Principal Financial Group (NYSE:PFG) PT Raised to $75.00 at Barclays

Principal Financial Group (NYSE:PFG) had its price objective hoisted by Barclays from $74.00 to $75.00 in a research note released on Wednesday morning, Benzinga reports. Barclays currently has an underweight rating on the stock.

A number of other analysts have also commented on the stock. Wells Fargo & Company decreased their price target on shares of Principal Financial Group from $87.00 to $85.00 and set an equal weight rating for the company in a research note on Monday, July 29th. Morgan Stanley lowered their target price on shares of Principal Financial Group from $85.00 to $83.00 and set an equal weight rating on the stock in a report on Monday, August 19th. Raymond James upgraded Principal Financial Group from a market perform rating to a strong-buy rating and set a $99.00 price target for the company in a research note on Tuesday, July 9th. Piper Sandler increased 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. Finally, Jefferies Financial Group lifted their target price on Principal Financial Group from $73.00 to $76.00 and gave the company a hold rating in a research report on Thursday, July 18th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $85.42.

Principal Financial Group Price Performance

PFG stock opened at $89.20 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.29. The company’s 50-day moving average is $81.07 and its 200-day moving average is $81.42. The stock has a market capitalization of $20.66 billion, a PE ratio of 17.32, a price-to-earnings-growth ratio of 0.92 and a beta of 1.19. Principal Financial Group has a 1 year low of $66.21 and a 1 year high of $89.51.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Thursday, July 25th. The company reported $1.63 EPS for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.24). Principal Financial Group had a net margin of 8.05% and a return on equity of 14.92%. The firm had revenue of $4.31 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same period last year, the business posted $1.53 EPS. Equities research analysts expect that Principal Financial Group will post 7.31 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Thursday, September 5th were issued a $0.72 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date was Thursday, September 5th. Principal Financial Group’s payout ratio is 55.92%.

Institutional Trading of Principal Financial Group

Several hedge funds have recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System increased its stake in shares of Principal Financial Group by 6.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 296,889 shares of the company’s stock worth $25,624,000 after purchasing an additional 18,368 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Principal Financial Group by 108.1% in the first quarter. Cetera Investment Advisers now owns 53,579 shares of the company’s stock valued at $4,624,000 after buying an additional 27,827 shares during the period. Sei Investments Co. lifted its position in shares of Principal Financial Group by 59.4% during the 1st quarter. Sei Investments Co. now owns 24,275 shares of the company’s stock valued at $2,095,000 after buying an additional 9,048 shares during the last quarter. Sound Income Strategies LLC grew its stake in shares of Principal Financial Group by 8.6% during the 1st quarter. Sound Income Strategies LLC now owns 181,776 shares of the company’s stock worth $15,689,000 after acquiring an additional 14,339 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in Principal Financial Group in the 1st quarter worth about $1,097,000. 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.