Bank of Nova Scotia Purchases 86,851 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Bank of Nova Scotia raised its holdings in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 124.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 156,826 shares of the company's stock after purchasing an additional 86,851 shares during the period. Bank of Nova Scotia owned 0.07% of Principal Financial Group worth $12,140,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Curio Wealth LLC acquired a new stake in Principal Financial Group during the fourth quarter valued at approximately $29,000. BankPlus Trust Department bought a new position in shares of Principal Financial Group during the 4th quarter valued at about $33,000. Sugarloaf Wealth Management LLC raised its position in Principal Financial Group by 53.6% during the fourth quarter. Sugarloaf Wealth Management LLC now owns 559 shares of the company's stock worth $43,000 after acquiring an additional 195 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in Principal Financial Group in the 4th quarter valued at about $46,000. Finally, Whipplewood Advisors LLC bought a new stake in shares of Principal Financial Group during the fourth quarter worth about $54,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Stock Down 0.4 %

Shares of PFG traded down $0.26 during midday trading on Wednesday, hitting $72.83. The company had a trading volume of 349,449 shares, compared to its average volume of 1,263,960. Principal Financial Group, Inc. has a 52 week low of $68.39 and a 52 week high of $91.98. The stock has a market cap of $16.38 billion, a price-to-earnings ratio of 10.90, a PEG ratio of 0.76 and a beta of 1.01. The company's 50 day moving average price is $82.51 and its 200 day moving average price is $82.90. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Wednesday, March 12th were paid a $0.75 dividend. The ex-dividend date was Wednesday, March 12th. This represents a $3.00 dividend on an annualized basis and a yield of 4.12%. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.73. Principal Financial Group's payout ratio is presently 44.91%.

Wall Street Analyst Weigh In

Several research firms recently commented on PFG. JPMorgan Chase & Co. raised shares of Principal Financial Group from a "neutral" rating to an "overweight" rating and cut their price objective for the stock from $95.00 to $92.00 in a report on Tuesday, January 7th. UBS Group upped their price objective on shares of Principal Financial Group from $87.00 to $93.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods raised their price objective on Principal Financial Group from $90.00 to $92.00 and gave the company a "market perform" rating in a report on Wednesday, February 12th. Barclays reduced their price objective on shares of Principal Financial Group from $80.00 to $76.00 and set an "underweight" rating on the stock in a report on Friday, April 11th. Finally, Royal Bank of Canada reaffirmed 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. 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 given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $84.69.

Principal Financial Group Company 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.