Principal Financial Group (NYSE:PFG) PT Raised to $82.00

Principal Financial Group (NYSE:PFG) had its target price raised by Morgan Stanley from $81.00 to $82.00 in a research note released on Monday morning, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research analysts have also recently issued reports on PFG. Keefe, Bruyette & Woods lifted their price objective on Principal Financial Group from $85.00 to $89.00 and gave the company a market perform rating in a report on Wednesday, April 10th. Piper Sandler lifted their price target on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a neutral rating in a report on Friday, April 5th. Royal Bank of Canada upped their price objective on shares of Principal Financial Group from $75.00 to $83.00 and gave the stock a sector perform rating in a research note on Wednesday, February 14th. Evercore ISI lifted their target price on shares of Principal Financial Group from $84.00 to $86.00 and gave the company an in-line rating in a research note on Thursday, April 11th. Finally, Wells Fargo & Company increased their price target on Principal Financial Group from $86.00 to $91.00 and gave the stock an equal weight rating in a research report on Thursday, April 11th. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. According to data from MarketBeat.com, Principal Financial Group currently has an average rating of Hold and an average price target of $80.64.

Principal Financial Group Price Performance

Shares of Principal Financial Group stock opened at $78.96 on Monday. The firm has a market cap of $18.57 billion, a P/E ratio of 32.23, a price-to-earnings-growth ratio of 0.96 and a beta of 1.25. The firm’s 50-day simple moving average is $81.59 and its 200-day simple moving average is $76.96. Principal Financial Group has a twelve month low of $65.17 and a twelve month high of $86.79. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.30.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings data on Monday, February 12th. The company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.13. Principal Financial Group had a return on equity of 15.14% and a net margin of 4.56%. The company had revenue of $2.69 billion for the quarter, compared to the consensus estimate of $3.53 billion. During the same period in the previous year, the business earned $1.70 earnings per share. As a group, research analysts expect that Principal Financial Group will post 7.59 EPS for the current fiscal year.

Principal Financial Group declared that its Board of Directors has initiated a share buyback plan on Monday, February 12th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire up to 7.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 12th were given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.50%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Monday, March 11th. Principal Financial Group’s dividend payout ratio (DPR) is currently 112.65%.

Institutional Investors Weigh In On Principal Financial Group

Several large investors have recently bought and sold shares of PFG. GHP Investment Advisors Inc. increased its position in shares of Principal Financial Group by 143.0% in the 3rd quarter. GHP Investment Advisors Inc. now owns 384 shares of the company’s stock valued at $27,000 after buying an additional 226 shares in the last quarter. Spire Wealth Management increased its holdings in shares of Principal Financial Group by 152.0% in the fourth quarter. Spire Wealth Management now owns 373 shares of the company’s stock worth $29,000 after acquiring an additional 225 shares in the last quarter. ICA Group Wealth Management LLC increased its holdings in shares of Principal Financial Group by 100.0% in the first quarter. ICA Group Wealth Management LLC now owns 400 shares of the company’s stock worth $30,000 after acquiring an additional 200 shares in the last quarter. EdgeRock Capital LLC acquired a new stake in shares of Principal Financial Group during the fourth quarter worth about $31,000. Finally, Fortis Group Advisors LLC bought a new position in shares of Principal Financial Group during the 3rd quarter valued at about $33,000. Institutional investors own 75.08% of the company’s stock.

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.