Principal Financial Group, Inc. (NYSE:PFG) to Issue Quarterly Dividend of $0.75

Principal Financial Group, Inc. (NYSE:PFG) declared a quarterly dividend on Friday, February 7th,Wall Street Journal reports. Shareholders of record on Wednesday, March 12th will be given a dividend of 0.75 per share on Friday, March 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Wednesday, March 12th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.73.

Principal Financial Group has raised its dividend by an average of 5.3% per year over the last three years. Principal Financial Group has a payout ratio of 31.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Principal Financial Group to earn $8.36 per share next year, which means the company should continue to be able to cover its $2.92 annual dividend with an expected future payout ratio of 34.9%.

Principal Financial Group Stock Up 2.8 %

Shares of PFG stock traded up $2.21 during midday trading on Friday, reaching $82.21. 2,008,988 shares of the stock were exchanged, compared to its average volume of 1,389,088. Principal Financial Group has a 1 year low of $72.21 and a 1 year high of $91.97. The company’s 50 day moving average is $80.14 and its two-hundred day moving average is $82.09. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35. The firm has a market cap of $18.80 billion, a PE ratio of -91.40, a price-to-earnings-growth ratio of 0.81 and a beta of 1.22.

Analyst Ratings Changes

A number of research firms have weighed in on PFG. Wells Fargo & Company reduced their target price on Principal Financial Group from $75.00 to $69.00 and set an “underweight” rating on the stock in a report on Tuesday, January 14th. JPMorgan Chase & Co. upgraded Principal Financial Group from a “neutral” rating to an “overweight” rating and cut their price target for the stock from $95.00 to $92.00 in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods cut their price target on Principal Financial Group from $93.00 to $90.00 and set a “market perform” rating on the stock in a research note on Friday, January 10th. Barclays upped their price target on Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Finally, BMO Capital Markets assumed coverage on Principal Financial Group in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Principal Financial Group currently has a consensus rating of “Hold” and a consensus target price of $84.92.

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.