Federated Hermes Inc. Has $2.02 Million Stake in Principal Financial Group, Inc. (NYSE:PFG)

Key Points

• Federated Hermes Inc. increased its stake in Principal Financial Group by 19.5%, owning 23,906 shares valued at approximately $2.02 million as of its latest SEC filing.
• Principal Financial Group recently announced a dividend increase to $0.78 per share, up from the previous $0.76, indicating a yield of 4.1%.
• Analysts have given a consensus rating of "Hold" on the stock, with target prices varying from $72.00 to $101.00 based on recent reports from multiple financial institutions.

Federated Hermes Inc. raised its holdings in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 19.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,906 shares of the company's stock after buying an additional 3,901 shares during the quarter. Federated Hermes Inc.'s holdings in Principal Financial Group were worth $2,017,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Orion Portfolio Solutions LLC boosted its stake in shares of Principal Financial Group by 23.0% in the 4th quarter. Orion Portfolio Solutions LLC now owns 3,438 shares of the company's stock valued at $266,000 after purchasing an additional 644 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new position in Principal Financial Group during the 4th quarter valued at about $5,460,000. Aviva PLC boosted its position in Principal Financial Group by 14.4% in the fourth quarter. Aviva PLC now owns 139,485 shares of the company's stock valued at $10,798,000 after buying an additional 17,536 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its stake in Principal Financial Group by 71.7% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 4,481 shares of the company's stock worth $347,000 after buying an additional 1,871 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Principal Financial Group by 8.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 43,726 shares of the company's stock worth $3,385,000 after buying an additional 3,426 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PFG shares. Piper Sandler boosted their target price on Principal Financial Group from $88.00 to $89.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Keefe, Bruyette & Woods reduced their price objective on 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. Morgan Stanley restated an "underweight" rating and set a $75.00 target price (up previously from $71.00) on shares of Principal Financial Group in a report on Monday, July 14th. Barclays lifted their price target on Principal Financial Group from $76.00 to $80.00 and gave the company an "underweight" rating in a report on Monday, July 7th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Principal Financial Group from $92.00 to $101.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Principal Financial Group presently has an average rating of "Hold" and an average target price of $86.70.

Principal Financial Group Trading Up 1.3%

Shares of Principal Financial Group stock traded up $0.99 on Friday, hitting $76.59. 819,924 shares of the company's stock traded hands, compared to its average volume of 1,420,083. The firm's 50-day moving average price is $78.39 and its two-hundred day moving average price is $79.74. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30. The stock has a market capitalization of $17.06 billion, a PE ratio of 11.47, a price-to-earnings-growth ratio of 0.76 and a beta of 1.00. Principal Financial Group, Inc. has a one year low of $68.39 and a one year high of $91.97.

Principal Financial Group (NYSE:PFG - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The company reported $2.16 EPS for the quarter, beating analysts' consensus estimates of $1.97 by $0.19. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%. During the same period in the prior year, the firm earned $1.63 earnings per share. On average, research analysts expect that Principal Financial Group, Inc. will post 8.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Thursday, September 4th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Thursday, September 4th. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.76. Principal Financial Group's payout ratio is 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.