Principal Financial Group (NYSE:PFG) Price Target Raised to $89.00

Principal Financial Group (NYSE:PFG) had its price target lifted by Piper Sandler from $88.00 to $89.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other analysts also recently issued research reports about the stock. UBS Group reduced their price target on shares of Principal Financial Group from $93.00 to $80.00 and set a “neutral” rating on the stock in a report on Tuesday, April 29th. Morgan Stanley upped their price objective on shares of Principal Financial Group from $67.00 to $71.00 and gave the company an “underweight” rating in a research note on Monday, May 19th. Barclays reduced their price objective on shares of Principal Financial Group from $80.00 to $76.00 and set an “underweight” rating on the stock in a research note on Friday, April 11th. Wells Fargo & Company upped their price objective on shares of Principal Financial Group from $68.00 to $69.00 and gave the company an “underweight” rating in a research note on Tuesday, April 29th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Principal Financial Group from $86.00 to $87.00 and gave the company a “market perform” rating in a research note on Wednesday, May 7th. Four analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $83.38.

Principal Financial Group Stock Up 0.5%

Shares of NYSE PFG opened at $80.88 on Thursday. Principal Financial Group has a 12-month low of $68.39 and a 12-month high of $91.98. The company has a market capitalization of $18.13 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 0.76 and a beta of 0.99. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30. The firm’s 50-day moving average is $77.86 and its two-hundred day moving average is $79.61.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Monday, April 28th. The company reported $1.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.83 by ($0.02). Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same quarter in the previous year, the company posted $1.65 earnings per share. Equities analysts anticipate that Principal Financial Group will post 8.5 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 27th. Shareholders of record on Monday, June 2nd were paid a dividend of $0.76 per share. The ex-dividend date was Monday, June 2nd. This represents a $3.04 dividend on an annualized basis and a yield of 3.76%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.75. Principal Financial Group’s dividend payout ratio (DPR) is currently 65.10%.

Institutional Investors Weigh In On Principal Financial Group

Several large investors have recently made changes to their positions in the business. Central Pacific Bank Trust Division increased its position in shares of Principal Financial Group by 10.2% in the second quarter. Central Pacific Bank Trust Division now owns 3,642 shares of the company’s stock worth $289,000 after acquiring an additional 336 shares in the last quarter. AG2R LA Mondiale Gestion D Actifs acquired a new stake in shares of Principal Financial Group in the first quarter worth $806,000. Voya Investment Management LLC increased its position in shares of Principal Financial Group by 6.1% in the first quarter. Voya Investment Management LLC now owns 65,972 shares of the company’s stock worth $5,566,000 after acquiring an additional 3,771 shares in the last quarter. Strs Ohio acquired a new stake in Principal Financial Group during the 1st quarter valued at $2,025,000. Finally, Acadian Asset Management LLC grew its holdings in Principal Financial Group by 21.7% during the 1st quarter. Acadian Asset Management LLC now owns 100,634 shares of the company’s stock valued at $8,485,000 after purchasing an additional 17,958 shares in the last quarter. 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.