Wells Fargo & Company Cuts Principal Financial Group (NYSE:PFG) Price Target to $85.00

Principal Financial Group (NYSE:PFG) had its target price trimmed by Wells Fargo & Company from $91.00 to $85.00 in a research note released on Monday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

PFG has been the subject of several other research reports. Evercore ISI upped 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. Piper Sandler upped their price target 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. Morgan Stanley upped their price target on Principal Financial Group from $81.00 to $82.00 and gave the stock an equal weight rating in a research note on Monday, April 15th. Keefe, Bruyette & Woods increased their price objective on Principal Financial Group from $85.00 to $89.00 and gave the stock a market perform rating in a research report on Wednesday, April 10th. Finally, Royal Bank of Canada increased their price objective on 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. Two 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.com, the stock currently has an average rating of Hold and an average price target of $80.09.

Principal Financial Group Stock Performance

Shares of PFG opened at $80.43 on Monday. The stock has a 50 day moving average price of $81.79 and a 200 day moving average price of $77.62. The company has a quick ratio of 0.30, a current ratio of 0.27 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $18.91 billion, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 0.84 and a beta of 1.25. Principal Financial Group has a 52-week low of $65.17 and a 52-week high of $86.79.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, April 25th. The company reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.09). Principal Financial Group had a net margin of 8.70% and a return on equity of 15.06%. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.68 billion. During the same quarter in the prior year, the firm posted $1.48 EPS. Research analysts predict that Principal Financial Group will post 7.58 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company 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. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.43%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Monday, March 11th. Principal Financial Group’s payout ratio is 52.67%.

Principal Financial Group declared that its Board of Directors has approved a share buyback program on Monday, February 12th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to repurchase up to 7.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Spire Wealth Management grew its stake in Principal Financial Group by 152.0% during 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 last quarter. Riverview Trust Co bought a new position in Principal Financial Group during the 1st quarter worth $34,000. EdgeRock Capital LLC bought a new position in Principal Financial Group during the 4th quarter worth $31,000. Newbridge Financial Services Group Inc. acquired a new position in Principal Financial Group during the 4th quarter worth $33,000. Finally, Fortis Group Advisors LLC acquired a new position in Principal Financial Group during the 3rd quarter worth $33,000. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Company Profile

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.