Principal Financial Group (NASDAQ:PFG) Hits New 12-Month High – Should You Buy?

Principal Financial Group, Inc. (NASDAQ:PFG) reached a new 52-week high on Thursday . The stock traded as high as $116.96 and last traded at $119.2430, with a volume of 15827 shares trading hands. The stock had previously closed at $111.31.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price target on Principal Financial Group from $106.00 to $107.00 and gave the company a “neutral” rating in a report on Monday, August 3rd. Bank of America lifted their target price on Principal Financial Group from $94.00 to $104.00 and gave the stock an “underperform” rating in a report on Tuesday, July 28th. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Principal Financial Group in a research note on Thursday. Atlantic Securities set a $94.00 price objective on Principal Financial Group in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company reduced their price objective on Principal Financial Group from $114.00 to $113.00 and set an “equal weight” rating for the company in a report on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Principal Financial Group presently has an average rating of “Hold” and an average target price of $106.67.

Principal Financial Group Stock Down 1.5%

The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.36. The company has a fifty day simple moving average of $112.29 and a 200-day simple moving average of $102.74. The firm has a market cap of $24.98 billion, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 1.07 and a beta of 0.86.

Principal Financial Group (NASDAQ:PFG) last released its earnings results on Monday, July 27th. The company reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.17. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. The company had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.11 billion. During the same period in the prior year, the firm posted $2.16 EPS. On average, equities analysts anticipate that Principal Financial Group, Inc. will post 9.62 earnings per share for the current year.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 3rd will be issued a $0.84 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $3.36 annualized dividend and a yield of 2.9%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.82. Principal Financial Group’s payout ratio is currently 47.73%.

Institutional Trading of Principal Financial Group

Several institutional investors have recently made changes to their positions in PFG. Integrated Wealth Concepts LLC purchased a new position in shares of Principal Financial Group in the first quarter valued at $244,000. NewEdge Advisors LLC lifted its position in Principal Financial Group by 24.1% during the first quarter. NewEdge Advisors LLC now owns 7,503 shares of the company’s stock valued at $633,000 after purchasing an additional 1,455 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Principal Financial Group by 11.9% in the 1st quarter. Empowered Funds LLC now owns 4,678 shares of the company’s stock worth $395,000 after buying an additional 497 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Principal Financial Group by 96.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the company’s stock valued at $181,000 after purchasing an additional 1,117 shares during the last quarter. Finally, Cerity Partners LLC raised its holdings in Principal Financial Group by 9.1% during the 2nd quarter. Cerity Partners LLC now owns 37,957 shares of the company’s stock valued at $3,015,000 after buying an additional 3,175 shares during the period. Hedge funds and other institutional investors own 75.08% of the company’s stock.

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.