Korea Investment CORP Acquires 59,000 Shares of Principal Financial Group, Inc. $PFG

Korea Investment CORP increased its holdings in shares of Principal Financial Group, Inc. (NYSE:PFG) by 44.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 192,166 shares of the company’s stock after acquiring an additional 59,000 shares during the period. Korea Investment CORP owned approximately 0.09% of Principal Financial Group worth $15,264,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PFG. Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of Principal Financial Group in the 2nd quarter worth approximately $25,000. Traub Capital Management LLC bought a new stake in Principal Financial Group in the second quarter worth $26,000. American National Bank & Trust purchased a new stake in shares of Principal Financial Group in the second quarter worth $28,000. Curio Wealth LLC increased its holdings in shares of Principal Financial Group by 37,800.0% during the second quarter. Curio Wealth LLC now owns 379 shares of the company’s stock valued at $30,000 after acquiring an additional 378 shares in the last quarter. Finally, Private Wealth Asset Management LLC raised its position in shares of Principal Financial Group by 163.4% in the 2nd quarter. Private Wealth Asset Management LLC now owns 403 shares of the company’s stock worth $32,000 after purchasing an additional 250 shares during the last quarter. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Price Performance

Shares of PFG opened at $84.82 on Friday. The firm has a market cap of $18.90 billion, a PE ratio of 12.70, a P/E/G ratio of 0.76 and a beta of 1.02. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The firm has a fifty day simple moving average of $82.31 and a two-hundred day simple moving average of $80.15. Principal Financial Group, Inc. has a 1-year low of $68.39 and a 1-year high of $90.31.

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 the consensus estimate of $2.20 by $0.12. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same period last year, the company earned $2.05 earnings per share. On average, equities analysts anticipate that Principal Financial Group, Inc. will post 8.5 EPS for the current year.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Wednesday, December 3rd will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Wednesday, December 3rd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.78. Principal Financial Group’s payout ratio is currently 46.00%.

Insider Buying and Selling at Principal Financial Group

In related news, EVP Wee Yee Cheong sold 1,887 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $85.04, for a total value of $160,470.48. Following the transaction, the executive vice president owned 81,421 shares of the company’s stock, valued at approximately $6,924,041.84. This trade represents a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PFG. Evercore ISI increased their price objective on shares of Principal Financial Group from $92.00 to $94.00 and gave the company an “in-line” rating in a research report on Thursday, October 9th. Piper Sandler set a $94.00 price target on shares of Principal Financial Group and gave the company an “overweight” rating in a report on Tuesday, October 7th. Morgan Stanley raised Principal Financial Group from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $80.00 to $81.00 in a research report on Thursday, October 23rd. Wells Fargo & Company increased their target price on Principal Financial Group from $73.00 to $74.00 and gave the company an “underweight” rating in a research note on Wednesday, October 29th. Finally, Barclays lifted their target price on Principal Financial Group from $80.00 to $83.00 and gave the stock an “underweight” rating in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.