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

Principal Financial Group, Inc. (NYSE:PFGGet Free Report) declared a quarterly dividend on Friday, February 9th, 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 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Monday, March 11th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.67.

Principal Financial Group has increased its dividend payment by an average of 5.1% annually over the last three years and has increased its dividend annually for the last 2 consecutive years. Principal Financial Group has a payout ratio of 33.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Principal Financial Group to earn $8.35 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 33.1%.

Principal Financial Group Stock Performance

Shares of NYSE PFG opened at $79.97 on Friday. The company’s fifty day moving average is $79.41 and its 200-day moving average is $75.58. The stock has a market cap of $18.86 billion, a price-to-earnings ratio of 32.64, a P/E/G ratio of 1.00 and a beta of 1.24. Principal Financial Group has a twelve month low of $65.17 and a twelve month high of $84.65. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NYSE:PFGGet Free Report) last posted its quarterly earnings data on Monday, February 12th. The company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.70 by $0.13. The business had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $3.53 billion. Principal Financial Group had a net margin of 4.56% and a return on equity of 15.14%. During the same period in the previous year, the firm posted $1.70 EPS. Equities research analysts predict that Principal Financial Group will post 7.61 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on PFG shares. Royal Bank of Canada boosted their price objective on shares of Principal Financial Group from $75.00 to $83.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 14th. Evercore ISI raised shares of Principal Financial Group from an “underperform” rating to an “inline” rating and boosted their price target for the stock from $82.00 to $83.00 in a research report on Thursday, January 4th. Morgan Stanley boosted their price target on shares of Principal Financial Group from $72.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 13th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Principal Financial Group from $80.00 to $85.00 and gave the stock a “market perform” rating in a research report on Friday, February 16th. Two investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $76.18.

Get Our Latest Stock Report on PFG

Principal Financial Group announced that its board has approved a stock repurchase plan on Monday, February 12th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Morgan Stanley grew its stake in Principal Financial Group by 67.3% in the 4th quarter. Morgan Stanley now owns 4,514,124 shares of the company’s stock valued at $378,825,000 after buying an additional 1,816,343 shares during the last quarter. Norges Bank acquired a new position in Principal Financial Group in the 4th quarter valued at about $78,939,000. Royal Bank of Canada grew its stake in Principal Financial Group by 307.9% in the 1st quarter. Royal Bank of Canada now owns 1,133,674 shares of the company’s stock valued at $83,223,000 after buying an additional 855,747 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in Principal Financial Group in the 1st quarter valued at about $46,453,000. Finally, Barclays PLC grew its stake in Principal Financial Group by 64.6% in the 4th quarter. Barclays PLC now owns 1,058,831 shares of the company’s stock valued at $83,299,000 after buying an additional 415,633 shares during the last quarter. 70.68% of the stock is currently owned by institutional investors and hedge funds.

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 Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.

See Also

Dividend History for Principal Financial Group (NYSE:PFG)

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