Zurcher Kantonalbank Zurich Cantonalbank Acquires 26,021 Shares of Principal Financial Group, Inc. $PFG

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Principal Financial Group, Inc. (NASDAQ:PFG) by 10.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 280,919 shares of the company’s stock after purchasing an additional 26,021 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Principal Financial Group were worth $24,780,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital Management Corp VA boosted its stake in Principal Financial Group by 19.2% in the third quarter. Capital Management Corp VA now owns 172,736 shares of the company’s stock valued at $14,322,000 after acquiring an additional 27,857 shares during the last quarter. Nordea Investment Management AB boosted its stake in Principal Financial Group by 160.3% in the third quarter. Nordea Investment Management AB now owns 48,902 shares of the company’s stock valued at $3,978,000 after acquiring an additional 30,118 shares during the last quarter. Mediolanum International Funds Ltd boosted its stake in Principal Financial Group by 41.5% in the third quarter. Mediolanum International Funds Ltd now owns 127,368 shares of the company’s stock valued at $10,504,000 after acquiring an additional 37,357 shares during the last quarter. Rakuten Investment Management Inc. bought a new position in shares of Principal Financial Group during the third quarter worth $18,526,000. Finally, Teacher Retirement System of Texas boosted its position in shares of Principal Financial Group by 21.1% during the third quarter. Teacher Retirement System of Texas now owns 215,843 shares of the company’s stock worth $17,896,000 after purchasing an additional 37,676 shares in the last quarter. 75.08% of the stock is owned by institutional investors.

Principal Financial Group Trading Down 0.5%

Shares of NASDAQ:PFG opened at $95.73 on Wednesday. Principal Financial Group, Inc. has a 12 month low of $71.33 and a 12 month high of $97.88. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.33. The company’s fifty day simple moving average is $91.30 and its 200 day simple moving average is $88.47. The firm has a market cap of $20.74 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 0.88 and a beta of 0.87.

Principal Financial Group (NASDAQ:PFG) last issued its quarterly earnings data on Wednesday, February 18th. The company reported $2.20 EPS for the quarter. Principal Financial Group had a net margin of 7.58% and a return on equity of 16.09%. The business had revenue of $4.58 billion for the quarter. As a group, research analysts forecast that Principal Financial Group, Inc. will post 9.41 EPS for the current fiscal year.

Principal Financial Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Wednesday, March 11th were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 3.3%. The ex-dividend date was Wednesday, March 11th. Principal Financial Group’s payout ratio is presently 60.72%.

Insider Transactions at Principal Financial Group

In other Principal Financial Group news, CEO Deanna D. Strable-Soethout sold 7,340 shares of Principal Financial Group stock in a transaction on Friday, January 30th. The shares were sold at an average price of $95.00, for a total value of $697,300.00. Following the sale, the chief executive officer directly owned 136,828 shares in the company, valued at approximately $12,998,660. The trade was a 5.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have sold 24,665 shares of company stock valued at $2,324,710. 1.08% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Barclays reissued an “underweight” rating on shares of Principal Financial Group in a research report on Tuesday. Keefe, Bruyette & Woods reissued a “hold” rating and set a $92.00 price target on shares of Principal Financial Group in a research report on Thursday, March 26th. Piper Sandler lifted their price target on shares of Principal Financial Group from $94.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 23rd. JPMorgan Chase & Co. reissued a “neutral” rating and set a $103.00 price target on shares of Principal Financial Group in a research report on Monday, January 5th. Finally, Wells Fargo & Company reduced their price target on shares of Principal Financial Group from $91.00 to $87.00 and set an “equal weight” rating on the stock in a research report on Friday, April 10th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $93.44.

Principal Financial Group Company Profile

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.