240,128 Shares of Principal Financial Group, Inc. $PFG Acquired by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments acquired 240,128 shares of Principal Financial Group, valued at approximately $26.9 million, giving it a 0.11% stake. Institutional investors collectively own 75.08% of PFG.
• Principal Financial Group reported quarterly EPS of $2.22, below the $2.46 consensus estimate, while revenue of $4.62 billion exceeded analyst expectations of $4.31 billion.
• The company increased its quarterly dividend from $0.84 to $0.85 per share, representing a $3.40 annualized payout and a 3.0% yield; analysts maintain a consensus “Hold” rating with a $107.75 price target.

Mirae Asset Global Investments Co. Ltd. bought a new stake in Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 240,128 shares of the company's stock, valued at approximately $26,885,000. Mirae Asset Global Investments Co. Ltd. owned approximately 0.11% of Principal Financial Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PFG. Ancora Advisors LLC bought a new position in Principal Financial Group in the second quarter valued at approximately $27,000. Valley Wealth Managers Inc. acquired a new position in Principal Financial Group during the first quarter valued at approximately $27,000. Bell Investment Advisors Inc bought a new stake in Principal Financial Group during the second quarter worth $38,000. Signature Equity Partners LLC lifted its stake in Principal Financial Group by 5,733.3% during the first quarter. Signature Equity Partners LLC now owns 350 shares of the company's stock worth $32,000 after purchasing an additional 344 shares during the last quarter. Finally, Comprehensive Financial Planning Inc. PA bought a new stake in Principal Financial Group during the second quarter worth $41,000. Institutional investors own 75.08% of the company's stock.

Principal Financial Group Stock Up 1.1%

Shares of PFG opened at $112.81 on Tuesday. The company has a market capitalization of $24.15 billion, a PE ratio of 12.53, a PEG ratio of 1.27 and a beta of 0.86. Principal Financial Group, Inc. has a 12 month low of $80.00 and a 12 month high of $121.18. The stock's 50-day moving average price is $112.19 and its two-hundred day moving average price is $103.59. The company has a current ratio of 0.24, a quick ratio of 0.28 and a debt-to-equity ratio of 0.37.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The company reported $2.22 earnings per share for the quarter, missing the consensus estimate of $2.46 by ($0.24). Principal Financial Group had a net margin of 11.89% and a return on equity of 16.51%. The company had revenue of $4.62 billion during the quarter, compared to analyst estimates of $4.31 billion. During the same period in the previous year, the company posted $2.32 EPS. On average, analysts anticipate that Principal Financial Group, Inc. will post 9.27 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Wednesday, December 2nd will be issued a $0.85 dividend. The ex-dividend date is Wednesday, December 2nd. This is a boost from Principal Financial Group's previous quarterly dividend of $0.84. This represents a $3.40 annualized dividend and a yield of 3.0%. Principal Financial Group's dividend payout ratio (DPR) is currently 37.78%.

Analyst Ratings Changes

PFG has been the subject of a number of research analyst reports. Morgan Stanley boosted their price target on Principal Financial Group from $107.00 to $112.00 and gave the stock an "equal weight" rating in a report on Monday, July 6th. Piper Sandler reduced their price objective on Principal Financial Group from $128.00 to $125.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 28th. Raymond James Financial reiterated an "outperform" rating and issued a $121.00 target price on shares of Principal Financial Group in a research report on Monday, August 17th. Weiss Ratings raised Principal Financial Group from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 12th. Finally, Jefferies Financial Group increased their target price on shares of Principal Financial Group from $91.00 to $98.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $107.75.

About Principal Financial Group

Principal Financial Group, Inc is a global financial services company that helps individuals and businesses build, protect and manage wealth. Its offerings include retirement plans, individual retirement accounts, investment products, life and disability insurance, and financial wellness solutions. The company also provides institutional investment management and pension-risk transfer services.

Principal serves employers, institutions and individual investors through a range of retirement and workplace benefits solutions.

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