Principal Financial Group, Inc. (NYSE:PFG) Declares Quarterly Dividend of $0.69

Principal Financial Group, Inc. (NYSE:PFGGet Free Report) announced a quarterly dividend on Monday, February 12th, RTT News reports. Stockholders of record on Tuesday, March 12th will be paid a dividend of 0.69 per share on Thursday, March 28th. This represents a $2.76 annualized dividend and a dividend yield of 3.50%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.67.

Principal Financial Group has raised its dividend by an average of 5.1% per year over the last three years and has raised its dividend every year for the last 1 years. Principal Financial Group has a dividend payout ratio of 32.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Principal Financial Group to earn $7.46 per share next year, which means the company should continue to be able to cover its $2.68 annual dividend with an expected future payout ratio of 35.9%.

Principal Financial Group Price Performance

PFG stock traded up $0.74 during trading on Monday, hitting $78.94. The company had a trading volume of 1,228,647 shares, compared to its average volume of 914,225. The company has a fifty day moving average price of $78.37 and a two-hundred day moving average price of $75.19. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.37. The company has a market cap of $18.82 billion, a P/E ratio of 13.04, a P/E/G ratio of 1.23 and a beta of 1.25. Principal Financial Group has a fifty-two week low of $65.17 and a fifty-two week high of $93.15.

Institutional Investors Weigh In On Principal Financial Group

Institutional investors and hedge funds have recently made changes to their positions in the company. IHT Wealth Management LLC grew its stake in Principal Financial Group by 6.1% in the second quarter. IHT Wealth Management LLC now owns 2,886 shares of the company’s stock valued at $219,000 after acquiring an additional 167 shares during the period. Bessemer Group Inc. boosted its position in shares of Principal Financial Group by 5.0% during the fourth quarter. Bessemer Group Inc. now owns 3,654 shares of the company’s stock worth $308,000 after buying an additional 173 shares during the period. Profund Advisors LLC boosted its position in shares of Principal Financial Group by 7.2% during the first quarter. Profund Advisors LLC now owns 2,772 shares of the company’s stock worth $206,000 after buying an additional 186 shares during the period. Kinneret Advisory LLC boosted its position in shares of Principal Financial Group by 2.3% during the first quarter. Kinneret Advisory LLC now owns 8,377 shares of the company’s stock worth $615,000 after buying an additional 187 shares during the period. Finally, Townsquare Capital LLC boosted its position in shares of Principal Financial Group by 3.0% during the third quarter. Townsquare Capital LLC now owns 6,693 shares of the company’s stock worth $482,000 after buying an additional 194 shares during the period. Institutional investors own 70.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PFG. Piper Sandler decreased their price target on Principal Financial Group from $80.00 to $74.00 and set a “neutral” rating on the stock in a research note on Monday, October 30th. Wells Fargo & Company decreased their price target on Principal Financial Group from $78.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 17th. Citigroup decreased their price target on Principal Financial Group from $64.00 to $62.00 and set a “sell” rating on the stock in a research note on Tuesday, October 24th. Evercore ISI upgraded Principal Financial Group from an “underperform” rating to an “inline” rating and lifted their price objective for the company from $82.00 to $83.00 in a research report on Thursday, January 4th. Finally, Morgan Stanley lifted their price objective on Principal Financial Group from $71.00 to $72.00 and gave the company an “underweight” rating in a research report on Wednesday, November 15th. Three equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $75.00.

View Our Latest Report on PFG

About Principal Financial Group

(Get Free Report)

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 Global Investors, Principal International, and U.S. Insurance Solutions segments.

Further Reading

Dividend History for Principal Financial Group (NYSE:PFG)

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