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Donoghue Forlines LLC Invests $1.50 Million in Principal Financial Group, Inc. (NYSE:PFG)

Principal Financial Group logo with Finance background

Key Points

  • Donoghue Forlines LLC has acquired a new stake in Principal Financial Group, purchasing 17,736 shares valued at approximately $1.50 million during the first quarter.
  • Institutional investors significantly increased their positions in Principal Financial Group, with Victory Capital Management boosting its holdings by 802.2% in the same period.
  • The company announced a quarterly dividend increase, now at $0.78 per share, reflecting a dividend yield of 4.1% and a payout ratio of 62.78%.
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Donoghue Forlines LLC acquired a new position in Principal Financial Group, Inc. (NYSE:PFG - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 17,736 shares of the company's stock, valued at approximately $1,496,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PFG. Zions Bancorporation National Association UT bought a new position in shares of Principal Financial Group during the 1st quarter valued at about $34,000. Forsta AP Fonden lifted its stake in shares of Principal Financial Group by 109.4% in the 1st quarter. Forsta AP Fonden now owns 125,000 shares of the company's stock valued at $10,546,000 after purchasing an additional 65,300 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of Principal Financial Group by 50.4% in the 1st quarter. National Bank of Canada FI now owns 179,095 shares of the company's stock valued at $15,109,000 after purchasing an additional 60,024 shares during the last quarter. Citigroup Inc. raised its holdings in shares of Principal Financial Group by 37.5% in the first quarter. Citigroup Inc. now owns 206,726 shares of the company's stock worth $17,441,000 after buying an additional 56,418 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Principal Financial Group by 12.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 397,103 shares of the company's stock worth $33,504,000 after buying an additional 43,257 shares during the period. Hedge funds and other institutional investors own 75.08% of the company's stock.

Principal Financial Group Price Performance

Shares of NYSE:PFG traded up $0.70 on Wednesday, hitting $77.94. The stock had a trading volume of 854,166 shares, compared to its average volume of 1,414,824. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. Principal Financial Group, Inc. has a twelve month low of $68.39 and a twelve month high of $91.97. The company has a market capitalization of $17.36 billion, a price-to-earnings ratio of 11.67, a price-to-earnings-growth ratio of 0.76 and a beta of 1.00. The firm's 50 day moving average price is $78.38 and its 200-day moving average price is $79.65.

Principal Financial Group (NYSE:PFG - Get Free Report) last released its earnings results on Monday, July 28th. The company reported $2.16 earnings per share for the quarter, beating analysts' consensus estimates 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 in the prior year, the business posted $1.63 earnings per share. On average, equities research analysts predict that Principal Financial Group, Inc. will post 8.5 earnings per share for the current year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Thursday, September 4th will be given a dividend of $0.78 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 4.0%. This is an increase from Principal Financial Group's previous quarterly dividend of $0.76. Principal Financial Group's payout ratio is currently 62.78%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PFG. UBS Group lifted their target price on Principal Financial Group from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Tuesday, July 29th. Morgan Stanley reaffirmed an "underweight" rating and set a $75.00 price target (up previously from $71.00) on shares of Principal Financial Group in a research report on Monday, July 14th. Wells Fargo & Company reduced their price target on Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating for the company in a research report on Wednesday, July 30th. Piper Sandler boosted 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, Barclays raised their target price on Principal Financial Group from $76.00 to $80.00 and gave the stock an "underweight" rating in a research note on Monday, July 7th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Principal Financial Group currently has an average rating of "Hold" and a consensus target price of $86.70.

View Our Latest Report on PFG

Principal Financial Group Profile

(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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Institutional Ownership by Quarter for Principal Financial Group (NYSE:PFG)

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