Meiji Yasuda Life Insurance Co Takes $565,000 Position in Principal Financial Group, Inc. $PFG

Key Points

• Meiji Yasuda Life Insurance Co has acquired 6,699 shares of Principal Financial Group, Inc. valued at approximately $565,000 in the 1st quarter, signaling increased interest from institutional investors.
• In addition to Meiji Yasuda, other major investors have significantly increased their positions, with Victory Capital Management growing its holdings by 802.2% during the same period.
• Principal Financial Group recently declared a quarterly dividend of $0.78, up from $0.76, indicating a solid annualized dividend yield of 3.9%.

Meiji Yasuda Life Insurance Co bought a new stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,699 shares of the company's stock, valued at approximately $565,000.

Several other hedge funds also recently bought and sold shares of the stock. von Borstel & Associates Inc. purchased a new stake in shares of Principal Financial Group in the first quarter valued at $32,000. Zions Bancorporation National Association UT purchased a new position in Principal Financial Group in the 1st quarter valued at about $34,000. Ameriflex Group Inc. acquired a new stake in shares of Principal Financial Group during the 4th quarter worth about $37,000. GKV Capital Management Co. Inc. purchased a new stake in shares of Principal Financial Group during the first quarter worth about $45,000. Finally, MorganRosel Wealth Management LLC acquired a new position in shares of Principal Financial Group in the first quarter valued at approximately $46,000. Hedge funds and other institutional investors own 75.08% of the company's stock.

Analysts Set New Price Targets

PFG has been the topic of a number of analyst reports. Wells Fargo & Company decreased 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 research report on Wednesday, July 30th. Piper Sandler increased their target price on Principal Financial Group from $88.00 to $89.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. Keefe, Bruyette & Woods dropped their price objective on shares of Principal Financial Group from $90.00 to $88.00 and set a "market perform" rating for the company in a research note on Monday, August 4th. Morgan Stanley lifted their price target on shares of Principal Financial Group from $75.00 to $77.00 and gave the company an "underweight" rating in a report on Monday, August 18th. Finally, JPMorgan Chase & Co. boosted their price objective 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. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Principal Financial Group presently has a consensus rating of "Reduce" and an average target price of $86.90.

Principal Financial Group Stock Up 0.8%

NYSE:PFG traded up $0.62 during trading hours on Friday, hitting $82.70. The stock had a trading volume of 985,971 shares, compared to its average volume of 1,383,583. The company has a market cap of $18.42 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03. The business has a 50 day simple moving average of $79.41 and a two-hundred day simple moving average of $79.04. 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 announced its earnings results on Monday, July 28th. The company reported $2.16 earnings per share for the quarter, beating the consensus estimate 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 prior year, the firm earned $1.63 earnings per share. Analysts predict that Principal Financial Group, Inc. will post 8.5 EPS for the current year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders 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 represents a $3.12 annualized dividend and a yield of 3.8%. This is a boost from Principal Financial Group's previous quarterly dividend of $0.76. Principal Financial Group's dividend payout ratio (DPR) is presently 62.78%.

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.