Principal Financial Group (NYSE:PFG) Sets New 52-Week High – Here’s Why

Principal Financial Group, Inc. (NYSE:PFG) reached a new 52-week high during trading on Thursday . The company traded as high as $92.69 and last traded at $92.3550, with a volume of 342420 shares changing hands. The stock had previously closed at $91.09.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Barclays reiterated an “underweight” rating and issued a $85.00 price target on shares of Principal Financial Group in a research report on Thursday, January 8th. Morgan Stanley set a $93.00 price target on shares of Principal Financial Group in a research report on Monday, December 15th. Wells Fargo & Company upped their price objective on shares of Principal Financial Group from $74.00 to $85.00 and gave the company an “underweight” rating in a research report on Tuesday, January 13th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $103.00 price objective on shares of Principal Financial Group in a research note on Monday, January 5th. Finally, Keefe, Bruyette & Woods lifted their target price on Principal Financial Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a report on Thursday, October 30th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Principal Financial Group has an average rating of “Reduce” and an average price target of $92.89.

Principal Financial Group Stock Up 1.2%

The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30. The company has a market capitalization of $20.53 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 0.76 and a beta of 0.89. The firm has a 50-day moving average price of $87.85 and a two-hundred day moving average price of $83.08.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Monday, October 27th. The company reported $2.32 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.12. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same quarter in the prior year, the company posted $2.05 earnings per share. As a group, sell-side analysts anticipate that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Wednesday, December 3rd were given a dividend of $0.79 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend was Wednesday, December 3rd. This represents a $3.16 annualized dividend and a yield of 3.4%. Principal Financial Group’s payout ratio is presently 46.00%.

Insider Transactions at Principal Financial Group

In other news, EVP Wee Yee Cheong sold 1,887 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $85.04, for a total value of $160,470.48. Following the completion of the transaction, the executive vice president owned 81,421 shares in the company, valued at $6,924,041.84. This trade represents a 2.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Deanna D. Strable-Soethout sold 300 shares of the company’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $92.50, for a total value of $27,750.00. Following the sale, the chief executive officer owned 62,252 shares in the company, valued at $5,758,310. The trade was a 0.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.08% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Aptus Capital Advisors LLC boosted its holdings in Principal Financial Group by 3.5% in the 3rd quarter. Aptus Capital Advisors LLC now owns 3,444 shares of the company’s stock valued at $286,000 after purchasing an additional 118 shares during the period. Hazlett Burt & Watson Inc. raised its holdings in Principal Financial Group by 22.3% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 713 shares of the company’s stock valued at $59,000 after acquiring an additional 130 shares in the last quarter. Chicago Partners Investment Group LLC grew its holdings in shares of Principal Financial Group by 2.5% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 5,550 shares of the company’s stock worth $449,000 after purchasing an additional 137 shares in the last quarter. Kestra Private Wealth Services LLC increased its position in shares of Principal Financial Group by 1.0% in the third quarter. Kestra Private Wealth Services LLC now owns 13,800 shares of the company’s stock worth $1,144,000 after purchasing an additional 137 shares during the period. Finally, Clearstead Advisors LLC lifted its position in Principal Financial Group by 18.3% during the third quarter. Clearstead Advisors LLC now owns 907 shares of the company’s stock worth $75,000 after purchasing an additional 140 shares during the period. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Company Profile

Principal Financial Group, commonly known as Principal, is a global financial services company headquartered in Des Moines, Iowa. The firm provides a broad range of retirement, investment management and insurance solutions for individual, employer and institutional clients. Its core businesses include retirement plan services and recordkeeping, asset management, and life and disability insurance, supported by distribution through employers, financial advisors and direct channels.

On the retirement side, Principal offers 401(k) and other workplace retirement plans, individual retirement accounts and annuity products designed to help clients accumulate and manage retirement savings.