The Manufacturers Life Insurance Company Buys Shares of 99,106 Principal Financial Group, Inc. $PFG

Key Points

• The Manufacturers Life Insurance Company acquired 99,106 shares of Principal Financial Group, valued at approximately $10.7 million. Institutional investors collectively own 75.08% of PFG.
• Principal Financial Group reported quarterly EPS of $2.50, beating estimates of $2.33, although revenue of $3.99 billion fell short of the $4.11 billion forecast.
• The company raised its quarterly dividend to $0.84 per share, equivalent to an annualized $3.36 payout and a 3.0% yield. Analysts maintain a consensus “Hold” rating with a target price of $106.67.

The Manufacturers Life Insurance Company purchased a new position in shares of Principal Financial Group, Inc. (NASDAQ:PFG - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 99,106 shares of the company's stock, valued at approximately $10,682,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. DV Equities LLC purchased a new stake in Principal Financial Group in the fourth quarter valued at about $25,000. Hilton Head Capital Partners LLC purchased a new stake in shares of Principal Financial Group during the fourth quarter worth about $26,000. Valley Wealth Managers Inc. acquired a new position in shares of Principal Financial Group during the first quarter valued at about $27,000. MBM Wealth Consultants LLC acquired a new position in shares of Principal Financial Group during the first quarter valued at about $28,000. Finally, Bell Investment Advisors Inc purchased a new position in shares of Principal Financial Group in the 2nd quarter valued at approximately $38,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Atlantic Securities set a $94.00 target price on shares of Principal Financial Group in a research report on Wednesday, July 15th. Wells Fargo & Company lowered their price objective on shares of Principal Financial Group from $114.00 to $113.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods upped their target price on Principal Financial Group from $102.00 to $112.00 and gave the company a "market perform" rating in a research report on Monday, July 13th. Jefferies Financial Group raised their target price on Principal Financial Group from $91.00 to $98.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Finally, Piper Sandler increased their price objective on Principal Financial Group from $113.00 to $125.00 and gave the company an "overweight" rating in a report on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Principal Financial Group currently has an average rating of "Hold" and a consensus target price of $106.67.

Principal Financial Group Stock Performance

NASDAQ PFG opened at $111.41 on Friday. The stock has a 50-day simple moving average of $111.84 and a two-hundred day simple moving average of $102.02. The firm has a market capitalization of $23.85 billion, a P/E ratio of 15.83, a PEG ratio of 1.01 and a beta of 0.88. Principal Financial Group, Inc. has a fifty-two week low of $77.90 and a fifty-two week high of $116.61. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.28 and a current ratio of 0.28.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last posted its earnings results on Monday, July 27th. The company reported $2.50 EPS for the quarter, topping the consensus estimate of $2.33 by $0.17. The firm had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.11 billion. Principal Financial Group had a return on equity of 16.49% and a net margin of 9.93%.During the same period last year, the company earned $2.16 earnings per share. On average, equities analysts forecast that Principal Financial Group, Inc. will post 9.62 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 25th. Stockholders of record on Thursday, September 3rd will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Thursday, September 3rd. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.82. Principal Financial Group's dividend payout ratio is 46.59%.

About Principal Financial Group

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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