Federated Hermes Inc. Purchases 1,370 Shares of Principal Financial Group, Inc. (NYSE:PFG)

Federated Hermes Inc. raised its stake in Principal Financial Group, Inc. (NYSE:PFG) by 7.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,430 shares of the company’s stock after purchasing an additional 1,370 shares during the period. Federated Hermes Inc.’s holdings in Principal Financial Group were worth $1,524,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. EdgeRock Capital LLC purchased a new stake in shares of Principal Financial Group during the 2nd quarter valued at approximately $26,000. Riverview Trust Co bought a new position in shares of Principal Financial Group in the first quarter worth $34,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Principal Financial Group in the fourth quarter valued at $33,000. Family Firm Inc. purchased a new position in shares of Principal Financial Group in the second quarter valued at $33,000. Finally, Salomon & Ludwin LLC lifted its holdings in Principal Financial Group by 319.3% during the 1st quarter. Salomon & Ludwin LLC now owns 499 shares of the company’s stock worth $43,000 after purchasing an additional 380 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

Principal Financial Group Price Performance

PFG opened at $85.61 on Friday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $19.83 billion, a P/E ratio of 16.34, a PEG ratio of 0.87 and a beta of 1.19. The stock has a 50-day moving average price of $80.23 and a 200-day moving average price of $80.99. Principal Financial Group, Inc. has a 12-month low of $66.21 and a 12-month high of $88.26.

Principal Financial Group (NYSE:PFG) last issued its earnings results on Thursday, July 25th. The company reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.87 by ($0.24). The firm had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $3.78 billion. Principal Financial Group had a return on equity of 14.92% and a net margin of 8.05%. During the same period in the prior year, the company earned $1.53 EPS. Equities analysts predict that Principal Financial Group, Inc. will post 7.31 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Thursday, September 5th will be issued a dividend of $0.72 per share. The ex-dividend date is Thursday, September 5th. This represents a $2.88 annualized dividend and a dividend yield of 3.36%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.71. Principal Financial Group’s dividend payout ratio (DPR) is currently 54.96%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PFG shares. JPMorgan Chase & Co. raised Principal Financial Group from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $88.00 to $96.00 in a report on Tuesday, July 2nd. Morgan Stanley lowered their target price on shares of Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Monday, August 19th. Wells Fargo & Company reduced their price target on shares of Principal Financial Group from $87.00 to $85.00 and set an “equal weight” rating for the company in a research report on Monday, July 29th. Jefferies Financial Group increased their price objective on Principal Financial Group from $73.00 to $76.00 and gave the stock a “hold” rating in a research report on Thursday, July 18th. Finally, Barclays initiated coverage on Principal Financial Group in a research report on Wednesday, September 4th. They set an “underweight” rating and a $74.00 target price for the company. Two analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Principal Financial Group has a consensus rating of “Hold” and a consensus target price of $85.50.

About Principal Financial Group

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.