National Bank of Canada FI Raises Stake in Principal Financial Group, Inc. (NYSE:PFG)

Key Points

• National Bank of Canada FI increased its stake in Principal Financial Group by 50.4% during the 1st quarter, now owning 179,095 shares valued at approximately $15.1 million.
• Principal Financial Group reported an earnings per share (EPS) of $2.16 for the last quarter, exceeding analysts' consensus estimate of $1.97.
• The company announced a quarterly dividend increase from $0.76 to $0.78 per share, representing an annualized yield of 4.1%.

National Bank of Canada FI boosted its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 50.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 179,095 shares of the company's stock after purchasing an additional 60,024 shares during the period. National Bank of Canada FI owned approximately 0.08% of Principal Financial Group worth $15,109,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of PFG. Envestnet Asset Management Inc. grew its position in Principal Financial Group by 8.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 43,726 shares of the company's stock worth $3,385,000 after purchasing an additional 3,426 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Principal Financial Group by 2.5% in the fourth quarter. Federated Hermes Inc. now owns 20,005 shares of the company's stock valued at $1,549,000 after acquiring an additional 488 shares in the last quarter. FIL Ltd boosted its holdings in shares of Principal Financial Group by 99.4% in the fourth quarter. FIL Ltd now owns 11,709 shares of the company's stock valued at $906,000 after acquiring an additional 5,836 shares in the last quarter. Advisory Services Network LLC boosted its holdings in shares of Principal Financial Group by 32.1% in the fourth quarter. Advisory Services Network LLC now owns 3,568 shares of the company's stock valued at $276,000 after acquiring an additional 868 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Principal Financial Group in the fourth quarter valued at about $15,821,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Stock Performance

Shares of PFG opened at $76.48 on Tuesday. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The stock has a market cap of $17.04 billion, a P/E ratio of 11.45, a PEG ratio of 0.76 and a beta of 1.00. The company has a 50-day moving average of $78.38 and a two-hundred day moving average of $79.67. Principal Financial Group, Inc. has a 12-month low of $68.39 and a 12-month 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 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 quarter in the previous year, the company earned $1.63 earnings per share. As a group, research analysts predict that Principal Financial Group, Inc. will post 8.5 EPS 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. Shareholders of record on Thursday, September 4th will be given a dividend of $0.78 per share. The ex-dividend date is Thursday, September 4th. This is an increase 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 4.1%. Principal Financial Group's dividend payout ratio (DPR) is presently 62.78%.

Analyst Upgrades and Downgrades

PFG has been the topic of several analyst reports. Morgan Stanley reaffirmed an "underweight" rating and issued a $75.00 target price (up previously from $71.00) on shares of Principal Financial Group in a report on Monday, July 14th. UBS Group lifted their target price on shares of Principal Financial Group from $85.00 to $87.00 and gave the company a "neutral" rating in a report on Tuesday, July 29th. Barclays lifted their target price on shares of Principal Financial Group from $76.00 to $80.00 and gave the company an "underweight" rating in a report on Monday, July 7th. JPMorgan Chase & Co. lifted their target price on shares of Principal Financial Group from $92.00 to $101.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Piper Sandler lifted their target price on shares of Principal Financial Group from $88.00 to $89.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. 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's stock. According to MarketBeat.com, Principal Financial Group has an average rating of "Hold" and an average target price of $86.70.

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.

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