Principal Financial Group, Inc. $PFG Shares Bought by Conning Inc.

Key Points

• Conning Inc. increased its stake in Principal Financial Group by 10.1% during the 2nd quarter, owning a total of 445,660 shares valued at approximately $35.4 million.
• Principal Financial Group recently increased its quarterly dividend from $0.76 to $0.78 per share, yielding 3.9% on an annualized basis.
• The company's stock has experienced a 4.0% decline recently, with a current price of $79.42 as of the latest trading session.

Conning Inc. boosted its position in shares of Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 10.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 445,660 shares of the company's stock after buying an additional 40,707 shares during the period. Principal Financial Group accounts for approximately 1.2% of Conning Inc.'s portfolio, making the stock its 27th biggest holding. Conning Inc. owned about 0.20% of Principal Financial Group worth $35,399,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in PFG. Geneos Wealth Management Inc. grew its stake in shares of Principal Financial Group by 7.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,889 shares of the company's stock valued at $159,000 after purchasing an additional 134 shares during the last quarter. Federation des caisses Desjardins du Quebec grew its stake in shares of Principal Financial Group by 0.5% in the 1st quarter. Federation des caisses Desjardins du Quebec now owns 27,536 shares of the company's stock valued at $2,323,000 after purchasing an additional 139 shares during the last quarter. Stratos Wealth Partners LTD. grew its stake in shares of Principal Financial Group by 3.9% in the 1st quarter. Stratos Wealth Partners LTD. now owns 3,826 shares of the company's stock valued at $323,000 after purchasing an additional 144 shares during the last quarter. Raiffeisen Bank International AG grew its stake in shares of Principal Financial Group by 12.6% in the 1st quarter. Raiffeisen Bank International AG now owns 1,380 shares of the company's stock valued at $115,000 after purchasing an additional 154 shares during the last quarter. Finally, Gentry Private Wealth LLC grew its stake in shares of Principal Financial Group by 2.2% in the 2nd quarter. Gentry Private Wealth LLC now owns 7,099 shares of the company's stock valued at $564,000 after purchasing an additional 156 shares during the last quarter. Institutional investors and hedge funds own 75.08% of the company's stock.

Principal Financial Group Stock Down 4.0%

PFG opened at $79.42 on Friday. The business's fifty day moving average is $80.37 and its two-hundred day moving average is $78.69. 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 company has a market cap of $17.69 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 0.76 and a beta of 1.03. 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 posted its earnings results on Monday, July 28th. The company reported $2.16 EPS for the quarter, topping 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 business earned $1.63 EPS. Analysts anticipate that Principal Financial Group, Inc. will post 8.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Thursday, September 4th were given a dividend of $0.78 per share. The ex-dividend date was Thursday, September 4th. This is a positive change 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 3.9%. Principal Financial Group's dividend payout ratio (DPR) is presently 62.78%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PFG. Keefe, Bruyette & Woods lifted their target price on Principal Financial Group from $88.00 to $90.00 and gave the company a "market perform" rating in a research note on Thursday. Barclays lifted their target price on Principal Financial Group from $80.00 to $83.00 and gave the company an "underweight" rating in a research note on Wednesday. JPMorgan Chase & Co. lifted their price target on Principal Financial Group from $92.00 to $101.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Morgan Stanley lifted their price target on Principal Financial Group from $77.00 to $80.00 and gave the company an "underweight" rating in a research note on Tuesday. Finally, Piper Sandler set a $94.00 price target on Principal Financial Group and gave the company an "overweight" rating in a research note on Tuesday. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $88.60.

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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