Danske Bank A S Makes New Investment in Principal Financial Group, Inc. $PFG

Key Points

• Danske Bank acquired 126,107 shares of Principal Financial Group during the second quarter, valued at approximately $13.6 million. Institutional investors collectively own 75.08% of PFG, with BlackRock, Norges Bank and other major institutions also building positions.
• Principal Financial Group reported quarterly EPS of $2.50, beating analysts’ $2.33 estimate, although revenue of $3.99 billion fell short of the $4.11 billion consensus forecast.
• The company raised its quarterly dividend to $0.84 per share, equivalent to an annualized $3.36 payout and a 3.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $106.67, below the stock’s $110.54 opening price.

Danske Bank A S acquired a new stake in shares of Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 126,107 shares of the company's stock, valued at approximately $13,592,000. Danske Bank A S owned 0.06% of Principal Financial Group at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PFG. BlackRock Inc. bought a new stake in Principal Financial Group in the second quarter worth $2,157,181,000. Norges Bank bought a new position in Principal Financial Group during the fourth quarter valued at $273,276,000. AQR Capital Management LLC increased its position in Principal Financial Group by 112.8% during the fourth quarter. AQR Capital Management LLC now owns 2,348,233 shares of the company's stock valued at $207,138,000 after acquiring an additional 1,244,668 shares during the last quarter. Deutsche Bank AG purchased a new stake in shares of Principal Financial Group in the second quarter valued at $132,735,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Principal Financial Group in the 2nd quarter worth about $124,372,000. 75.08% of the stock is owned by institutional investors.

Principal Financial Group Trading Down 1.0%

PFG stock opened at $110.54 on Friday. The company has a market capitalization of $23.67 billion, a PE ratio of 15.70, a P/E/G ratio of 1.01 and a beta of 0.88. Principal Financial Group, Inc. has a 12 month low of $77.34 and a 12 month high of $116.61. The firm's 50-day moving average is $111.68 and its 200 day moving average is $101.41. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.28 and a quick ratio of 0.28.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.17. The company had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $4.11 billion. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. During the same period in the previous year, the company earned $2.16 EPS. On average, research analysts anticipate that Principal Financial Group, Inc. will post 9.57 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 3rd will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 3rd. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.82. Principal Financial Group's dividend payout ratio is currently 46.59%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Principal Financial Group from $102.00 to $112.00 and gave the stock a "market perform" rating in a research note on Monday, July 13th. Piper Sandler increased their price objective on shares of Principal Financial Group from $113.00 to $125.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 24th. Atlantic Securities set a $94.00 price objective on shares of Principal Financial Group in a research note on Wednesday, July 15th. Bank of America boosted their target price on Principal Financial Group from $94.00 to $104.00 and gave the company an "underperform" rating in a research report on Tuesday, July 28th. Finally, JPMorgan Chase & Co. upped their target price on Principal Financial Group from $106.00 to $107.00 and gave the company a "neutral" rating in a research note on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $106.67.

About Principal Financial Group

Principal Financial Group NASDAQ: PFG is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm's business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal's product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.

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