Principal Financial Group (NYSE:PFG) Given New $93.00 Price Target at UBS Group

Principal Financial Group (NYSE:PFG) had its price objective boosted by UBS Group from $87.00 to $93.00 in a report issued on Wednesday,Benzinga reports. UBS Group currently has a neutral rating on the stock.

PFG has been the subject of a number of other research reports. Piper Sandler boosted their price objective on shares of Principal Financial Group from $93.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday. Wells Fargo & Company upped their price objective on shares of Principal Financial Group from $69.00 to $74.00 and gave the company an “underweight” rating in a research report on Wednesday, February 19th. Morgan Stanley reiterated an “underweight” rating and set a $80.00 target price (down from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. BMO Capital Markets assumed coverage on Principal Financial Group in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 target price for the company. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $91.00 price target on shares of Principal Financial Group in a research report on Thursday, January 16th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $86.57.

Principal Financial Group Price Performance

Shares of PFG opened at $86.19 on Wednesday. The stock has a market cap of $19.44 billion, a P/E ratio of 12.90, a price-to-earnings-growth ratio of 0.76 and a beta of 1.17. Principal Financial Group has a 1 year low of $72.21 and a 1 year high of $91.98. The stock’s 50-day moving average price is $84.35 and its two-hundred day moving average price is $83.76. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.48%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Wednesday, March 12th. Principal Financial Group’s dividend payout ratio is currently 44.91%.

Institutional Trading of Principal Financial Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in shares of Principal Financial Group by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 5,466,587 shares of the company’s stock valued at $422,074,000 after buying an additional 52,410 shares during the last quarter. Northern Trust Corp lifted its stake in Principal Financial Group by 9.8% in the fourth quarter. Northern Trust Corp now owns 3,662,918 shares of the company’s stock valued at $283,546,000 after acquiring an additional 326,604 shares during the last quarter. Norges Bank bought a new position in shares of Principal Financial Group in the 4th quarter valued at about $217,021,000. JPMorgan Chase & Co. increased its stake in shares of Principal Financial Group by 5.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,462,562 shares of the company’s stock worth $211,534,000 after purchasing an additional 118,722 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Principal Financial Group by 12.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,877,246 shares of the company’s stock valued at $145,318,000 after purchasing an additional 209,885 shares during the period. Institutional investors own 75.08% of the company’s stock.

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.