Goldman Sachs Group Inc. Purchases 1,393,008 Shares of Principal Financial Group, Inc. $PFG

Key Points

• Goldman Sachs Group Inc. increased its stake in Principal Financial Group by 114.2%, owning 2,613,143 shares valued at approximately $220.47 million.
• Principal Financial Group declared a quarterly dividend of $0.78, raising its annualized dividend to $3.12 and achieving a dividend yield of 3.9%.
• Analysts have mixed views on Principal Financial Group, with target price changes including a decrease from $73.00 to $72.00 by Wells Fargo and an increase to $101.00 by JPMorgan Chase.

Goldman Sachs Group Inc. lifted its position in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 114.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,613,143 shares of the company's stock after buying an additional 1,393,008 shares during the quarter. Goldman Sachs Group Inc. owned about 1.17% of Principal Financial Group worth $220,471,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. von Borstel & Associates Inc. acquired a new stake in shares of Principal Financial Group during the first quarter worth $32,000. Zions Bancorporation National Association UT acquired a new stake in shares of Principal Financial Group during the first quarter worth $34,000. Ameriflex Group Inc. acquired a new stake in shares of Principal Financial Group during the fourth quarter worth $37,000. GKV Capital Management Co. Inc. acquired a new stake in shares of Principal Financial Group during the first quarter worth $45,000. Finally, MorganRosel Wealth Management LLC acquired a new stake in shares of Principal Financial Group during the first quarter worth $46,000. 75.08% of the stock is currently owned by institutional investors and hedge funds.

Principal Financial Group Stock Down 3.4%

Shares of PFG traded down $2.86 during trading hours on Tuesday, reaching $80.09. 1,766,422 shares of the stock traded hands, compared to its average volume of 1,386,383. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The stock has a fifty day simple moving average of $79.44 and a 200 day simple moving average of $78.90. Principal Financial Group, Inc. has a 52 week low of $68.39 and a 52 week high of $91.97. The company has a market cap of $17.84 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 0.76 and a beta of 1.03.

Principal Financial Group (NYSE:PFG - Get Free Report) last released its quarterly 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 net margin of 9.74% and a return on equity of 14.68%. During the same quarter last year, the company earned $1.63 EPS. On average, equities analysts forecast that Principal Financial Group, Inc. will post 8.5 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 26th. Investors 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 is an increase from Principal Financial Group's previous quarterly dividend of $0.76. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.9%. Principal Financial Group's payout ratio is 62.78%.

Analysts Set New Price Targets

A number of research firms have commented on PFG. Keefe, Bruyette & Woods reduced their price target on shares of Principal Financial Group from $90.00 to $88.00 and set a "market perform" rating for the company in a report on Monday, August 4th. Piper Sandler raised their price target on shares of Principal Financial Group from $88.00 to $89.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. JPMorgan Chase & Co. raised their price target on shares of Principal Financial Group from $92.00 to $101.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Barclays raised their price target on shares of Principal Financial Group from $76.00 to $80.00 and gave the stock an "underweight" rating in a report on Monday, July 7th. Finally, Wells Fargo & Company reduced their price target on shares of Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating for the company in a report on Wednesday, July 30th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Principal Financial Group presently has an average rating of "Reduce" and an average target price of $86.90.

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.