State of Michigan Retirement System Grows Stake in Principal Financial Group, Inc. $PFG

State of Michigan Retirement System increased its stake in Principal Financial Group, Inc. (NYSE:PFG) by 3.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,880 shares of the company’s stock after acquiring an additional 1,800 shares during the period. State of Michigan Retirement System’s holdings in Principal Financial Group were worth $4,677,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Kingstone Capital Partners Texas LLC purchased a new position in shares of Principal Financial Group during the second quarter valued at approximately $3,269,000. Blackhawk Capital Partners LLC. purchased a new position in shares of Principal Financial Group during the first quarter valued at approximately $281,000. Public Employees Retirement System of Ohio boosted its position in shares of Principal Financial Group by 3.5% during the second quarter. Public Employees Retirement System of Ohio now owns 72,348 shares of the company’s stock valued at $5,747,000 after buying an additional 2,469 shares during the period. Victory Capital Management Inc. boosted its position in shares of Principal Financial Group by 802.2% during the first quarter. Victory Capital Management Inc. now owns 3,707,534 shares of the company’s stock valued at $312,805,000 after buying an additional 3,296,608 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Principal Financial Group by 12.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 397,103 shares of the company’s stock valued at $33,504,000 after buying an additional 43,257 shares during the period. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Stock Performance

Shares of NYSE:PFG opened at $82.06 on Wednesday. The company has a market capitalization of $18.28 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 0.76 and a beta of 1.03. Principal Financial Group, Inc. has a 52 week low of $68.39 and a 52 week high of $90.31. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. The firm has a 50 day moving average of $81.32 and a 200 day moving average of $79.20.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Monday, October 27th. The company reported $2.32 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.12. Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same period in the prior year, the business earned $2.05 earnings per share. On average, sell-side analysts predict that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Wednesday, December 3rd will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 3.9%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend is Wednesday, December 3rd. Principal Financial Group’s payout ratio is presently 46.00%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PFG shares. Wells Fargo & Company boosted their target price on Principal Financial Group from $73.00 to $74.00 and gave the company an “underweight” rating in a research report on Wednesday, October 29th. JPMorgan Chase & Co. boosted their target price on Principal Financial Group from $92.00 to $101.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Piper Sandler set a $94.00 price target on shares of Principal Financial Group and gave the company an “overweight” rating in a research note on Tuesday, October 7th. UBS Group lifted their price target on shares of Principal Financial Group from $85.00 to $87.00 and gave the company a “neutral” rating in a research note on Tuesday, July 29th. Finally, Barclays lifted their price target on shares of Principal Financial Group from $80.00 to $83.00 and gave the company an “underweight” rating in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $88.90.

Principal Financial Group Company Profile

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.