Zurcher Kantonalbank Zurich Cantonalbank Acquires 137,445 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Key Points

• Zurcher Kantonalbank increased its holdings in Principal Financial Group by 88.9%, owning 291,979 shares valued at $24.63 million as of its latest SEC filing.
• Principal Financial Group reported earnings of $2.16 per share for the last quarter, exceeding analyst estimates by $0.19 and indicating a net margin of 9.74%.
• The company announced a quarterly dividend increase to $0.78 per share, reflecting a 3.89% annualized dividend yield, payable on September 26th to shareholders of record on September 4th.

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 88.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 291,979 shares of the company's stock after purchasing an additional 137,445 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.13% of Principal Financial Group worth $24,634,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in shares of Principal Financial Group by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 5,466,587 shares of the company's stock valued at $422,074,000 after purchasing an additional 52,410 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Principal Financial Group by 802.2% in the 1st quarter. Victory Capital Management Inc. now owns 3,707,534 shares of the company's stock valued at $312,805,000 after purchasing an additional 3,296,608 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Principal Financial Group by 9.8% in the 4th quarter. Northern Trust Corp now owns 3,662,918 shares of the company's stock valued at $283,546,000 after purchasing an additional 326,604 shares during the last quarter. Norges Bank bought a new stake in shares of Principal Financial Group in the 4th quarter valued at $217,021,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Principal Financial Group by 12.6% in the 4th 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 purchasing an additional 209,885 shares during the last quarter. Institutional investors and hedge funds own 75.08% of the company's stock.

Principal Financial Group Stock Down 3.1%

Shares of Principal Financial Group stock traded down $2.41 during trading hours on Friday, reaching $75.42. The company's stock had a trading volume of 546,674 shares, compared to its average volume of 1,421,116. 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 stock's fifty day simple moving average is $78.60 and its two-hundred day simple moving average is $79.94. Principal Financial Group, Inc. has a one year low of $68.39 and a one year high of $91.97. The company has a market capitalization of $16.91 billion, a P/E ratio of 11.31, a P/E/G ratio of 0.76 and a beta of 0.99.

Principal Financial Group (NYSE:PFG - Get Free Report) last issued its quarterly earnings data 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 prior year, the business posted $1.63 earnings per share. On average, research analysts forecast that Principal Financial Group, Inc. will post 8.5 earnings per share for the current year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Thursday, September 4th will be given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 4.1%. This is an increase from Principal Financial Group's previous quarterly dividend of $0.76. Principal Financial Group's dividend payout ratio is presently 62.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Piper Sandler upped their price objective on shares of Principal Financial Group from $88.00 to $89.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Barclays increased their target price 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. Wells Fargo & Company cut 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 note on Wednesday. JPMorgan Chase & Co. increased their target price on shares of Principal Financial Group from $92.00 to $101.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Morgan Stanley reissued an "underweight" rating and set a $75.00 target price (up from $71.00) on shares of Principal Financial Group in a research note on Monday, July 14th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $86.90.

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.