Principal Financial Group (PFG) will raise its quarterly dividend by 8.9 percent to 61 cents per share in 2021. This comes after a dividend hike of 1.8 percent to $0.56 per share announced in the first quarter of 2020 and also marks the 13th consecutive year of annual dividend increases by the investment management company.

The next dividend will be payable on June 25, 2021, to shareholders of record as of June 3, 2021. A new annual dividend rate of  $2.44 per share yields 3.8% at a stock price of $64. The next ex-dividend date for PFG is June 2, 2021.

Principal Financial Group, Inc. is a global investment management company offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its financial services companies.  The company provides long-term investment strategies to institutional, retirement, high net worth and retail clients through equity, fixed income, real estate and other alternative investments, as well as fund offerings. PFG has four reportable segments: Retirement and Income Solutions, Principal Global Investors, Principal International and U.S. Insurance Solutions. The company completed its initial offering on October 26, 2001 at a price of $18.50 per share and dividends have been paid since Q4 of 2002.