Korea Investment CORP Takes $11.21 Million Position in Principal Financial Group, Inc. $PFG

Key Points

• Korea Investment CORP acquired a new $11.21 million stake in Principal Financial Group during the second quarter, purchasing 103,980 shares. Institutional investors collectively own 75.08% of the company.
• Principal Financial Group exceeded quarterly earnings expectations, reporting $2.50 EPS versus the $2.33 consensus, though revenue of $3.99 billion fell short of estimates.
• The company raised its quarterly dividend from $0.82 to $0.84 per share, implying an annualized dividend of $3.36 and a 3.0% yield. Analysts maintain a consensus “Hold” rating with a $106.67 target price.

Korea Investment CORP purchased a new stake in Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 103,980 shares of the company's stock, valued at approximately $11,207,000.

A number of other hedge funds also recently bought and sold shares of the business. DV Equities LLC purchased a new stake in shares of Principal Financial Group in the fourth quarter valued at approximately $25,000. Hilton Head Capital Partners LLC acquired a new stake in Principal Financial Group in the 4th quarter valued at $26,000. Valley Wealth Managers Inc. acquired a new stake in Principal Financial Group in the 1st quarter valued at $27,000. MBM Wealth Consultants LLC purchased a new stake in Principal Financial Group in the 1st quarter worth $28,000. Finally, Signature Equity Partners LLC raised its position in Principal Financial Group by 5,733.3% during the first quarter. Signature Equity Partners LLC now owns 350 shares of the company's stock worth $32,000 after acquiring an additional 344 shares during the period. Hedge funds and other institutional investors own 75.08% of the company's stock.

Principal Financial Group Stock Performance

NASDAQ:PFG opened at $111.89 on Tuesday. The company's 50-day moving average price is $111.70 and its 200-day moving average price is $101.63. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.36. The company has a market cap of $23.96 billion, a P/E ratio of 15.89, a P/E/G ratio of 1.01 and a beta of 0.87. Principal Financial Group, Inc. has a twelve month low of $77.90 and a twelve month high of $116.61.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last announced its quarterly earnings data on Monday, July 27th. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.17. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. The company had revenue of $3.99 billion during the quarter, compared to analysts' expectations of $4.11 billion. During the same quarter in the prior year, the company earned $2.16 EPS. On average, sell-side analysts forecast that Principal Financial Group, Inc. will post 9.57 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 3rd will be given a dividend of $0.84 per share. The ex-dividend date is Thursday, September 3rd. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.82. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. Principal Financial Group's dividend payout ratio (DPR) is 46.59%.

Analysts Set New Price Targets

Several equities analysts have issued reports on PFG shares. Wells Fargo & Company decreased their price objective on shares of Principal Financial Group from $114.00 to $113.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 22nd. Morgan Stanley boosted their target price on shares of Principal Financial Group from $107.00 to $112.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Citigroup lowered shares of Principal Financial Group from a "sell" rating to an "underperform" rating in a research note on Wednesday, June 24th. Keefe, Bruyette & Woods lifted their price objective on Principal Financial Group from $102.00 to $112.00 and gave the stock a "market perform" rating in a report on Monday, July 13th. Finally, Piper Sandler boosted their price objective on Principal Financial Group from $113.00 to $125.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 24th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Principal Financial Group presently has an average rating of "Hold" and a consensus target price of $106.67.

About Principal Financial Group

Principal Financial Group NASDAQ: PFG is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm's business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal's product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.

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