iA Global Asset Management Inc. Makes New $436,000 Investment 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 position in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 5,162 shares of the company's stock, valued at approximately $436,000.

Several other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. boosted its position in Principal Financial Group by 802.2% during the 1st quarter. Victory Capital Management Inc. now owns 3,707,534 shares of the company's stock valued at $312,805,000 after acquiring an additional 3,296,608 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Principal Financial Group by 73.5% in the 4th quarter. Deutsche Bank AG now owns 1,482,053 shares of the company's stock worth $114,726,000 after purchasing an additional 627,865 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Principal Financial Group by 11,781.7% in the 1st quarter. GAMMA Investing LLC now owns 478,715 shares of the company's stock worth $40,389,000 after purchasing an additional 474,686 shares in the last quarter. Conning Inc. boosted its position in shares of Principal Financial Group by 5,081.7% in the 1st quarter. Conning Inc. now owns 404,953 shares of the company's stock worth $34,166,000 after purchasing an additional 397,138 shares in the last quarter. Finally, Woodline Partners LP acquired a new stake in shares of Principal Financial Group in the 4th quarter worth $28,448,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PFG shares. Keefe, Bruyette & Woods lowered their price objective on 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. Morgan Stanley reiterated 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. Wells Fargo & Company dropped their price target on Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating on the stock in a research note on Wednesday, July 30th. Barclays boosted their price target on Principal Financial Group from $76.00 to $80.00 and gave the company an "underweight" rating in a research note on Monday, July 7th. Finally, Piper Sandler boosted their price target on Principal Financial Group from $88.00 to $89.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Three analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $86.70.

Principal Financial Group Price Performance

NYSE:PFG traded up $0.99 during trading hours on Friday, hitting $76.59. 819,924 shares of the stock were exchanged, compared to its average volume of 1,420,083. Principal Financial Group, Inc. has a 52-week low of $68.39 and a 52-week high of $91.97. The firm's fifty day moving average price is $78.39 and its 200 day moving average price is $79.72. 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 company has a market cap of $17.06 billion, a P/E ratio of 11.47, a P/E/G ratio of 0.76 and a beta of 1.00.

Principal Financial Group (NYSE:PFG - Get Free Report) last posted its quarterly earnings results 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 return on equity of 14.68% and a net margin of 9.74%. During the same period last year, the firm earned $1.63 earnings per share. As a group, equities research analysts anticipate that Principal Financial Group, Inc. will post 8.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Thursday, September 4th will be given a $0.78 dividend. The ex-dividend date is Thursday, September 4th. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.76. This represents a $3.12 annualized dividend and a yield of 4.1%. 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.