Principal Financial Group Inc (NYSE:PFG) announced a quarterly dividend on Wednesday, July 29th, Wall Street Journal reports. Stockholders of record on Tuesday, September 1st will be given 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 payment by an average of 35.4% annually over the last three years and has raised its dividend every year for the last 8 years. Principal Financial Group has a payout ratio of 45.9% meaning its dividend is sufficiently covered by earnings.
PFG opened at $41.96 on Thursday. The stock has a 50-day moving average of $42.48 and a 200-day moving average of $41.76. Principal Financial Group has a 52-week low of $23.31 and a 52-week high of $59.45.
Several analysts recently weighed in on PFG shares. Bank of America started coverage on Principal Financial Group in a research note on Monday, June 1st. They set a “buy” rating for the company. Morgan Stanley increased their target price on Principal Financial Group from $42.00 to $45.00 and gave the company an “equal weight” rating in a research note on Tuesday. Piper Sandler decreased their target price on Principal Financial Group from $48.00 to $43.00 and set an “overweight” rating for the company in a research note on Friday, April 3rd. Goldman Sachs Group cut Principal Financial Group from a “neutral” rating to a “sell” rating and set a $38.00 price target for the company. in a report on Thursday, June 18th. Finally, UBS Group upped 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $45.00.
In other news, Director Daniel Gelatt purchased 28,148 shares of the business’s stock in a transaction on Friday, June 26th. The stock was purchased at an average price of $35.52 per share, with a total value of $999,816.96. Following the acquisition, the director now directly owns 187,741 shares in the company, valued at approximately $6,668,560.32. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.50% of the company’s stock.
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.
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