iA Global Asset Management Inc. Invests $436,000 in Principal Financial Group, Inc. (NYSE:PFG)

Key Points

• iA Global Asset Management Inc. invested approximately $436,000 in Principal Financial Group by acquiring 5,162 shares, indicating strong institutional interest in the company.
• Analysts have varying ratings for Principal Financial Group, with a consensus target price of $86.70 and some firms modifying their price targets, reflecting mixed expectations for the stock's performance.
• Principal Financial Group recently announced an increase in its quarterly dividend to $0.78 per share, showcasing its commitment to returning value to shareholders.

iA Global Asset Management Inc. acquired a new stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 5,162 shares of the company's stock, valued at approximately $436,000.

A number of other hedge funds have also added to or reduced their stakes in the company. von Borstel & Associates Inc. purchased a new stake in shares of Principal Financial Group during the 1st quarter worth approximately $32,000. Navigoe LLC purchased a new position in shares of Principal Financial Group in the fourth quarter valued at about $37,000. Ameriflex Group Inc. purchased a new stake in shares of Principal Financial Group during the fourth quarter valued at approximately $37,000. Covestor Ltd increased its stake in shares of Principal Financial Group by 144.3% in the fourth quarter. Covestor Ltd now owns 540 shares of the company's stock worth $42,000 after purchasing an additional 319 shares in the last quarter. Finally, MorganRosel Wealth Management LLC purchased a new stake in shares of Principal Financial Group in the first quarter worth $46,000. 75.08% of the stock is owned by institutional investors.

Analyst Ratings Changes

PFG has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective 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. Barclays upped their price objective on shares of Principal Financial Group from $76.00 to $80.00 and gave the company an "underweight" rating in a report on Monday, July 7th. Keefe, Bruyette & Woods reduced their target price on shares of Principal Financial Group from $90.00 to $88.00 and set a "market perform" rating for the company in a research report on Monday, August 4th. Wells Fargo & Company dropped their price objective 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. Finally, UBS Group raised their price objective on shares of Principal Financial Group from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Tuesday, July 29th. Three research 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 MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $86.70.

Principal Financial Group Stock Up 1.1%

Shares of PFG traded up $0.88 on Tuesday, hitting $77.36. The company's stock had a trading volume of 801,065 shares, compared to its average volume of 1,412,266. 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, Inc. has a fifty-two week low of $68.39 and a fifty-two week high of $91.97. The firm has a market capitalization of $17.23 billion, a price-to-earnings ratio of 11.58, a P/E/G ratio of 0.76 and a beta of 1.00. The firm's fifty day moving average price is $78.38 and its 200-day moving average price is $79.67.

Principal Financial Group (NYSE:PFG - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The company reported $2.16 EPS for the quarter, topping 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 business earned $1.63 earnings per share. On average, equities research analysts expect that Principal Financial Group, Inc. will post 8.5 EPS 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. Investors of record on Thursday, September 4th will be issued a $0.78 dividend. The ex-dividend date is Thursday, September 4th. This is a boost from Principal Financial Group's previous quarterly dividend of $0.76. This represents a $3.12 annualized dividend and a yield of 4.0%. Principal Financial Group's dividend payout ratio (DPR) is currently 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.