Bank of Montreal Can Increases Stock Holdings in Principal Financial Group, Inc. (NYSE:PFG)

Bank of Montreal Can grew its stake in Principal Financial Group, Inc. (NYSE:PFG - Free Report) by 41.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 503,735 shares of the company's stock after purchasing an additional 146,473 shares during the period. Bank of Montreal Can owned approximately 0.22% of Principal Financial Group worth $43,367,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PFG. Tidal Investments LLC lifted its stake in shares of Principal Financial Group by 54.2% in the 1st quarter. Tidal Investments LLC now owns 26,847 shares of the company's stock valued at $2,317,000 after purchasing an additional 9,432 shares during the last quarter. Swedbank AB bought a new stake in shares of Principal Financial Group during the 1st quarter worth approximately $13,996,000. PGGM Investments lifted its stake in shares of Principal Financial Group by 2.1% during the 1st quarter. PGGM Investments now owns 48,179 shares of the company's stock worth $4,158,000 after acquiring an additional 1,014 shares during the last quarter. Cetera Investment Advisers lifted its stake in shares of Principal Financial Group by 108.1% during the 1st quarter. Cetera Investment Advisers now owns 53,579 shares of the company's stock worth $4,624,000 after acquiring an additional 27,827 shares during the last quarter. Finally, Cetera Advisors LLC lifted its stake in shares of Principal Financial Group by 242.0% during the 1st quarter. Cetera Advisors LLC now owns 32,533 shares of the company's stock worth $2,808,000 after acquiring an additional 23,020 shares during the last quarter. 75.08% of the stock is owned by institutional investors.

Principal Financial Group Stock Down 0.2 %

Shares of NYSE:PFG traded down $0.19 on Friday, reaching $87.09. The company had a trading volume of 559,541 shares, compared to its average volume of 1,139,112. Principal Financial Group, Inc. has a 52-week low of $72.21 and a 52-week high of $91.97. The firm's 50 day simple moving average is $86.38 and its 200-day simple moving average is $82.45. The firm has a market capitalization of $19.92 billion, a PE ratio of 12.70, a PEG ratio of 1.02 and a beta of 1.20. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.02 by ($0.26). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The company had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $3.92 billion. During the same quarter in the prior year, the business posted $1.72 earnings per share. As a group, analysts expect that Principal Financial Group, Inc. will post 7.04 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a yield of 3.35%. This is an increase from Principal Financial Group's previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Monday, December 2nd. Principal Financial Group's payout ratio is -320.00%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PFG shares. Piper Sandler raised their price target on Principal Financial Group from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 2nd. Morgan Stanley decreased their price target on Principal Financial Group from $85.00 to $83.00 and set an "equal weight" rating for the company in a research note on Monday, August 19th. Royal Bank of Canada raised their price target on Principal Financial Group from $87.00 to $91.00 and gave the stock a "sector perform" rating in a research note on Tuesday, November 19th. Barclays raised their price target on Principal Financial Group from $75.00 to $77.00 and gave the stock an "underweight" rating in a research note on Friday, October 25th. Finally, Wells Fargo & Company raised their price target on Principal Financial Group from $85.00 to $86.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $85.92.

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 Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.