Principal Financial Group (NASDAQ:PFG) Given New $113.00 Price Target at Wells Fargo & Company

Principal Financial Group (NASDAQ:PFG) had its price target reduced by Wells Fargo & Company from $115.00 to $113.00 in a research report report published on Monday morning,Benzinga reports. They currently have an equal weight rating on the stock.

PFG has been the subject of a number of other reports. Jefferies Financial Group increased their target price on shares of Principal Financial Group from $91.00 to $98.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Piper Sandler lifted their price target on shares of Principal Financial Group from $125.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, September 28th. Morgan Stanley upped their price objective on Principal Financial Group from $107.00 to $112.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Atlantic Securities set a $94.00 price target on shares of Principal Financial Group in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. boosted their price objective on Principal Financial Group from $106.00 to $107.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Principal Financial Group currently has an average rating of “Hold” and an average price target of $108.83.

Principal Financial Group Price Performance

Shares of NASDAQ:PFG opened at $107.84 on Monday. The company has a market capitalization of $23.09 billion, a P/E ratio of 15.32, a price-to-earnings-growth ratio of 0.97 and a beta of 0.86. The company’s 50-day moving average is $113.34 and its 200 day moving average is $107.00. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.28 and a current ratio of 0.28. Principal Financial Group has a fifty-two week low of $77.90 and a fifty-two week high of $121.18.

Principal Financial Group (NASDAQ:PFG) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.17. The business had revenue of $3.91 billion during the quarter, compared to the consensus estimate of $4.11 billion. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. During the same quarter last year, the company posted $2.16 earnings per share. On average, equities research analysts forecast that Principal Financial Group will post 9.62 earnings per share for the current year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Thursday, September 3rd were issued a dividend of $0.84 per share. The ex-dividend date was Thursday, September 3rd. This represents a $3.36 dividend on an annualized basis and a yield of 3.1%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.82. Principal Financial Group’s dividend payout ratio (DPR) is currently 47.73%.

Institutional Investors Weigh In On Principal Financial Group

Large investors have recently added to or reduced their stakes in the company. QRG Capital Management Inc. increased its position in shares of Principal Financial Group by 12.5% in the second quarter. QRG Capital Management Inc. now owns 5,756 shares of the company’s stock valued at $620,000 after acquiring an additional 641 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of Principal Financial Group by 8.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,377 shares of the company’s stock valued at $687,000 after acquiring an additional 493 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Principal Financial Group by 15.5% during the second quarter. Envestnet Asset Management Inc. now owns 378,972 shares of the company’s stock valued at $40,846,000 after acquiring an additional 50,877 shares during the last quarter. State Street Corp boosted its holdings in shares of Principal Financial Group by 0.8% during the second quarter. State Street Corp now owns 10,264,856 shares of the company’s stock worth $1,106,346,000 after purchasing an additional 85,014 shares during the period. Finally, Security National Bank of Sioux City Iowa IA purchased a new stake in shares of Principal Financial Group during the second quarter worth about $420,000. Institutional investors own 75.08% of the company’s stock.

Principal Financial Group Company Profile

Principal Financial Group, Inc is a global financial services company headquartered in Des Moines, Iowa. Founded in 1879, the company provides retirement, investment, insurance and financial wellness solutions to individuals, businesses and institutional clients.

Its offerings include employer-sponsored retirement plans, individual retirement accounts, pension and income solutions, group benefits, life insurance and specialty benefits. Through its investment management operations, Principal also provides asset management and related services to retirement plans, institutions and individual investors.

Principal Financial Group serves customers in the United States and selected international markets, including countries in Latin America and Asia.