Principal Financial Group (NYSE:PFG) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Principal Financial Group (NYSE:PFG) from a neutral rating to an overweight rating in a report issued on Wednesday morning, MarketBeat Ratings reports. They currently have $90.00 price objective on the stock.

Several other research firms also recently issued reports on PFG. Bank of America cut their target price on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating on the stock in a research report on Thursday, October 10th. Royal Bank of Canada lifted their target price on Principal Financial Group from $87.00 to $91.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 19th. Morgan Stanley reiterated an “underweight” rating and issued a $80.00 price target (down previously from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. Barclays lifted their price objective on shares of Principal Financial Group from $75.00 to $77.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Finally, Wells Fargo & Company reissued an “underweight” rating and set a $75.00 target price (down previously from $84.00) on shares of Principal Financial Group in a report on Wednesday, December 11th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $84.75.

Principal Financial Group Stock Down 0.2 %

Shares of PFG traded down $0.14 during midday trading on Wednesday, hitting $74.77. 156,033 shares of the company’s stock traded hands, compared to its average volume of 1,145,198. Principal Financial Group has a 1 year low of $72.21 and a 1 year high of $91.97. The firm’s fifty day moving average is $85.22 and its 200-day moving average is $82.33. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $17.10 billion, a price-to-earnings ratio of -83.08, a price-to-earnings-growth ratio of 0.92 and a beta of 1.20.

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

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.73 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $2.92 annualized dividend and a yield of 3.91%. Principal Financial Group’s dividend payout ratio (DPR) is -324.44%.

Hedge Funds Weigh In On Principal Financial Group

Large investors have recently made changes to their positions in the stock. EdgeRock Capital LLC acquired a new position in Principal Financial Group in the 2nd quarter valued at about $26,000. Strategic Financial Concepts LLC acquired a new position in shares of Principal Financial Group in the second quarter valued at approximately $32,000. Family Firm Inc. purchased a new stake in Principal Financial Group during the 2nd quarter worth approximately $33,000. Peterson Financial Group Inc. purchased a new position in Principal Financial Group in the third quarter valued at $33,000. Finally, Innealta Capital LLC acquired a new position in Principal Financial Group during the 2nd quarter worth $43,000. 75.08% of the stock is currently owned by institutional investors and hedge funds.

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.