Mirae Asset Global Investments Co. Ltd. Buys 240,128 Shares of Principal Financial Group, Inc. $PFG

Mirae Asset Global Investments Co. Ltd. bought a new stake in Principal Financial Group, Inc. (NASDAQ:PFG) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 240,128 shares of the company’s stock, valued at approximately $26,885,000.

Other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Principal Financial Group in the 2nd quarter worth about $2,157,181,000. Bank of America Corp DE acquired a new position in shares of Principal Financial Group in the 2nd quarter valued at about $741,960,000. Legal & General Group Plc acquired a new position in shares of Principal Financial Group in the 2nd quarter valued at about $164,848,000. Deutsche Bank AG bought a new stake in shares of Principal Financial Group during the 2nd quarter valued at about $132,735,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Principal Financial Group during the 2nd quarter valued at about $124,372,000. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Up 1.1%

Shares of NASDAQ:PFG opened at $112.81 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.28 and a current ratio of 0.24. Principal Financial Group, Inc. has a 52-week low of $80.00 and a 52-week high of $121.18. The business’s 50 day simple moving average is $112.19 and its two-hundred day simple moving average is $103.59. The firm has a market cap of $24.15 billion, a P/E ratio of 12.53, a PEG ratio of 1.27 and a beta of 0.86.

Principal Financial Group (NASDAQ:PFG) last released its quarterly earnings data on Thursday, October 29th. The company reported $2.22 EPS for the quarter, missing the consensus estimate of $2.46 by ($0.24). Principal Financial Group had a net margin of 11.89% and a return on equity of 16.51%. The firm had revenue of $4.62 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter in the prior year, the firm earned $2.32 EPS. As a group, research analysts forecast that Principal Financial Group, Inc. will post 9.27 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Wednesday, December 2nd will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, December 2nd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.84. Principal Financial Group’s payout ratio is 37.78%.

Analyst Upgrades and Downgrades

Several research firms recently commented on PFG. Bank of America raised their target price on Principal Financial Group from $94.00 to $104.00 and gave the stock an “underperform” rating in a research note on Tuesday, July 28th. Raymond James Financial reissued an “outperform” rating and issued a $121.00 price target on shares of Principal Financial Group in a research note on Monday, August 17th. UBS Group cut their price target on Principal Financial Group from $120.00 to $112.00 and set a “neutral” rating on the stock in a report on Tuesday, October 27th. Wells Fargo & Company reduced their price objective on shares of Principal Financial Group from $112.00 to $109.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 28th. Finally, Barclays dropped their target price on shares of Principal Financial Group from $92.00 to $86.00 and set an “underweight” rating on the stock in a research report on Wednesday, October 7th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Principal Financial Group currently has an average rating of “Hold” and a consensus target price of $107.75.

About Principal Financial Group

Principal Financial Group, Inc is a global financial services company that helps individuals and businesses build, protect and manage wealth. Its offerings include retirement plans, individual retirement accounts, investment products, life and disability insurance, and financial wellness solutions. The company also provides institutional investment management and pension-risk transfer services.

Principal serves employers, institutions and individual investors through a range of retirement and workplace benefits solutions.