Principal Financial Group Inc (NYSE:PFG) Declares Dividend Increase – $0.47 Per Share
Principal Financial Group Inc (NYSE:PFG) announced a quarterly dividend on Thursday, July 27th, RTT News reports. Shareholders of record on Friday, September 1st will be given a dividend of 0.47 per share by the financial services provider on Friday, September 29th. This represents a $1.88 annualized dividend and a yield of 2.82%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.46.
Principal Financial Group has raised its dividend by an average of 18.0% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. Principal Financial Group has a payout ratio of 36.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Principal Financial Group to earn $5.41 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 34.0%.
Principal Financial Group (PFG) traded down 0.05% during midday trading on Thursday, reaching $66.63. 810,606 shares of the company’s stock traded hands. Principal Financial Group has a 1-year low of $44.22 and a 1-year high of $67.37. The company has a market capitalization of $19.20 billion, a price-to-earnings ratio of 15.01 and a beta of 1.65. The firm’s 50-day moving average is $65.00 and its 200-day moving average is $62.76.
Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Thursday, April 27th. The financial services provider reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.08. Principal Financial Group had a net margin of 10.37% and a return on equity of 13.35%. The business had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period last year, the business earned $0.97 earnings per share. Analysts forecast that Principal Financial Group will post $5.06 earnings per share for the current year.
Principal Financial Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 17th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
In related news, EVP Gary P. Scholten sold 13,495 shares of Principal Financial Group stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $67.00, for a total value of $904,165.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Luis E. Valdes sold 10,375 shares of Principal Financial Group stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $64.00, for a total transaction of $664,000.00. The disclosure for this sale can be found here. Insiders sold 295,096 shares of company stock valued at $19,025,927 in the last quarter. 1.50% of the stock is owned by insiders.
A number of equities research analysts have weighed in on the stock. Royal Bank Of Canada reiterated a “buy” rating and set a $73.00 price target on shares of Principal Financial Group in a research report on Wednesday, July 12th. BidaskClub upgraded shares of Principal Financial Group from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Zacks Investment Research cut shares of Principal Financial Group from a “buy” rating to a “hold” rating in a report on Friday, July 7th. Wells Fargo & Company restated a “buy” rating on shares of Principal Financial Group in a report on Thursday, June 29th. Finally, Deutsche Bank AG lifted their price objective on shares of Principal Financial Group from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, April 19th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $59.70.
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Principal Financial Group Company Profile
Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.
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