Meiji Yasuda Asset Management Co Ltd. Acquires 27,330 Shares of Principal Financial Group, Inc. $PFG

Key Points

• Meiji Yasuda Asset Management significantly increased its holdings in Principal Financial Group by 353.6% during the first quarter, reaching a value of $2.96 million with 35,059 shares owned.
• Principal Financial Group announced a dividend increase to $0.78 per share set to be paid on September 26th, representing a 3.9% yield and a payout ratio of 62.78%.
• Analysts have varying views on Principal Financial Group, with a consensus target price of $86.90 and ratings ranging from "Buy" to "Sell."

Meiji Yasuda Asset Management Co Ltd. raised its stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 353.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,059 shares of the company's stock after buying an additional 27,330 shares during the period. Meiji Yasuda Asset Management Co Ltd.'s holdings in Principal Financial Group were worth $2,958,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. von Borstel & Associates Inc. bought a new position in shares of Principal Financial Group in the first quarter valued at $32,000. Zions Bancorporation National Association UT acquired a new stake in Principal Financial Group during the 1st quarter valued at $34,000. Ameriflex Group Inc. acquired a new stake in Principal Financial Group during the 4th quarter valued at $37,000. GKV Capital Management Co. Inc. acquired a new stake in Principal Financial Group during the 1st quarter valued at $45,000. Finally, MorganRosel Wealth Management LLC acquired a new stake in Principal Financial Group during the 1st quarter valued at $46,000. Institutional investors own 75.08% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Principal Financial Group from $92.00 to $101.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Barclays upped 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 note on Monday, July 7th. UBS Group upped their price target on shares of Principal Financial Group from $85.00 to $87.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. Morgan Stanley upped their price objective on shares of Principal Financial Group from $75.00 to $77.00 and gave the stock an "underweight" rating in a report on Monday, August 18th. Finally, Piper Sandler upped their price objective on shares of Principal Financial Group from $88.00 to $89.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, Principal Financial Group has an average rating of "Reduce" and an average target price of $86.90.

Principal Financial Group Stock Performance

PFG stock traded up $0.62 during trading on Friday, reaching $82.70. 985,971 shares of the stock were exchanged, compared to its average volume of 1,383,583. Principal Financial Group, Inc. has a twelve month low of $68.39 and a twelve month high of $91.97. The company has a market capitalization of $18.42 billion, a P/E ratio of 12.38, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03. The stock has a 50 day simple moving average of $79.41 and a 200-day simple moving average of $78.93. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NYSE:PFG - Get Free Report) last released its earnings results on Monday, July 28th. The company reported $2.16 earnings per share for the quarter, topping 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 quarter in the prior year, the firm earned $1.63 EPS. As a group, sell-side analysts anticipate that Principal Financial Group, Inc. will post 8.5 earnings per share for the current year.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.78 per share. 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 yield of 3.8%. The ex-dividend date is Thursday, September 4th. Principal Financial Group's dividend payout ratio is 62.78%.

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.