Alliancebernstein L.P. Buys 11,521 Shares of Principal Financial Group, Inc. $PFG

Key Points

• Alliancebernstein L.P. increased its stake in Principal Financial Group by 4.8%, owning approximately 0.11% of the company, worth about $21.20 million.
• Principal Financial Group recently declared a quarterly dividend increase to $0.78 per share, up from $0.76, with a dividend yield of 3.9%.
• Several research analysts have raised their price targets for Principal Financial Group, with JPMorgan Chase increasing it from $92.00 to $101.00, indicating positive market sentiment.

Alliancebernstein L.P. raised its position in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 4.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,296 shares of the company's stock after buying an additional 11,521 shares during the quarter. Alliancebernstein L.P. owned 0.11% of Principal Financial Group worth $21,202,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PFG. Graham Capital Management L.P. lifted its position in shares of Principal Financial Group by 240.8% during the 4th quarter. Graham Capital Management L.P. now owns 8,122 shares of the company's stock worth $629,000 after buying an additional 5,739 shares during the last quarter. LMR Partners LLP acquired a new position in Principal Financial Group in the 4th quarter worth about $696,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Principal Financial Group by 5.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,423 shares of the company's stock valued at $4,445,000 after buying an additional 3,086 shares during the period. OMERS ADMINISTRATION Corp increased its stake in shares of Principal Financial Group by 19.9% in the fourth quarter. OMERS ADMINISTRATION Corp now owns 9,931 shares of the company's stock valued at $769,000 after buying an additional 1,648 shares during the period. Finally, NorthRock Partners LLC acquired a new stake in shares of Principal Financial Group in the fourth quarter valued at about $336,000. 75.08% of the stock is owned by institutional investors and hedge funds.

Principal Financial Group Price Performance

NYSE:PFG traded down $2.86 during trading hours on Tuesday, hitting $80.09. 1,766,422 shares of the company's stock traded hands, compared to its average volume of 1,386,383. The firm has a market cap of $17.84 billion, a P/E ratio of 11.99, a P/E/G ratio of 0.76 and a beta of 1.03. Principal Financial Group, Inc. has a 52 week low of $68.39 and a 52 week high of $91.97. The business's fifty day simple moving average is $79.44 and its two-hundred day simple moving average is $78.90. 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 (NYSE:PFG - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.19. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same quarter last year, the business earned $1.63 earnings per share. On average, research analysts anticipate that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 3.9%. This is an increase from Principal Financial Group's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Thursday, September 4th. Principal Financial Group's dividend payout ratio is presently 62.78%.

Analyst Ratings Changes

Several research firms recently commented on PFG. Piper Sandler raised their target price on Principal Financial Group from $88.00 to $89.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Wells Fargo & Company dropped their target price on Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating on the stock in a report on Wednesday, July 30th. Morgan Stanley lifted their price target on Principal Financial Group from $75.00 to $77.00 and gave the stock an "underweight" rating in a report on Monday, August 18th. Keefe, Bruyette & Woods dropped their price target on Principal Financial Group from $90.00 to $88.00 and set a "market perform" rating on the stock in a report on Monday, August 4th. Finally, JPMorgan Chase & Co. raised their target price on Principal Financial Group from $92.00 to $101.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $86.90.

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.