Principal Financial Group, Inc. (NYSE:PFG) Given Consensus Rating of “Reduce” by Brokerages

Principal Financial Group, Inc. (NYSE:PFG) has received an average recommendation of “Reduce” from the eleven ratings firms that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $80.64.

Several analysts have recently issued reports on the company. 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 report on Thursday, April 11th. Morgan Stanley upped their price target on shares of Principal Financial Group from $81.00 to $82.00 and gave the company an “equal weight” rating in a research note on Monday. Evercore ISI lifted their price objective on shares of 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. Royal Bank of Canada upped their target price on shares of Principal Financial Group from $75.00 to $83.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 14th. Finally, Piper Sandler boosted their price objective on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th.

Hedge Funds Weigh In On Principal Financial Group

A number of hedge funds have recently added to or reduced their stakes in the stock. 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 worth $27,000 after purchasing an additional 226 shares in the last quarter. Spire Wealth Management lifted its holdings in shares of Principal Financial Group by 152.0% in the 4th quarter. Spire Wealth Management now owns 373 shares of the company’s stock worth $29,000 after buying an additional 225 shares during the period. ICA Group Wealth Management LLC grew its position in shares of Principal Financial Group by 100.0% during the 1st quarter. ICA Group Wealth Management LLC now owns 400 shares of the company’s stock worth $30,000 after buying an additional 200 shares in the last quarter. EdgeRock Capital LLC purchased a new position in shares of Principal Financial Group during the fourth quarter valued at $31,000. Finally, Fortis Group Advisors LLC bought a new stake in shares of Principal Financial Group in the third quarter valued at about $33,000. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Stock Up 0.3 %

Shares of PFG stock opened at $78.48 on Thursday. The company’s fifty day simple moving average is $81.57 and its two-hundred day simple moving average is $76.95. Principal Financial Group has a 52 week low of $65.17 and a 52 week high of $86.79. The stock has a market cap of $18.45 billion, a P/E ratio of 32.03, a PEG ratio of 0.97 and a beta of 1.25. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.36.

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

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 12th were issued a $0.69 dividend. The ex-dividend date of this dividend was Monday, March 11th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.67. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.52%. Principal Financial Group’s dividend payout ratio is presently 112.65%.

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

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.