AustralianSuper Pty Ltd increased its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 34.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 893,246 shares of the company's stock after acquiring an additional 227,836 shares during the period. AustralianSuper Pty Ltd owned approximately 0.40% of Principal Financial Group worth $75,363,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Tompkins Financial Corp acquired a new stake in Principal Financial Group in the 1st quarter worth about $55,000. Blackhawk Capital Partners LLC. acquired a new stake in Principal Financial Group in the 1st quarter worth about $281,000. SG Americas Securities LLC acquired a new stake in Principal Financial Group in the 1st quarter worth about $943,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Principal Financial Group by 2.6% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 526,649 shares of the company's stock worth $44,433,000 after buying an additional 13,483 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Principal Financial Group by 802.2% in the 1st quarter. Victory Capital Management Inc. now owns 3,707,534 shares of the company's stock worth $312,805,000 after buying an additional 3,296,608 shares during the last quarter. 75.08% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on the company. Morgan Stanley reiterated an "underweight" rating and issued a $75.00 price objective (up from $71.00) on shares of Principal Financial Group in a report on Monday, July 14th. JPMorgan Chase & Co. boosted their target price on Principal Financial Group from $92.00 to $101.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Wells Fargo & Company boosted their target price on Principal Financial Group from $69.00 to $73.00 and gave the stock an "underweight" rating in a report on Thursday, July 10th. Barclays boosted their target price on Principal Financial Group from $76.00 to $80.00 and gave the stock an "underweight" rating in a report on Monday, July 7th. Finally, Piper Sandler upped their price objective on shares of Principal Financial Group from $88.00 to $89.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Four analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $84.82.
Check Out Our Latest Research Report on Principal Financial Group
Principal Financial Group Stock Performance
NYSE:PFG traded down $1.56 during midday trading on Monday, reaching $79.50. The stock had a trading volume of 442,108 shares, compared to its average volume of 1,313,829. Principal Financial Group, Inc. has a 12-month low of $68.39 and a 12-month high of $91.98. The firm has a fifty day simple moving average of $78.76 and a two-hundred day simple moving average of $79.86. The stock has a market cap of $17.82 billion, a P/E ratio of 11.93, a P/E/G ratio of 0.76 and a beta of 0.99. 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 earnings results on Monday, April 28th. The company reported $1.81 earnings per share (EPS) 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 period in the previous year, the business posted $1.65 earnings per share. On average, equities analysts expect that Principal Financial Group, Inc. will post 8.5 EPS for the current year.
Principal Financial Group Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Stockholders of record on Monday, June 2nd were issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.82%. This is an increase from Principal Financial Group's previous quarterly dividend of $0.75. The ex-dividend date was Monday, June 2nd. Principal Financial Group's dividend payout ratio is presently 65.10%.
About Principal Financial Group
(
Free Report)
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.
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