Allstate Corp Makes New $520,000 Investment in Principal Financial Group, Inc. (NYSE:PFG)

Allstate Corp purchased a new stake in Principal Financial Group, Inc. (NYSE:PFG) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 6,714 shares of the company’s stock, valued at approximately $520,000.

Several other large investors have also recently made changes to their positions in PFG. Norges Bank purchased a new position in Principal Financial Group in the fourth quarter valued at about $217,021,000. Amundi grew its position in shares of Principal Financial Group by 24.1% in the 4th quarter. Amundi now owns 1,359,779 shares of the company’s stock worth $106,511,000 after buying an additional 264,383 shares during the last quarter. KBC Group NV raised its stake in shares of Principal Financial Group by 398.4% during the 4th quarter. KBC Group NV now owns 291,379 shares of the company’s stock worth $22,555,000 after acquiring an additional 232,915 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Principal Financial Group during the 4th quarter worth approximately $15,821,000. Finally, Quantbot Technologies LP lifted its position in Principal Financial Group by 2,064.3% during the fourth quarter. Quantbot Technologies LP now owns 148,299 shares of the company’s stock valued at $11,480,000 after acquiring an additional 141,447 shares during the last quarter. 75.08% of the stock is owned by institutional investors.

Principal Financial Group Trading Up 0.9 %

Shares of Principal Financial Group stock opened at $85.15 on Wednesday. Principal Financial Group, Inc. has a 1 year low of $72.21 and a 1 year 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 cap of $19.21 billion, a PE ratio of 12.75, a price-to-earnings-growth ratio of 0.76 and a beta of 1.17. The firm has a fifty day moving average price of $84.26 and a 200 day moving average price of $83.75.

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 issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 3.52%. The ex-dividend date was Wednesday, March 12th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.73. Principal Financial Group’s payout ratio is 44.91%.

Analysts Set New Price Targets

PFG has been the topic of several analyst reports. Morgan Stanley reaffirmed an “underweight” rating and issued a $80.00 price target (down from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. JPMorgan Chase & Co. upgraded Principal Financial Group from a “neutral” rating to an “overweight” rating and dropped their target price for the stock from $95.00 to $92.00 in a research note on Tuesday, January 7th. BMO Capital Markets assumed coverage on Principal Financial Group in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price target for the company. Royal Bank of Canada restated a “sector perform” rating and set a $91.00 price target on shares of Principal Financial Group in a research note on Thursday, January 16th. Finally, Piper Sandler increased their price objective on shares of Principal Financial Group from $90.00 to $93.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $85.92.

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.