Charles Schwab Investment Management Inc. Buys 20,221 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Key Points

• Charles Schwab Investment Management Inc. raised its stake in Principal Financial Group by 1.4%, acquiring a total of 1,468,728 shares valued at approximately $123.9 million.
• Principal Financial Group's quarterly earnings surpassed estimates, with earnings per share reported at $2.16, beating the consensus by $0.19.
• The company increased its quarterly dividend to $0.78, reflecting a 4.1% dividend yield, with the ex-dividend date set for September 4th.

Charles Schwab Investment Management Inc. boosted its stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,468,728 shares of the company's stock after acquiring an additional 20,221 shares during the period. Charles Schwab Investment Management Inc. owned 0.66% of Principal Financial Group worth $123,917,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in PFG. Envestnet Asset Management Inc. raised its position in Principal Financial Group by 8.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 43,726 shares of the company's stock worth $3,385,000 after acquiring an additional 3,426 shares during the period. Federated Hermes Inc. raised its position in Principal Financial Group by 2.5% in the fourth quarter. Federated Hermes Inc. now owns 20,005 shares of the company's stock worth $1,549,000 after acquiring an additional 488 shares during the period. FIL Ltd raised its position in Principal Financial Group by 99.4% in the fourth quarter. FIL Ltd now owns 11,709 shares of the company's stock worth $906,000 after acquiring an additional 5,836 shares during the period. Advisory Services Network LLC raised its position in Principal Financial Group by 32.1% in the fourth quarter. Advisory Services Network LLC now owns 3,568 shares of the company's stock worth $276,000 after acquiring an additional 868 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Principal Financial Group in the fourth quarter worth about $15,821,000. Institutional investors own 75.08% of the company's stock.

Principal Financial Group Price Performance

NYSE:PFG traded down $0.25 during mid-day trading on Thursday, hitting $78.09. 1,047,840 shares of the stock traded hands, compared to its average volume of 1,420,830. The business's 50-day moving average price is $78.42 and its 200 day moving average price is $79.64. The company has a market cap of $17.40 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 0.76 and a beta of 1.00. Principal Financial Group, Inc. has a 12-month low of $68.39 and a 12-month high of $91.97. 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 issued its quarterly earnings data on Monday, July 28th. The company reported $2.16 EPS for the quarter, beating the consensus estimate of $1.97 by $0.19. Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same quarter in the previous year, the company earned $1.63 earnings per share. On average, analysts expect that Principal Financial Group, Inc. will post 8.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business 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 $0.78 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.12 dividend on an annualized basis and a yield of 4.0%. This is a boost from Principal Financial Group's previous quarterly dividend of $0.76. Principal Financial Group's dividend payout ratio is presently 62.78%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PFG. Wells Fargo & Company reduced their target price on shares of Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating for the company in a research note on Wednesday, July 30th. UBS Group lifted their target price on shares of Principal Financial Group from $85.00 to $87.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. Barclays lifted their target price on shares of Principal Financial Group from $76.00 to $80.00 and gave the stock an "underweight" rating in a research note on Monday, July 7th. Piper Sandler lifted their target price on shares of Principal Financial Group from $88.00 to $89.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Finally, Morgan Stanley reiterated an "underweight" rating and issued a $75.00 target price (up previously from $71.00) on shares of Principal Financial Group in a research note on Monday, July 14th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $86.70.

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.