Principal Financial Group (NYSE:PFG) Price Target Raised to $67.00

Principal Financial Group (NYSE:PFG) had its price objective boosted by Morgan Stanley from $65.00 to $67.00 in a research report report published on Tuesday morning,Benzinga reports. Morgan Stanley currently has an underweight rating on the stock.

Other analysts have also issued research reports about the company. Barclays decreased their price objective on Principal Financial Group from $80.00 to $76.00 and set an “underweight” rating on the stock in a research note on Friday, April 11th. UBS Group dropped their price target on shares of Principal Financial Group from $93.00 to $80.00 and set a “neutral” rating for the company in a research note on Tuesday, April 29th. Royal Bank of Canada restated a “sector perform” rating and issued a $91.00 price target on shares of Principal Financial Group in a research report on Thursday, January 16th. Piper Sandler lifted their price objective on shares of Principal Financial Group from $93.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods cut their target price on shares of Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating for the company in a research note on Tuesday, April 29th. Four equities 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $83.54.

Principal Financial Group Stock Performance

PFG opened at $78.86 on Tuesday. The firm has a market capitalization of $17.68 billion, a PE ratio of 11.80, a P/E/G ratio of 0.76 and a beta of 1.01. The firm has a 50 day moving average of $78.58 and a two-hundred day moving average of $81.35. Principal Financial Group has a 12-month low of $68.39 and a 12-month high of $91.98. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings data on Monday, April 28th. The company reported $1.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.83 by ($0.02). Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%. During the same quarter last year, the firm earned $1.65 EPS. On average, analysts anticipate that Principal Financial Group will post 8.5 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Monday, June 2nd will be paid a $0.76 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.75. The ex-dividend date is Monday, June 2nd. This represents a $3.04 annualized dividend and a yield of 3.86%. Principal Financial Group’s dividend payout ratio is presently 65.10%.

Institutional Trading of Principal Financial Group

Several institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in shares of Principal Financial Group by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 5,466,587 shares of the company’s stock worth $422,074,000 after buying an additional 52,410 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Principal Financial Group by 802.2% in the 1st quarter. Victory Capital Management Inc. now owns 3,707,534 shares of the company’s stock valued at $312,805,000 after acquiring an additional 3,296,608 shares during the last quarter. Northern Trust Corp grew its position in Principal Financial Group by 9.8% in the 4th quarter. Northern Trust Corp now owns 3,662,918 shares of the company’s stock valued at $283,546,000 after acquiring an additional 326,604 shares during the last quarter. Norges Bank bought a new position in shares of Principal Financial Group during the fourth quarter valued at approximately $217,021,000. Finally, JPMorgan Chase & Co. grew its stake in Principal Financial Group by 5.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,462,562 shares of the company’s stock worth $211,534,000 after buying an additional 118,722 shares during the last quarter. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

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.