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

Shares of Principal Financial Group, Inc. (NASDAQ:PFG) reached a new 52-week high on Friday . The stock traded as high as $101.70 and last traded at $101.2940, with a volume of 171581 shares. The stock had previously closed at $100.91.

Analysts Set New Price Targets

Several research firms recently weighed in on PFG. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $103.00 price objective on shares of Principal Financial Group in a report on Monday, January 5th. Morgan Stanley upped their price objective on shares of Principal Financial Group from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 3rd. Bank of America reduced their price objective on shares of Principal Financial Group from $96.00 to $92.00 and set a “neutral” rating for the company in a report on Tuesday, April 14th. Evercore set a $108.00 price target on shares of Principal Financial Group in a report on Monday, April 27th. Finally, Barclays lifted their price objective on shares of Principal Financial Group from $85.00 to $87.00 and gave the stock an “underweight” rating in a research note on Friday, April 24th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $95.33.

Principal Financial Group Price Performance

The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.33. The business’s fifty day moving average is $92.37 and its 200 day moving average is $89.27. The firm has a market capitalization of $21.90 billion, a P/E ratio of 14.46, a P/E/G ratio of 0.96 and a beta of 0.89.

Principal Financial Group (NASDAQ:PFG) last released its earnings results on Wednesday, April 29th. The company reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.06. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $4.11 billion. During the same period in the previous year, the firm earned $1.81 EPS. As a group, analysts forecast that Principal Financial Group, Inc. will post 9.31 EPS for the current year.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Monday, June 1st will be issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, June 1st. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.80. Principal Financial Group’s payout ratio is presently 45.78%.

Insider Transactions at Principal Financial Group

In other Principal Financial Group news, insider Wee Yee Cheong sold 1,080 shares of the company’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $101.00, for a total transaction of $109,080.00. Following the completion of the sale, the insider directly owned 91,108 shares of the company’s stock, valued at approximately $9,201,908. This represents a 1.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel George Djurasovic sold 2,571 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total transaction of $259,233.93. Following the sale, the general counsel directly owned 21,906 shares of the company’s stock, valued at $2,208,781.98. This represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,652 shares of company stock valued at $368,414 over the last ninety days. Insiders own 1.13% of the company’s stock.

Institutional Trading of Principal Financial Group

Hedge funds have recently bought and sold shares of the company. DV Equities LLC purchased a new stake in Principal Financial Group during the fourth quarter valued at about $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Principal Financial Group during the fourth quarter valued at about $26,000. Hilton Head Capital Partners LLC purchased a new stake in Principal Financial Group during the fourth quarter valued at about $26,000. MBM Wealth Consultants LLC purchased a new stake in Principal Financial Group during the first quarter valued at about $28,000. Finally, Quest 10 Wealth Builders Inc. lifted its stake in Principal Financial Group by 343.6% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 346 shares of the company’s stock valued at $30,000 after buying an additional 268 shares in the last quarter. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Company Profile

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.