc. increased its position in Principal Financial Group by 2.6% during the fourth quarter. Harbor Capital Advisors Inc. now owns 5,223 shares of the company’s stock worth $404,000 after purchasing an additional 132 shares during the last quarter. Leavell Investment Management Inc. increased its holdings in shares of Principal Financial Group by 5.4% during the 4th quarter. Leavell Investment Management Inc. now owns 2,693 shares of the company’s stock worth $208,000 after buying an additional 138 shares during the last quarter. CENTRAL TRUST Co raised its position in shares of Principal Financial Group by 9.6% during the 4th quarter. CENTRAL TRUST Co now owns 1,730 shares of the company’s stock valued at $134,000 after buying an additional 151 shares during the period. Cidel Asset Management Inc. raised its position in shares of Principal Financial Group by 6.3% during the 4th quarter. Cidel Asset Management Inc. now owns 2,636 shares of the company’s stock valued at $204,000 after buying an additional 156 shares during the period. Finally, Hartford Funds Management Co LLC lifted its holdings in Principal Financial Group by 1.5% in the fourth quarter. Hartford Funds Management Co LLC now owns 11,241 shares of the company’s stock valued at $870,000 after acquiring an additional 161 shares during the last quarter. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Analyst Upgrades and Downgrades

PFG has been the topic of a number of research analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $91.00 target price on shares of Principal Financial Group in a research report on Thursday, January 16th. BMO Capital Markets started coverage on shares of Principal Financial Group in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 target price on the stock. Wells Fargo & Company lifted their price target on shares of Principal Financial Group from $69.00 to $74.00 and gave the company an “underweight” rating in a research report on Wednesday, February 19th. Piper Sandler upped their price objective on shares of Principal Financial Group from $93.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Principal Financial Group from $90.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 12th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Principal Financial Group has an average rating of “Hold” and a consensus price target of $86.57.

Principal Financial Group Trading Up 1.2 %

NYSE:PFG opened at $86.19 on Thursday. Principal Financial Group, Inc. has a 12-month low of $72.21 and a 12-month high of $91.98. The firm has a market cap of $19.44 billion, a PE ratio of 12.90, a price-to-earnings-growth ratio of 0.76 and a beta of 1.17. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The stock has a fifty day moving average price of $84.35 and a 200 day moving average price of $83.76.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th were given a dividend of $0.75 per share. The ex-dividend date was Wednesday, March 12th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.73. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.48%. Principal Financial Group’s payout ratio is currently 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.