Principal Financial Group, Inc. (NYSE:PFG) Receives $84.75 Consensus Price Target from Brokerages

Principal Financial Group, Inc. (NYSE:PFG) has received a consensus rating of “Reduce” from the twelve brokerages that are currently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $84.75.

PFG has been the topic of several recent analyst reports. Morgan Stanley reiterated an “underweight” rating and set a $80.00 price objective (down previously from $86.00) on shares of Principal Financial Group in a research report on Thursday, December 5th. Royal Bank of Canada boosted their price target on shares of Principal Financial Group from $87.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Barclays increased their price objective on shares of Principal Financial Group from $75.00 to $77.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Piper Sandler raised Principal Financial Group from a “neutral” rating to an “overweight” rating and set a $90.00 target price on the stock in a report on Wednesday, December 18th. Finally, Bank of America cut their price target on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a report on Thursday, October 10th.

Principal Financial Group Trading Down 0.6 %

Shares of PFG stock opened at $77.23 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a fifty day simple moving average of $83.22 and a two-hundred day simple moving average of $82.26. The firm has a market capitalization of $17.66 billion, a PE ratio of -85.81, a PEG ratio of 0.92 and a beta of 1.20. Principal Financial Group has a 52-week low of $72.21 and a 52-week high of $91.97.

Principal Financial Group (NYSE:PFG) last released its earnings results on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($0.26). Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. The business had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the prior year, the business posted $1.72 EPS. On average, analysts predict that Principal Financial Group will post 7.03 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd were paid a $0.73 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $2.92 annualized dividend and a dividend yield of 3.78%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s dividend payout ratio is currently -324.44%.

Hedge Funds Weigh In On Principal Financial Group

Several hedge funds have recently added to or reduced their stakes in PFG. Metis Global Partners LLC boosted its position in shares of Principal Financial Group by 5.0% during the third quarter. Metis Global Partners LLC now owns 11,230 shares of the company’s stock valued at $965,000 after buying an additional 533 shares during the period. Sanctuary Advisors LLC boosted its holdings in Principal Financial Group by 66.2% during the 3rd quarter. Sanctuary Advisors LLC now owns 24,932 shares of the company’s stock valued at $2,137,000 after acquiring an additional 9,933 shares during the period. Intech Investment Management LLC grew its position in Principal Financial Group by 27.1% in the 2nd quarter. Intech Investment Management LLC now owns 298,562 shares of the company’s stock valued at $23,422,000 after acquiring an additional 63,747 shares during the last quarter. Empowered Funds LLC increased its stake in Principal Financial Group by 358.7% in the third quarter. Empowered Funds LLC now owns 16,328 shares of the company’s stock worth $1,403,000 after purchasing an additional 12,768 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Principal Financial Group during the third quarter worth $2,441,000. 75.08% of the stock is currently owned by institutional investors.

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.