Wells Fargo & Co set a $66.00 price objective on Principal Financial Group (NYSE:PFG) in a research report report published on Wednesday. The brokerage currently has a hold rating on the financial services provider’s stock.
A number of other research firms also recently commented on PFG. Morgan Stanley cut their target price on shares of Principal Financial Group from $80.00 to $79.00 and set an equal weight rating for the company in a research report on Tuesday, January 30th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $76.00 target price on shares of Principal Financial Group in a research report on Wednesday, January 31st. Zacks Investment Research downgraded shares of Principal Financial Group from a hold rating to a sell rating in a research report on Monday, March 12th. Barclays raised shares of Principal Financial Group from an equal weight rating to an overweight rating and set a $72.00 target price for the company in a research report on Monday, February 12th. Finally, JPMorgan Chase & Co. raised shares of Principal Financial Group from an underweight rating to a neutral rating and set a $70.00 target price for the company in a research report on Monday, February 12th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $71.00.
NYSE:PFG opened at $59.41 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.10 and a quick ratio of 0.10. Principal Financial Group has a 12 month low of $54.89 and a 12 month high of $75.58.
Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, April 26th. The financial services provider reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.05. Principal Financial Group had a net margin of 12.35% and a return on equity of 13.55%. The business had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $3.54 billion. During the same quarter in the previous year, the firm posted $1.27 EPS. research analysts anticipate that Principal Financial Group will post 5.22 EPS for the current fiscal year.
Principal Financial Group announced that its Board of Directors has initiated a share repurchase plan on Monday, May 7th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 1.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Monday, June 4th will be given a dividend of $0.52 per share. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Friday, June 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.50%.
In other news, insider Luis E. Valdes sold 27,662 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $64.02, for a total transaction of $1,770,921.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.50% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Optimum Investment Advisors purchased a new position in shares of Principal Financial Group during the 1st quarter valued at $111,000. Point72 Asia Hong Kong Ltd purchased a new position in shares of Principal Financial Group during the 1st quarter valued at $113,000. Tower Research Capital LLC TRC purchased a new position in shares of Principal Financial Group during the 4th quarter valued at $174,000. Avestar Capital LLC purchased a new position in shares of Principal Financial Group during the 4th quarter valued at $169,000. Finally, Acadian Asset Management LLC lifted its stake in shares of Principal Financial Group by 215.0% during the 4th quarter. Acadian Asset Management LLC now owns 2,611 shares of the financial services provider’s stock valued at $184,000 after buying an additional 1,782 shares in the last quarter. 68.64% of the stock is owned by hedge funds and other institutional investors.
About Principal Financial Group
Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.
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