Corebridge Financial Inc. Sells 3,085 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Corebridge Financial Inc. lowered its position in Principal Financial Group, Inc. (NYSE:PFG) by 5.8% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 49,939 shares of the company’s stock after selling 3,085 shares during the period. Corebridge Financial Inc.’s holdings in Principal Financial Group were worth $3,866,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. LPL Financial LLC increased its holdings in shares of Principal Financial Group by 4.4% in the fourth quarter. LPL Financial LLC now owns 106,747 shares of the company’s stock worth $8,263,000 after acquiring an additional 4,478 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Principal Financial Group in the 4th quarter valued at approximately $6,142,000. Mizuho Securities USA LLC increased its stake in Principal Financial Group by 44.4% during the 4th quarter. Mizuho Securities USA LLC now owns 19,944 shares of the company’s stock worth $1,544,000 after purchasing an additional 6,128 shares in the last quarter. Virtu Financial LLC acquired a new stake in Principal Financial Group during the 4th quarter worth approximately $271,000. Finally, Quantbot Technologies LP lifted its stake in Principal Financial Group by 2,064.3% in the fourth quarter. Quantbot Technologies LP now owns 148,299 shares of the company’s stock valued at $11,480,000 after buying an additional 141,447 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Stock Performance

Shares of PFG stock opened at $83.06 on Monday. The company has a fifty day moving average price of $84.15 and a two-hundred day moving average price of $83.69. 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 cap of $18.74 billion, a P/E ratio of 12.43, a P/E/G ratio of 0.76 and a beta of 1.17. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Wednesday, March 12th were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, March 12th. This represents a $3.00 dividend on an annualized basis and a yield of 3.61%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.73. Principal Financial Group’s dividend payout ratio (DPR) is presently 44.91%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PFG. Royal Bank of Canada reissued a “sector perform” rating and set a $91.00 price objective on shares of Principal Financial Group in a research report on Thursday, January 16th. Piper Sandler increased their target price on Principal Financial Group from $90.00 to $93.00 and gave the stock an “overweight” rating in a report on Monday, February 10th. BMO Capital Markets started coverage on Principal Financial Group in a report on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price target on the stock. Keefe, Bruyette & Woods increased their price objective 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, Wells Fargo & Company lifted their target price on Principal Financial Group from $69.00 to $74.00 and gave the company an “underweight” rating in a research report on Wednesday, February 19th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target 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.