Principal Financial Group (NASDAQ:PFG) Hits New 52-Week High – Time to Buy?

Principal Financial Group, Inc. (NASDAQ:PFG)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $104.76 and last traded at $104.42, with a volume of 119474 shares changing hands. The stock had previously closed at $103.85.

Analyst Upgrades and Downgrades

Several research firms have commented on PFG. Morgan Stanley upped their price target on Principal Financial Group from $95.00 to $107.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Bank of America cut their price target on Principal Financial Group from $96.00 to $92.00 and set a “neutral” rating for the company in a report on Tuesday, April 14th. Barclays upped their price target on Principal Financial Group from $85.00 to $87.00 and gave the company an “underweight” rating in a report on Friday, April 24th. Evercore set a $108.00 price target on Principal Financial Group in a report on Monday, April 27th. Finally, Wells Fargo & Company cut their price target on Principal Financial Group from $91.00 to $87.00 and set an “equal weight” rating for the company in a report on Friday, April 10th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $98.10.

Principal Financial Group Stock Performance

The company has a market capitalization of $22.59 billion, a P/E ratio of 14.96, a price-to-earnings-growth ratio of 0.98 and a beta of 0.89. The firm has a 50 day moving average price of $94.96 and a two-hundred day moving average price of $91.53. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.27 and a current ratio of 0.27.

Principal Financial Group (NASDAQ:PFG) last released its quarterly earnings data on Wednesday, April 29th. The company reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.06. Principal Financial Group had a return on equity of 16.25% and a net margin of 10.10%.The company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $4.11 billion. During the same period in the prior year, the company posted $1.81 EPS. On average, research analysts expect that Principal Financial Group, Inc. will post 9.36 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Monday, June 1st will be paid a $0.82 dividend. The ex-dividend date is Monday, June 1st. This represents a $3.28 annualized dividend and a dividend yield of 3.1%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.80. Principal Financial Group’s dividend payout ratio is currently 45.78%.

Insider Activity at Principal Financial Group

In other news, General Counsel George Djurasovic sold 2,571 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $100.83, for a total value of $259,233.93. Following the sale, the general counsel directly owned 21,906 shares in the company, valued at approximately $2,208,781.98. This represents a 10.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Wee Yee Cheong sold 7,534 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $103.16, for a total value of $777,207.44. Following the completion of the sale, the insider owned 66,443 shares in the company, valued at approximately $6,854,259.88. This represents a 10.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 28,317 shares of company stock worth $2,884,902. Corporate insiders own 1.13% of the company’s stock.

Institutional Investors Weigh In On Principal Financial Group

Large investors have recently bought and sold shares of the business. Capital Management Corp VA increased its position in Principal Financial Group by 19.2% in the 3rd quarter. Capital Management Corp VA now owns 172,736 shares of the company’s stock valued at $14,322,000 after acquiring an additional 27,857 shares in the last quarter. Mediolanum International Funds Ltd increased its position in Principal Financial Group by 41.5% in the 3rd quarter. Mediolanum International Funds Ltd now owns 127,368 shares of the company’s stock valued at $10,504,000 after acquiring an additional 37,357 shares in the last quarter. AE Wealth Management LLC increased its position in Principal Financial Group by 8.8% in the 3rd quarter. AE Wealth Management LLC now owns 170,695 shares of the company’s stock valued at $14,152,000 after acquiring an additional 13,795 shares in the last quarter. National Wealth Management Group LLC acquired a new stake in Principal Financial Group in the 4th quarter valued at about $998,000. Finally, Great Lakes Advisors LLC acquired a new stake in Principal Financial Group in the 3rd quarter valued at about $924,000. 75.08% of the stock is currently owned by 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.