Central Pacific Bank Trust Division Buys New Position in Principal Financial Group, Inc. (NYSE:PFG)

Central Pacific Bank Trust Division purchased a new stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 3,306 shares of the company's stock, valued at approximately $279,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PFG. Curio Wealth LLC bought a new stake in Principal Financial Group during the fourth quarter worth $29,000. BankPlus Trust Department acquired a new stake in Principal Financial Group in the 4th quarter valued at about $33,000. Navigoe LLC bought a new position in Principal Financial Group during the fourth quarter worth about $37,000. Ameriflex Group Inc. acquired a new position in Principal Financial Group during the fourth quarter worth approximately $37,000. Finally, Covestor Ltd increased its position in Principal Financial Group by 144.3% during the fourth quarter. Covestor Ltd now owns 540 shares of the company's stock worth $42,000 after buying an additional 319 shares during the last quarter. 75.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PFG. Keefe, Bruyette & Woods lifted their target price on Principal Financial Group from $86.00 to $87.00 and gave the stock a "market perform" rating in a research note on Wednesday, May 7th. Piper Sandler lifted their price objective on shares of Principal Financial Group from $93.00 to $95.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 2nd. Barclays dropped their price objective on shares of Principal Financial Group from $80.00 to $76.00 and set an "underweight" rating on the stock in a research report on Friday, April 11th. Morgan Stanley lifted their target price on shares of Principal Financial Group from $67.00 to $71.00 and gave the stock an "underweight" rating in a report on Monday, May 19th. Finally, Wells Fargo & Company lifted their target price on Principal Financial Group from $68.00 to $69.00 and gave the stock an "underweight" rating in a report on Tuesday, April 29th. Four analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $83.85.

Principal Financial Group Price Performance

Shares of NYSE PFG traded up $0.37 during midday trading on Tuesday, reaching $77.34. 1,072,639 shares of the company were exchanged, compared to its average volume of 1,323,635. Principal Financial Group, Inc. has a one year low of $68.39 and a one year high of $91.98. The stock has a market cap of $17.34 billion, a P/E ratio of 11.58, a PEG ratio of 0.76 and a beta of 1.01. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. The stock's 50-day moving average price is $76.88 and its 200-day moving average price is $80.54.

Principal Financial Group (NYSE:PFG - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The company reported $1.81 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 prior year, the business posted $1.65 earnings per share. On average, sell-side 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, June 27th. Stockholders of record on Monday, June 2nd will be given a $0.76 dividend. The ex-dividend date is Monday, June 2nd. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.93%. This is an increase from Principal Financial Group's previous quarterly dividend of $0.75. Principal Financial Group's payout ratio is 65.10%.

Principal Financial Group Company 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.