Cibc World Markets Corp Sells 8,384 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Cibc World Markets Corp cut its stake in Principal Financial Group, Inc. (NYSE:PFG) by 19.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 also recently bought and sold shares of the company. BankPlus Trust Department purchased a new stake in Principal Financial Group in the fourth quarter worth $33,000. Truvestments Capital LLC purchased a new stake in Principal Financial Group in the third quarter worth $43,000. Sugarloaf Wealth Management LLC increased its stake in Principal Financial Group by 53.6% in the fourth quarter. Sugarloaf Wealth Management LLC now owns 559 shares of the company’s stock worth $43,000 after purchasing an additional 195 shares during the period. Prospera Private Wealth LLC purchased a new stake in Principal Financial Group in the third quarter worth $45,000. Finally, Golden State Wealth Management LLC purchased a new stake in Principal Financial Group in the fourth quarter worth $46,000. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Price Performance

Shares of PFG stock opened at $84.13 on Friday. Principal Financial Group, Inc. has a 1-year low of $72.21 and a 1-year high of $91.98. The stock’s 50-day moving average is $83.51 and its 200 day moving average is $83.43. The company has a market cap of $18.98 billion, a P/E ratio of 12.59, a PEG 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 will be paid on Friday, March 28th. Shareholders of record on Wednesday, March 12th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Wednesday, March 12th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.73. Principal Financial Group’s dividend payout ratio (DPR) is currently 44.91%.

Analyst Ratings Changes

A number of analysts have weighed in on PFG shares. 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 research note on Monday, February 10th. JPMorgan Chase & Co. upgraded Principal Financial Group from a “neutral” rating to an “overweight” rating and cut their price target for the company from $95.00 to $92.00 in a research note on Tuesday, January 7th. Morgan Stanley restated an “underweight” rating and set a $80.00 price target (down previously from $86.00) on shares of Principal Financial Group in a research note on Thursday, December 5th. Keefe, Bruyette & Woods raised their price target on Principal Financial Group from $90.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 12th. Finally, BMO Capital Markets started coverage on Principal Financial Group in a research note on Thursday, January 23rd. They set a “market perform” rating and a $93.00 price target on the stock. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average 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.