Principal Financial Group Inc (NYSE:PFG) announced a quarterly dividend on Wednesday, July 29th, Wall Street Journal reports. Investors of record on Tuesday, September 1st will be paid a dividend of 0.56 per share by the financial services provider on Friday, September 25th. This represents a $2.24 annualized dividend and a dividend yield of 5.34%. The ex-dividend date is Monday, August 31st.
Principal Financial Group has raised its dividend by an average of 35.4% annually over the last three years and has increased its dividend every year for the last 8 years. Principal Financial Group has a dividend payout ratio of 45.9% meaning its dividend is sufficiently covered by earnings.
PFG stock opened at $41.96 on Thursday. Principal Financial Group has a 52-week low of $23.31 and a 52-week high of $59.45. The stock’s 50 day moving average is $42.48 and its two-hundred day moving average is $41.76.
Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.16. The business had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.83 billion. During the same quarter in the prior year, the firm earned $1.52 earnings per share.
In related news, Director Daniel Gelatt acquired 28,148 shares of Principal Financial Group stock in a transaction that occurred on Friday, June 26th. The stock was acquired at an average price of $35.52 per share, for a total transaction of $999,816.96. Following the transaction, the director now directly owns 187,741 shares of the company’s stock, valued at approximately $6,668,560.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 1.50% of the company’s stock.
PFG has been the topic of several analyst reports. Morgan Stanley lifted their price objective on Principal Financial Group from $42.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday. Piper Sandler lowered their price target on Principal Financial Group from $48.00 to $43.00 and set an “overweight” rating for the company in a report on Friday, April 3rd. Royal Bank of Canada boosted their price target on Principal Financial Group from $36.00 to $42.00 in a report on Thursday, July 16th. UBS Group boosted their price target on Principal Financial Group from $35.00 to $36.00 and gave the company a “neutral” rating in a report on Friday, May 15th. Finally, Bank of America started coverage on Principal Financial Group in a report on Monday, June 1st. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $45.00.
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 Global Investors, Principal International, and U.S. Insurance Solutions segments.
Read More: What is the yield curve?
Receive News & Ratings for Principal Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Principal Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.