Korea Investment CORP Has $11.24 Million Position in Principal Financial Group, Inc. $PFG

Key Points

• Korea Investment CORP has decreased its stake in Principal Financial Group by 46.8%, now holding 133,166 shares after selling 117,200 shares in Q1.
• Principal Financial Group recently increased its quarterly dividend from $0.76 to $0.78, which represents a 4.0% dividend yield.
• Analysts' ratings vary, with the average target price set at $86.90 and two analysts giving a "Buy" rating, while others maintain "Hold" or "Sell" ratings.

Korea Investment CORP cut its holdings in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 46.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 133,166 shares of the company's stock after selling 117,200 shares during the quarter. Korea Investment CORP owned about 0.06% of Principal Financial Group worth $11,235,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Victory Capital Management Inc. boosted its stake in Principal Financial Group by 802.2% in the first 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 during the last quarter. Northern Trust Corp boosted its stake in Principal Financial Group by 9.8% in the fourth quarter. Northern Trust Corp now owns 3,662,918 shares of the company's stock valued at $283,546,000 after acquiring an additional 326,604 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Principal Financial Group by 12.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,877,246 shares of the company's stock valued at $145,318,000 after acquiring an additional 209,885 shares during the last quarter. Deutsche Bank AG boosted its stake in Principal Financial Group by 73.5% in the fourth quarter. Deutsche Bank AG now owns 1,482,053 shares of the company's stock valued at $114,726,000 after acquiring an additional 627,865 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Principal Financial Group by 1.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,468,728 shares of the company's stock valued at $123,917,000 after acquiring an additional 20,221 shares during the last quarter. 75.08% of the stock is owned by institutional investors.

Principal Financial Group Stock Up 0.4%

Shares of NYSE:PFG traded up $0.29 during midday trading on Wednesday, reaching $80.84. 775,445 shares of the company were exchanged, compared to its average volume of 1,395,927. Principal Financial Group, Inc. has a fifty-two week low of $68.39 and a fifty-two week high of $91.97. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. The stock has a fifty day simple moving average of $78.97 and a two-hundred day simple moving average of $79.45. The firm has a market cap of $18.01 billion, a PE ratio of 12.10, a P/E/G ratio of 0.76 and a beta of 1.00.

Principal Financial Group (NYSE:PFG - Get Free Report) last issued 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 last year, the business earned $1.63 EPS. As a group, sell-side analysts forecast that Principal Financial Group, Inc. will post 8.5 earnings per share for the current year.

Principal Financial Group Increases Dividend

The business also recently disclosed 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. 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 dividend on an annualized basis and a dividend yield of 3.9%. Principal Financial Group's dividend payout ratio (DPR) is 62.78%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PFG shares. Piper Sandler raised their price objective 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. JPMorgan Chase & Co. increased their target price 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. UBS Group increased their target price on shares of Principal Financial Group from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Tuesday, July 29th. Keefe, Bruyette & Woods cut their target price on shares of Principal Financial Group from $90.00 to $88.00 and set a "market perform" rating on the stock in a report on Monday, August 4th. Finally, Wells Fargo & Company cut their target price on shares of Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating on the stock in a report on Wednesday, July 30th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $86.90.

About Principal Financial Group

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.