Ieq Capital LLC Acquires 15,462 Shares of Principal Financial Group, Inc. $PFG

Key Points

• Ieq Capital LLC significantly increased its stake in Principal Financial Group by 346.4% during the first quarter, now owning a total of 19,926 shares valued at approximately $1.68 million.
• Principal Financial Group announced a quarterly dividend increase to $0.78 per share, up from $0.76, reflecting a 3.9% dividend yield and a dividend payout ratio of 62.78%.
• Analysts have adjusted their price targets for Principal Financial Group, with ratings ranging from Buy to Sell, giving it a consensus price target of $86.90.

Ieq Capital LLC grew its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 346.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,926 shares of the company's stock after purchasing an additional 15,462 shares during the period. Ieq Capital LLC's holdings in Principal Financial Group were worth $1,681,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Victory Capital Management Inc. grew its position in shares of 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 worth $312,805,000 after purchasing an additional 3,296,608 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Principal Financial Group by 12.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,877,246 shares of the company's stock worth $145,318,000 after acquiring an additional 209,885 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Principal Financial Group by 73.5% during the 4th quarter. Deutsche Bank AG now owns 1,482,053 shares of the company's stock worth $114,726,000 after acquiring an additional 627,865 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Principal Financial Group by 1.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,468,728 shares of the company's stock worth $123,917,000 after acquiring an additional 20,221 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in shares of Principal Financial Group by 8.7% during the 4th quarter. Royal Bank of Canada now owns 1,062,128 shares of the company's stock worth $82,221,000 after acquiring an additional 85,011 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company's stock.

Principal Financial Group Trading Up 1.4%

NYSE PFG traded up $1.12 during mid-day trading on Thursday, reaching $81.30. 1,001,406 shares of the stock were exchanged, compared to its average volume of 1,392,038. Principal Financial Group, Inc. has a one year low of $68.39 and a one year high of $91.97. The stock has a 50 day simple moving average of $79.30 and a 200-day simple moving average of $79.27. The stock has a market cap of $18.11 billion, a P/E ratio of 12.17, a P/E/G ratio of 0.76 and a beta of 1.03. 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 posted its quarterly earnings results 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 period in the previous year, the business earned $1.63 earnings per share. On average, analysts anticipate that Principal Financial Group, Inc. will post 8.5 EPS for the current year.

Principal Financial Group Increases Dividend

The firm 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 is a boost from Principal Financial Group's previous quarterly dividend of $0.76. This represents a $3.12 annualized dividend and a dividend yield of 3.8%. Principal Financial Group's payout ratio is presently 62.78%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PFG shares. Piper Sandler increased their price target on shares of Principal Financial Group from $88.00 to $89.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. Morgan Stanley increased their price target on shares of Principal Financial Group from $75.00 to $77.00 and gave the stock an "underweight" rating in a research report on Monday, August 18th. 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 on the stock in a research report on Monday, August 4th. Barclays increased their price target on shares of Principal Financial Group from $76.00 to $80.00 and gave the stock an "underweight" rating in a research report on Monday, July 7th. Finally, JPMorgan Chase & Co. increased their price target on shares of Principal Financial Group from $92.00 to $101.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Principal Financial Group currently has an average rating of "Reduce" and an average target price of $86.90.

Principal Financial Group 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.