Principal Financial Group, Inc. (NYSE:PFG) Announces Dividend Increase – $0.75 Per Share

Principal Financial Group, Inc. (NYSE:PFG) declared a quarterly dividend on Friday, February 7th,Wall Street Journal reports. Stockholders of record on Wednesday, March 12th will be paid a dividend of 0.75 per share on Friday, March 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date is Wednesday, March 12th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.73.

Principal Financial Group has increased its dividend by an average of 5.3% annually over the last three years. Principal Financial Group has a payout ratio of 31.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Principal Financial Group to earn $9.28 per share next year, which means the company should continue to be able to cover its $2.92 annual dividend with an expected future payout ratio of 31.5%.

Principal Financial Group Trading Up 2.9 %

Shares of PFG opened at $82.33 on Friday. The firm has a market cap of $18.83 billion, a P/E ratio of 12.32, a price-to-earnings-growth ratio of 0.79 and a beta of 1.22. Principal Financial Group has a fifty-two week low of $72.21 and a fifty-two week high of $91.97. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30. The business has a 50-day moving average of $80.04 and a 200 day moving average of $82.07.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Keefe, Bruyette & Woods dropped their price target on shares of Principal Financial Group from $93.00 to $90.00 and set a “market perform” rating on the stock in a research note on Friday, January 10th. Barclays increased their target price on Principal Financial Group from $77.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday. BMO Capital Markets initiated coverage on Principal Financial Group in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price target for the company. Morgan Stanley reissued an “underweight” rating and set a $80.00 price objective (down previously from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. Finally, JPMorgan Chase & Co. raised Principal Financial Group from a “neutral” rating to an “overweight” rating and reduced their target price for the company from $95.00 to $92.00 in a report on Tuesday, January 7th. Four research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $85.15.

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.