Morgan Stanley Cuts Principal Financial Group (NYSE:PFG) Price Target to $65.00

Principal Financial Group (NYSE:PFG) had its price objective reduced by Morgan Stanley from $77.00 to $65.00 in a research note issued to investors on Thursday,Benzinga reports. Morgan Stanley currently has an underweight rating on the stock.

A number of other brokerages also recently weighed in on PFG. BMO Capital Markets initiated coverage on Principal Financial Group in a report on Thursday, January 23rd. They set a “market perform” rating and a $93.00 price target on the stock. Barclays lifted their target price on Principal Financial Group from $77.00 to $80.00 and gave the company an “underweight” rating in a research note on Friday, February 7th. JPMorgan Chase & Co. raised shares of Principal Financial Group from a “neutral” rating to an “overweight” rating and reduced their price target for the stock from $95.00 to $92.00 in a research report on Tuesday, January 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $91.00 price objective on shares of Principal Financial Group in a research report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Principal Financial Group from $90.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 12th. Four analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $84.69.

Principal Financial Group Trading Up 0.9 %

Principal Financial Group stock opened at $72.61 on Thursday. Principal Financial Group has a 52 week low of $68.39 and a 52 week high of $91.98. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. The firm has a market capitalization of $16.38 billion, a price-to-earnings ratio of 10.87, a P/E/G ratio of 0.76 and a beta of 1.01. The company has a 50 day moving average price of $82.79 and a 200 day moving average price of $83.08.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th were issued a dividend of $0.75 per share. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Wednesday, March 12th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.13%. Principal Financial Group’s dividend payout ratio is currently 44.91%.

Institutional Investors Weigh In On Principal Financial Group

Large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC lifted its stake in shares of Principal Financial Group by 66.2% in the third quarter. Sanctuary Advisors LLC now owns 24,932 shares of the company’s stock worth $2,137,000 after buying an additional 9,933 shares during the last quarter. Legacy Financial Group LLC bought a new position in Principal Financial Group in the 4th quarter worth $771,000. Columbus Macro LLC boosted its holdings in Principal Financial Group by 46.7% during the fourth quarter. Columbus Macro LLC now owns 25,653 shares of the company’s stock valued at $1,986,000 after acquiring an additional 8,169 shares during the period. Lecap Asset Management Ltd. grew its position in shares of Principal Financial Group by 135.6% in the fourth quarter. Lecap Asset Management Ltd. now owns 22,469 shares of the company’s stock valued at $1,739,000 after purchasing an additional 12,933 shares during the last quarter. Finally, Quantbot Technologies LP grew its position in shares of Principal Financial Group by 2,064.3% in the fourth quarter. Quantbot Technologies LP now owns 148,299 shares of the company’s stock valued at $11,480,000 after purchasing an additional 141,447 shares during the last quarter. Institutional investors own 75.08% of the company’s stock.

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.