Principal Financial Group, Inc. (NYSE:PFG) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Principal Financial Group by 12.2%, now owning 397,103 shares worth approximately $33.5 million.
• Principal Financial Group has announced a quarterly dividend increase to $0.78, representing a 4.1% yield, with payment set for September 26th.
• A consensus rating of "Hold" has been established for Principal Financial Group, with price targets ranging from $72.00 to $101.00 by various analysts.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 12.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 397,103 shares of the company's stock after acquiring an additional 43,257 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of Principal Financial Group worth $33,504,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. raised its stake in shares of Principal Financial Group by 802.2% during 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 in the last quarter. Northern Trust Corp increased its position in Principal Financial Group by 9.8% during the 4th quarter. Northern Trust Corp now owns 3,662,918 shares of the company's stock valued at $283,546,000 after buying an additional 326,604 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Principal Financial Group by 12.6% during 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 in the last quarter. Deutsche Bank AG increased its stake in Principal Financial Group by 73.5% during the 4th quarter. Deutsche Bank AG now owns 1,482,053 shares of the company's stock valued at $114,726,000 after purchasing an additional 627,865 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Principal Financial Group by 1.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,468,728 shares of the company's stock valued at $123,917,000 after purchasing an additional 20,221 shares in the last quarter. Institutional investors own 75.08% of the company's stock.

Principal Financial Group Price Performance

Shares of NYSE:PFG traded down $0.25 during trading on Thursday, reaching $78.09. The stock had a trading volume of 1,047,840 shares, compared to its average volume of 1,420,830. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. The business has a fifty day moving average price of $78.46 and a 200-day moving average price of $79.61. The stock has a market cap of $17.40 billion, a PE ratio of 11.69, a PEG ratio of 0.76 and a beta of 1.00. Principal Financial Group, Inc. has a 1-year low of $68.39 and a 1-year high of $91.97.

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 (EPS) for the quarter, topping 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 quarter in the previous year, the firm posted $1.63 EPS. On average, equities 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 business also recently disclosed 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 represents a $3.12 dividend on an annualized basis and a yield of 4.0%. This is an increase 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 presently 62.78%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Morgan Stanley reiterated an "underweight" rating and issued a $75.00 price target (up previously from $71.00) on shares of Principal Financial Group in a report on Monday, July 14th. 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 note on Monday, August 4th. Piper Sandler increased their price target 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. UBS Group raised their target price on Principal Financial Group from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Tuesday, July 29th. Finally, JPMorgan Chase & Co. raised their target price on Principal Financial Group from $92.00 to $101.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Principal Financial Group has a consensus rating of "Hold" and a consensus price target of $86.70.

Principal Financial Group Company 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.