Principal Financial Group, Inc. (NYSE:PFG) Declares Dividend Increase – $0.69 Per Share

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 given 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 a boost 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 increased its dividend annually for the last 1 consecutive years. Principal Financial Group has a payout ratio of 32.6% indicating that its dividend is sufficiently covered by earnings. Equities research 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

Shares of PFG traded up $0.74 during trading hours on Monday, hitting $78.94. 1,228,647 shares of the stock were exchanged, compared to its average volume of 914,225. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.31 and a current ratio of 0.31. Principal Financial Group has a 12-month low of $65.17 and a 12-month high of $93.15. The company has a market cap of $18.82 billion, a price-to-earnings ratio of 13.04, a price-to-earnings-growth ratio of 1.23 and a beta of 1.25. The stock’s 50-day moving average price is $78.37 and its two-hundred day moving average price is $75.19.

Institutional Trading of Principal Financial Group

Institutional investors have recently bought and sold shares of the company. ICA Group Wealth Management LLC raised its holdings in Principal Financial Group by 100.0% during the first quarter. ICA Group Wealth Management LLC now owns 400 shares of the company’s stock valued at $30,000 after buying an additional 200 shares in the last quarter. Clear Street Markets LLC raised its holdings in Principal Financial Group by 96.1% during the first quarter. Clear Street Markets LLC now owns 449 shares of the company’s stock valued at $33,000 after buying an additional 220 shares in the last quarter. Point72 Middle East FZE bought a new position in shares of Principal Financial Group in the fourth quarter worth about $39,000. Fairfield Bush & CO. bought a new position in shares of Principal Financial Group in the second quarter worth about $53,000. Finally, Money Concepts Capital Corp increased its stake in shares of Principal Financial Group by 1,105.2% in the fourth quarter. Money Concepts Capital Corp now owns 1,169 shares of the company’s stock worth $98,000 after purchasing an additional 1,072 shares during the period. Institutional investors and hedge funds own 70.68% of the company’s stock.

Wall Street Analyst Weigh In

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

Read Our Latest Stock Report on Principal Financial Group

Principal Financial Group Company Profile

(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)

Receive News & Ratings for Principal Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Principal Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.