Principal Financial Group Inc (NYSE:PFG) announced a quarterly dividend on Monday, January 29th, RTT News reports. Shareholders of record on Monday, March 5th will be given a dividend of 0.51 per share by the financial services provider on Thursday, March 29th. This represents a $2.04 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend is Friday, March 2nd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.49.
Principal Financial Group has increased its dividend payment by an average of 13.5% annually over the last three years and has raised its dividend every year for the last 6 years. Principal Financial Group has a payout ratio of 37.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Principal Financial Group to earn $5.61 per share next year, which means the company should continue to be able to cover its $1.96 annual dividend with an expected future payout ratio of 34.9%.
Shares of Principal Financial Group (NYSE:PFG) opened at $62.33 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.10 and a current ratio of 0.10. Principal Financial Group has a 1 year low of $59.25 and a 1 year high of $75.58. The stock has a market cap of $18,050.00, a PE ratio of 8.00, a price-to-earnings-growth ratio of 1.35 and a beta of 1.58.
Several research firms have issued reports on PFG. Zacks Investment Research lowered shares of Principal Financial Group from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. Barclays upgraded shares of Principal Financial Group from an “equal weight” rating to an “overweight” rating and set a $72.00 target price for the company in a report on Monday, February 12th. JPMorgan Chase & Co. upgraded shares of Principal Financial Group from an “underweight” rating to a “neutral” rating and set a $70.00 target price for the company in a report on Monday, February 12th. Morgan Stanley dropped their target price on shares of Principal Financial Group from $80.00 to $79.00 and set an “equal weight” rating for the company in a report on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $73.00 target price on shares of Principal Financial Group in a report on Monday, December 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $73.56.
In other news, insider Luis E. Valdes sold 27,662 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $64.02, for a total transaction of $1,770,921.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Daniel Joseph Houston sold 69,894 shares of the stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $72.01, for a total transaction of $5,033,066.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 273,635 shares of company stock valued at $19,191,950. 1.50% of the stock is currently owned by company insiders.
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Principal Financial Group Company Profile
Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.
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