Morgan Stanley Increases Principal Financial Group (NYSE:PFG) Price Target to $82.00

Principal Financial Group (NYSE:PFG) had its price objective hoisted by Morgan Stanley from $81.00 to $82.00 in a report issued on Monday morning, Benzinga reports. They currently have an equal weight rating on the stock.

PFG has been the subject of several other reports. Wells Fargo & Company upped their price objective on Principal Financial Group from $86.00 to $91.00 and gave the stock an equal weight rating in a research report on Thursday, April 11th. Royal Bank of Canada boosted their price objective on shares of Principal Financial Group from $75.00 to $83.00 and gave the stock a sector perform rating in a research report on Wednesday, February 14th. Evercore ISI raised their price target on Principal Financial Group from $84.00 to $86.00 and gave the stock an in-line rating in a research note on Thursday, April 11th. Keefe, Bruyette & Woods upped their price target on shares of Principal Financial Group from $85.00 to $89.00 and gave the company a market perform rating in a research report on Wednesday, April 10th. Finally, Piper Sandler increased their target price on shares of Principal Financial Group from $85.00 to $90.00 and gave the stock a neutral rating in a research note on Friday, April 5th. Two research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $80.64.

Principal Financial Group Price Performance

Principal Financial Group stock opened at $78.93 on Monday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The company has a 50-day moving average price of $81.56 and a 200 day moving average price of $76.90. Principal Financial Group has a 12-month low of $65.17 and a 12-month high of $86.79. The stock has a market cap of $18.56 billion, a P/E ratio of 32.22, a PEG ratio of 0.98 and a beta of 1.25.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Monday, February 12th. The company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.13. Principal Financial Group had a net margin of 4.56% and a return on equity of 15.14%. The business had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same quarter last year, the firm earned $1.70 EPS. Sell-side analysts anticipate that Principal Financial Group will post 7.6 earnings per share for the current year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 12th were paid a $0.69 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.67. This represents a $2.76 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Monday, March 11th. Principal Financial Group’s dividend payout ratio is currently 112.65%.

Principal Financial Group declared that its Board of Directors has authorized a share repurchase plan on Monday, February 12th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Principal Financial Group

A number of institutional investors have recently modified their holdings of PFG. GHP Investment Advisors Inc. grew its stake in Principal Financial Group by 143.0% in the third quarter. GHP Investment Advisors Inc. now owns 384 shares of the company’s stock valued at $27,000 after purchasing an additional 226 shares in the last quarter. Spire Wealth Management raised its holdings in shares of Principal Financial Group by 152.0% during the 4th quarter. Spire Wealth Management now owns 373 shares of the company’s stock valued at $29,000 after purchasing an additional 225 shares in the last quarter. ICA Group Wealth Management LLC lifted its stake in shares of Principal Financial Group by 100.0% in the 1st quarter. ICA Group Wealth Management LLC now owns 400 shares of the company’s stock valued at $30,000 after purchasing an additional 200 shares during the last quarter. EdgeRock Capital LLC bought a new stake in Principal Financial Group in the fourth quarter worth $31,000. Finally, Fortis Group Advisors LLC acquired a new position in Principal Financial Group during the third quarter worth $33,000. Institutional investors and hedge funds own 75.08% of the company’s stock.

About Principal Financial Group

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.