Principal Financial Group, Inc. $PFG Stake Increased by Royal Bank of Canada

Key Points

• The Royal Bank of Canada increased its stake in Principal Financial Group by 1.7%, owning over 1 million shares valued at approximately $91 million.
• Principal Financial Group reported an EPS of $2.16 for the last quarter, exceeding expectations, and also announced a quarterly dividend increase to $0.78 per share.
• Approximately 75% of Principal Financial Group's stock is held by institutional investors and hedge funds, indicating significant investment interest in the company.

Royal Bank of Canada increased its holdings in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,080,097 shares of the company's stock after acquiring an additional 17,969 shares during the quarter. Royal Bank of Canada owned approximately 0.48% of Principal Financial Group worth $91,128,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of PFG. von Borstel & Associates Inc. acquired a new position in shares of Principal Financial Group in the first quarter worth about $32,000. Zions Bancorporation National Association UT bought a new stake in Principal Financial Group in the first quarter valued at about $34,000. Ameriflex Group Inc. bought a new stake in Principal Financial Group in the fourth quarter valued at about $37,000. GKV Capital Management Co. Inc. bought a new stake in Principal Financial Group in the first quarter valued at about $45,000. Finally, MorganRosel Wealth Management LLC bought a new stake in Principal Financial Group in the first quarter valued at about $46,000. Institutional investors and hedge funds own 75.08% of the company's stock.

Analyst Ratings Changes

PFG has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on Principal Financial Group from $92.00 to $101.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Keefe, Bruyette & Woods lowered their target price on Principal Financial Group from $90.00 to $88.00 and set a "market perform" rating for the company in a report on Monday, August 4th. Morgan Stanley upped their target price on Principal Financial Group from $75.00 to $77.00 and gave the company an "underweight" rating in a report on Monday, August 18th. Barclays upped their target price 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, Wells Fargo & Company lowered their target price on Principal Financial Group from $73.00 to $72.00 and set an "underweight" rating for the company in a report on Wednesday, July 30th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Reduce" and an average price target of $86.90.

Principal Financial Group Price Performance

Shares of NYSE:PFG traded down $1.32 on Friday, reaching $79.98. 1,125,406 shares of the company traded hands, compared to its average volume of 1,390,460. Principal Financial Group, Inc. has a fifty-two week low of $68.39 and a fifty-two week high of $91.97. The company's 50 day moving average is $79.37 and its 200-day moving average is $79.15. The stock has a market capitalization of $17.82 billion, a PE ratio of 11.97, a P/E/G ratio of 0.76 and a beta of 1.03. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30.

Principal Financial Group (NYSE:PFG - Get Free Report) last announced 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 quarter in the prior year, the firm posted $1.63 earnings per share. As a group, analysts anticipate that Principal Financial Group, Inc. will post 8.5 earnings per share 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. Stockholders of record on Thursday, September 4th will be issued a $0.78 dividend. 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 dividend yield of 3.9%. Principal Financial Group's dividend payout ratio is currently 62.78%.

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.