Principal Financial Group, Inc. (NYSE:PFG) Shares Sold by Cibc World Markets Corp

Cibc World Markets Corp decreased its position in shares of Principal Financial Group, Inc. (NYSE:PFG) by 19.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,176 shares of the company’s stock after selling 8,384 shares during the quarter. Cibc World Markets Corp’s holdings in Principal Financial Group were worth $2,646,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Amundi raised its position in Principal Financial Group by 24.1% during the fourth quarter. Amundi now owns 1,359,779 shares of the company’s stock valued at $106,511,000 after acquiring an additional 264,383 shares in the last quarter. KBC Group NV raised its position in Principal Financial Group by 398.4% during the fourth quarter. KBC Group NV now owns 291,379 shares of the company’s stock valued at $22,555,000 after acquiring an additional 232,915 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Principal Financial Group by 85.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 466,133 shares of the company’s stock valued at $40,041,000 after acquiring an additional 215,045 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Principal Financial Group during the fourth quarter valued at approximately $15,821,000. Finally, Bank of Montreal Can raised its position 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 valued at $43,367,000 after acquiring an additional 146,473 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Stock Down 0.3 %

Shares of PFG opened at $84.13 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. Principal Financial Group, Inc. has a one year low of $72.21 and a one year high of $91.98. The stock has a market capitalization of $18.98 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.76 and a beta of 1.17. The stock has a 50 day moving average price of $83.51 and a 200 day moving average price of $83.43.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Wednesday, March 12th will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 3.57%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Wednesday, March 12th. Principal Financial Group’s payout ratio is presently 44.91%.

Analysts Set New Price Targets

Several brokerages recently weighed in on PFG. JPMorgan Chase & Co. upgraded Principal Financial Group from a “neutral” rating to an “overweight” rating and reduced their price target for the company from $95.00 to $92.00 in a research report on Tuesday, January 7th. Barclays lifted their price target on Principal Financial Group from $77.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, February 7th. Royal Bank of Canada reiterated a “sector perform” rating and set a $91.00 price target on shares of Principal Financial Group in a research report on Thursday, January 16th. 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. Finally, BMO Capital Markets assumed coverage on Principal Financial Group in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price objective for the company. Four analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $85.92.

About Principal Financial Group

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.