Principal Financial Group (NYSE:PFG) PT Lowered to $85.00 at Wells Fargo & Company

Principal Financial Group (NYSE:PFG) had its target price cut by Wells Fargo & Company from $91.00 to $85.00 in a report published on Monday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts also recently issued reports on PFG. Royal Bank of Canada upped their price target on shares of Principal Financial Group from $75.00 to $83.00 and gave the stock a sector perform rating in a research report on Wednesday, February 14th. Evercore ISI increased their price target on shares of Principal Financial Group from $84.00 to $86.00 and gave the company an in-line rating in a research note on Thursday, April 11th. Piper Sandler raised their price target on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a neutral rating in a report on Friday, April 5th. Morgan Stanley upped their price objective on Principal Financial Group from $81.00 to $82.00 and gave the stock an equal weight rating in a report on Monday, April 15th. Finally, Keefe, Bruyette & Woods lifted their target price on Principal Financial Group from $85.00 to $89.00 and gave the company a market perform rating in a research note on Wednesday, April 10th. Two equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. According to MarketBeat, Principal Financial Group currently has a consensus rating of Hold and a consensus price target of $80.30.

Principal Financial Group Stock Performance

NYSE PFG opened at $79.85 on Monday. The firm has a market cap of $18.78 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 0.91 and a beta of 1.25. The company has a current ratio of 0.27, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35. Principal Financial Group has a 1-year low of $65.17 and a 1-year high of $86.79. The company has a 50 day moving average of $81.77 and a 200-day moving average of $77.71.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Thursday, April 25th. The company reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.09). The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.68 billion. Principal Financial Group had a net margin of 8.70% and a return on equity of 15.06%. During the same period in the prior year, the business earned $1.48 earnings per share. On average, equities analysts forecast that Principal Financial Group will post 7.53 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Tuesday, March 12th were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date was Monday, March 11th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.67. Principal Financial Group’s dividend payout ratio is currently 52.67%.

Principal Financial Group declared that its board has initiated a stock buyback program on Monday, February 12th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Principal Financial Group

Hedge funds have recently modified their holdings of the company. Spire Wealth Management increased its stake in Principal Financial Group by 152.0% in the fourth quarter. Spire Wealth Management now owns 373 shares of the company’s stock valued at $29,000 after purchasing an additional 225 shares in the last quarter. Riverview Trust Co acquired a new position in shares of Principal Financial Group in the 1st quarter valued at $34,000. EdgeRock Capital LLC bought a new stake in shares of Principal Financial Group in the 4th quarter valued at $31,000. Newbridge Financial Services Group Inc. acquired a new stake in Principal Financial Group during the 4th quarter worth $33,000. Finally, Fortis Group Advisors LLC bought a new position in Principal Financial Group during the third quarter worth about $33,000. 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.