Principal Financial Group, Inc. $PFG Shares Bought by Meiji Yasuda Asset Management Co Ltd.

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. lifted its holdings in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 353.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 35,059 shares of the company's stock after purchasing 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 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in PFG. Captrust Financial Advisors lifted its stake in shares of Principal Financial Group by 13.9% during the 4th quarter. Captrust Financial Advisors now owns 30,607 shares of the company's stock worth $2,369,000 after purchasing an additional 3,731 shares during the last quarter. Graham Capital Management L.P. lifted its stake in shares of Principal Financial Group by 240.8% during the 4th quarter. Graham Capital Management L.P. now owns 8,122 shares of the company's stock worth $629,000 after purchasing an additional 5,739 shares during the last quarter. LMR Partners LLP purchased a new position in shares of Principal Financial Group in the 4th quarter worth approximately $696,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Principal Financial Group by 5.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,423 shares of the company's stock worth $4,445,000 after buying an additional 3,086 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp grew its position in shares of Principal Financial Group by 19.9% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 9,931 shares of the company's stock worth $769,000 after buying an additional 1,648 shares during the last quarter. 75.08% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PFG has been the topic of a number of analyst reports. Morgan Stanley lifted their price objective 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 cut their price objective 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. Wells Fargo & Company cut their price objective on shares of Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating on the stock in a research report on Wednesday, July 30th. JPMorgan Chase & Co. lifted their price objective 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. Finally, Piper Sandler lifted their price objective 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. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Reduce" and an average price target of $86.90.

Principal Financial Group Stock Performance

Shares of NYSE PFG traded up $0.62 during midday trading on Friday, reaching $82.70. The company had a trading volume of 985,971 shares, compared to its average volume of 1,383,583. The business's 50-day simple moving average is $79.37 and its 200 day simple moving average is $79.06. The stock has a market cap of $18.42 billion, a P/E ratio of 12.38, a P/E/G ratio of 0.76 and a beta of 1.03. Principal Financial Group, Inc. has a 1 year low of $68.39 and a 1 year high of $91.97. 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 posted its quarterly earnings results on Monday, July 28th. The company reported $2.16 earnings per share (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 company earned $1.63 earnings per share. On average, analysts forecast that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently announced 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. This represents a $3.12 annualized dividend and a dividend yield of 3.8%. This is a boost from Principal Financial Group's previous quarterly dividend of $0.76. The ex-dividend date of this dividend 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.