Rakuten Investment Management Inc. Invests $3.62 Million in Principal Financial Group, Inc. $PFG

Key Points

• Rakuten Investment Management purchased 33,317 shares of Principal Financial Group, valued at approximately $3.62 million. Institutional investors and hedge funds collectively own 75.08% of PFG.
• Principal Financial Group reported quarterly EPS of $2.50, beating estimates of $2.33, while revenue of $3.99 billion fell short of the $4.11 billion consensus forecast.
• The company raised its quarterly dividend to $0.84 per share, equivalent to an annualized $3.36 dividend and a 3.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $106.67.

Rakuten Investment Management Inc. bought a new position in shares of Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 33,317 shares of the company's stock, valued at approximately $3,615,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PFG. DV Equities LLC bought a new stake in Principal Financial Group in the 4th quarter valued at $25,000. Hilton Head Capital Partners LLC acquired a new position in Principal Financial Group in the 4th quarter worth $26,000. Valley Wealth Managers Inc. bought a new position in Principal Financial Group during the 1st quarter worth about $27,000. Ancora Advisors LLC bought a new position in Principal Financial Group during the 2nd quarter worth about $27,000. Finally, MBM Wealth Consultants LLC acquired a new stake in shares of Principal Financial Group in the 1st quarter valued at about $28,000. Institutional investors and hedge funds own 75.08% of the company's stock.

Principal Financial Group Price Performance

NASDAQ:PFG opened at $111.41 on Monday. The company has a market cap of $23.85 billion, a P/E ratio of 15.83, a P/E/G ratio of 1.01 and a beta of 0.87. The firm's fifty day moving average price is $111.84 and its two-hundred day moving average price is $102.07. Principal Financial Group, Inc. has a one year low of $77.90 and a one year high of $116.61. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.28 and a quick ratio of 0.28.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.17. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.11 billion. During the same period last year, the business posted $2.16 earnings per share. Equities analysts expect that Principal Financial Group, Inc. will post 9.62 earnings per share for the current year.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 3rd will be given a dividend of $0.84 per share. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.82. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 3rd. Principal Financial Group's payout ratio is 46.59%.

Analysts Set New Price Targets

A number of analysts have recently commented on PFG shares. Barclays boosted their price target on Principal Financial Group from $87.00 to $92.00 and gave the company an "underweight" rating in a report on Tuesday, July 7th. Citigroup lowered Principal Financial Group from a "sell" rating to an "underperform" rating in a research report on Wednesday, June 24th. Keefe, Bruyette & Woods boosted their target price on Principal Financial Group from $102.00 to $112.00 and gave the company a "market perform" rating in a research note on Monday, July 13th. Piper Sandler upped their price target on Principal Financial Group from $113.00 to $125.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 24th. Finally, Jefferies Financial Group raised their price target on shares of Principal Financial Group from $91.00 to $98.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $106.67.

Principal Financial Group Company Profile

Principal Financial Group NASDAQ: PFG is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm's business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal's product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.

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