Entropy Technologies LP Grows Stake in Principal Financial Group, Inc. (NYSE:PFG)

Key Points

• Entropy Technologies LP has increased its holdings in Principal Financial Group by 51.1%, now owning 37,793 shares valued at approximately $3.19 million.
• Victory Capital Management Inc. reported a staggering 802.2% increase in its position in Principal Financial Group, now holding over 3.7 million shares, making it a significant institutional investor in the company.
• Principal Financial Group recently declared a quarterly dividend of $0.78, marking an increase from the previous $0.76 quarterly dividend, representing an annual yield of 4.1%.

Entropy Technologies LP raised its stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 51.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,793 shares of the company's stock after acquiring an additional 12,779 shares during the quarter. Entropy Technologies LP's holdings in Principal Financial Group were worth $3,189,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of PFG. von Borstel & Associates Inc. acquired a new stake in shares of Principal Financial Group during the 1st quarter worth approximately $32,000. Zions Bancorporation National Association UT acquired a new stake in shares of Principal Financial Group during the 1st quarter worth approximately $34,000. Navigoe LLC acquired a new stake in Principal Financial Group in the fourth quarter valued at approximately $37,000. Ameriflex Group Inc. acquired a new stake in Principal Financial Group in the fourth quarter valued at approximately $37,000. Finally, Covestor Ltd boosted its position in Principal Financial Group by 144.3% in the fourth quarter. Covestor Ltd now owns 540 shares of the company's stock valued at $42,000 after buying an additional 319 shares in the last quarter. 75.08% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PFG shares. 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 note on Monday, July 14th. Piper Sandler raised their price target on shares of Principal Financial Group from $88.00 to $89.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. 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. JPMorgan Chase & Co. lifted their target price on shares of Principal Financial Group from $92.00 to $101.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Wells Fargo & Company lowered 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. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $86.70.

Principal Financial Group Stock Down 0.3%

Shares of NYSE PFG traded down $0.25 during mid-day trading on Thursday, reaching $78.09. 1,047,840 shares of the company's stock traded hands, compared to its average volume of 1,420,830. The stock has a market cap of $17.40 billion, a P/E ratio of 11.69, a PEG ratio of 0.76 and a beta of 1.00. The business has a 50-day simple moving average of $78.46 and a 200 day simple moving average of $79.61. Principal Financial Group, Inc. has a 1-year low of $68.39 and a 1-year high of $91.97. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30.

Principal Financial Group (NYSE:PFG - Get Free Report) last issued its quarterly earnings data on Monday, July 28th. The company reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Thursday, September 4th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 4.0%. This is a boost from Principal Financial Group's previous quarterly dividend of $0.76. The ex-dividend date is Thursday, September 4th. Principal Financial Group's dividend payout ratio is presently 62.78%.

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.