Principal Financial Group (NYSE:PFG) Reaches New 1-Year High – Here’s Why

Principal Financial Group, Inc. (NYSE:PFG)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $90.63 and last traded at $90.2530, with a volume of 762128 shares. The stock had previously closed at $88.21.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Piper Sandler set a $94.00 price target on shares of Principal Financial Group and gave the company an “overweight” rating in a research report on Tuesday, October 7th. Barclays increased their price objective on shares of Principal Financial Group from $80.00 to $83.00 and gave the company an “underweight” rating in a research report on Wednesday, October 8th. Evercore ISI increased their price objective on shares of Principal Financial Group from $92.00 to $94.00 and gave the stock an “in-line” rating in a research note on Thursday, October 9th. Wells Fargo & Company lifted their price target on Principal Financial Group from $73.00 to $74.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 29th. Finally, Keefe, Bruyette & Woods lifted their target price on Principal Financial Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a research report on Thursday, October 30th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $88.90.

Principal Financial Group Stock Performance

The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. The stock has a fifty day moving average of $82.86 and a 200-day moving average of $80.47. The stock has a market capitalization of $20.10 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 0.76 and a beta of 0.89.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings results on Monday, October 27th. The company reported $2.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.12. Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same quarter last year, the business earned $2.05 EPS. Equities analysts anticipate that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Wednesday, December 3rd will be given a $0.79 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.78. The ex-dividend date is Wednesday, December 3rd. This represents a $3.16 annualized dividend and a yield of 3.5%. Principal Financial Group’s payout ratio is currently 46.00%.

Insiders Place Their Bets

In other Principal Financial Group news, EVP Wee Yee Cheong sold 1,887 shares of Principal Financial Group stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $85.04, for a total transaction of $160,470.48. Following the transaction, the executive vice president directly owned 81,421 shares in the company, valued at approximately $6,924,041.84. The trade was a 2.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.08% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PFG. Vanguard Group Inc. lifted its holdings in shares of Principal Financial Group by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 27,345,064 shares of the company’s stock valued at $2,172,018,000 after purchasing an additional 97,149 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Principal Financial Group by 9.6% during the second quarter. Bank of America Corp DE now owns 12,370,852 shares of the company’s stock worth $982,617,000 after purchasing an additional 1,083,991 shares during the period. Invesco Ltd. lifted its holdings in shares of Principal Financial Group by 23.2% during the 3rd quarter. Invesco Ltd. now owns 3,376,797 shares of the company’s stock worth $279,970,000 after acquiring an additional 636,334 shares during the period. Norges Bank acquired a new stake in Principal Financial Group in the second quarter valued at approximately $227,098,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of Principal Financial Group by 114.2% during the first quarter. Goldman Sachs Group Inc. now owns 2,613,143 shares of the company’s stock valued at $220,471,000 after acquiring an additional 1,393,008 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.