Woodline Partners LP Invests $28.45 Million in Principal Financial Group, Inc. (NYSE:PFG)

Woodline Partners LP bought a new position in Principal Financial Group, Inc. (NYSE:PFG - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 367,504 shares of the company's stock, valued at approximately $28,448,000. Woodline Partners LP owned approximately 0.16% of Principal Financial Group at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Norges Bank bought a new position in shares of Principal Financial Group in the fourth quarter worth about $217,021,000. Deutsche Bank AG boosted its position in shares of Principal Financial Group by 73.5% during the fourth quarter. Deutsche Bank AG now owns 1,482,053 shares of the company's stock worth $114,726,000 after acquiring an additional 627,865 shares during the last quarter. Northern Trust Corp increased its holdings in Principal Financial Group by 9.8% in the 4th quarter. Northern Trust Corp now owns 3,662,918 shares of the company's stock valued at $283,546,000 after acquiring an additional 326,604 shares during the last quarter. Amundi grew its position in shares of 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 purchasing an additional 264,383 shares in the last quarter. Finally, KBC Group NV grew its position in shares of 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 purchasing an additional 232,915 shares in the last quarter. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Trading Down 0.4%

PFG stock traded down $0.34 during midday trading on Monday, reaching $77.01. The company's stock had a trading volume of 846,029 shares, compared to its average volume of 1,323,696. The firm has a market capitalization of $17.26 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 0.76 and a beta of 1.01. Principal Financial Group, Inc. has a 1 year low of $68.39 and a 1 year high of $91.98. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. The stock has a fifty day simple moving average of $77.70 and a two-hundred day simple moving average of $80.90.

Principal Financial Group (NYSE:PFG - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The company reported $1.81 earnings per share for the quarter, missing analysts' consensus estimates of $1.83 by ($0.02). Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same quarter in the prior year, the business posted $1.65 EPS. On average, equities research analysts predict that Principal Financial Group, Inc. will post 8.5 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Monday, June 2nd will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.95%. The ex-dividend date is Monday, June 2nd. This is an increase from Principal Financial Group's previous quarterly dividend of $0.75. Principal Financial Group's payout ratio is currently 65.10%.

Analyst Ratings Changes

A number of equities research analysts recently commented on PFG shares. Keefe, Bruyette & Woods boosted their target price on Principal Financial Group from $86.00 to $87.00 and gave the stock a "market perform" rating in a research report on Wednesday, May 7th. Barclays dropped their price target on Principal Financial Group from $80.00 to $76.00 and set an "underweight" rating for the company in a research report on Friday, April 11th. Piper Sandler upped their price objective on Principal Financial Group from $93.00 to $95.00 and gave the company an "overweight" rating in a research report on Wednesday, April 2nd. Morgan Stanley raised their price objective on Principal Financial Group from $67.00 to $71.00 and gave the company an "underweight" rating in a research note on Monday, May 19th. Finally, UBS Group cut their target price on Principal Financial Group from $93.00 to $80.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 29th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $83.85.

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.