Principal Financial Group (NYSE:PFG) Price Target Raised to $91.00

Principal Financial Group (NYSE:PFG) had its target price increased by Royal Bank of Canada from $87.00 to $91.00 in a report published on Tuesday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Several other analysts have also recently issued reports on PFG. Bank of America dropped their price objective on shares of Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Piper Sandler boosted their price objective on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods cut their target price on Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating for the company in a research note on Tuesday, July 30th. Citigroup lifted their price target on Principal Financial Group from $68.00 to $70.00 and gave the stock a “sell” rating in a report on Tuesday, July 23rd. Finally, Morgan Stanley dropped their price objective on shares of Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Principal Financial Group presently has a consensus rating of “Hold” and a consensus price target of $85.92.

Principal Financial Group Price Performance

Shares of Principal Financial Group stock opened at $84.80 on Tuesday. The stock has a market capitalization of $19.40 billion, a P/E ratio of -94.22, a PEG ratio of 0.97 and a beta of 1.20. The business has a 50 day simple moving average of $86.03 and a two-hundred day simple moving average of $82.33. Principal Financial Group has a 12 month low of $71.39 and a 12 month high of $91.97. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the business posted $1.72 EPS. As a group, analysts predict that Principal Financial Group will post 7.09 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be paid a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 3.44%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Monday, December 2nd. Principal Financial Group’s payout ratio is -320.00%.

Hedge Funds Weigh In On Principal Financial Group

A number of hedge funds have recently made changes to their positions in the stock. Metis Global Partners LLC lifted its stake in Principal Financial Group by 5.0% during the third quarter. Metis Global Partners LLC now owns 11,230 shares of the company’s stock worth $965,000 after purchasing an additional 533 shares in the last quarter. Cetera Investment Advisers boosted its holdings in Principal Financial Group by 108.1% during the 1st quarter. Cetera Investment Advisers now owns 53,579 shares of the company’s stock valued at $4,624,000 after acquiring an additional 27,827 shares during the period. Sei Investments Co. grew its position in Principal Financial Group by 59.4% in the 1st quarter. Sei Investments Co. now owns 24,275 shares of the company’s stock valued at $2,095,000 after acquiring an additional 9,048 shares in the last quarter. SG Americas Securities LLC grew its position in Principal Financial Group by 57.3% in the 2nd quarter. SG Americas Securities LLC now owns 178,635 shares of the company’s stock valued at $14,014,000 after acquiring an additional 65,070 shares in the last quarter. Finally, Tidal Investments LLC increased its stake in Principal Financial Group by 54.2% during the first quarter. Tidal Investments LLC now owns 26,847 shares of the company’s stock worth $2,317,000 after purchasing an additional 9,432 shares during the period. Hedge funds and other 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.