Principal Financial Group Inc (PFG) Upgraded by BidaskClub to Buy

BidaskClub upgraded shares of Principal Financial Group Inc (NYSE:PFG) from a hold rating to a buy rating in a research report released on Wednesday.

PFG has been the subject of a number of other reports. Zacks Investment Research cut shares of Principal Financial Group from a buy rating to a hold rating in a research note on Tuesday, April 4th. Wells Fargo & Company reiterated a buy rating on shares of Principal Financial Group in a research note on Thursday, June 29th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $64.00 target price on shares of Principal Financial Group in a research note on Tuesday, March 21st. Deutsche Bank AG lifted their target price on shares of Principal Financial Group from $60.00 to $62.00 and gave the stock a hold rating in a research note on Wednesday, April 19th. Finally, J P Morgan Chase & Co lifted their target price on shares of Principal Financial Group from $53.00 to $56.00 and gave the stock an underweight rating in a research note on Monday, April 3rd. Three analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. Principal Financial Group has a consensus rating of Hold and an average price target of $59.70.

Principal Financial Group (PFG) opened at 66.34 on Wednesday. The company’s 50-day moving average is $63.41 and its 200-day moving average is $61.84. Principal Financial Group has a 12 month low of $43.79 and a 12 month high of $66.47. The company has a market cap of $19.12 billion, a P/E ratio of 14.94 and a beta of 1.65.

Principal Financial Group (NYSE:PFG) last released its earnings results on Thursday, April 27th. The financial services provider reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.08. The company had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Principal Financial Group had a net margin of 10.37% and a return on equity of 13.35%. During the same period last year, the business earned $0.97 EPS. On average, equities research analysts expect that Principal Financial Group will post $5.05 EPS for the current fiscal year.

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Principal Financial Group announced that its Board of Directors has approved a stock repurchase plan on Wednesday, May 17th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Monday, June 5th were paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 2.77%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, June 1st. Principal Financial Group’s payout ratio is presently 41.44%.

In other news, insider Luis E. Valdes sold 60,911 shares of Principal Financial Group stock in a transaction that occurred on Thursday, April 20th. The shares were sold at an average price of $63.00, for a total transaction of $3,837,393.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nora Mary Everett sold 8,700 shares of Principal Financial Group stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $63.52, for a total transaction of $552,624.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 405,712 shares of company stock valued at $26,067,155. Company insiders own 1.50% of the company’s stock.

Several institutional investors have recently bought and sold shares of PFG. James Investment Research Inc. raised its position in Principal Financial Group by 9.0% in the second quarter. James Investment Research Inc. now owns 211,761 shares of the financial services provider’s stock valued at $13,567,000 after buying an additional 17,424 shares during the period. Mn Services Vermogensbeheer B.V. raised its position in Principal Financial Group by 508.4% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 46,676 shares of the financial services provider’s stock valued at $2,991,000 after buying an additional 39,004 shares during the period. National Pension Service raised its position in Principal Financial Group by 24.0% in the second quarter. National Pension Service now owns 300,326 shares of the financial services provider’s stock valued at $19,380,000 after buying an additional 58,040 shares during the period. State of Alaska Department of Revenue raised its position in Principal Financial Group by 0.8% in the second quarter. State of Alaska Department of Revenue now owns 28,801 shares of the financial services provider’s stock valued at $1,844,000 after buying an additional 240 shares during the period. Finally, Capital One National Association raised its position in Principal Financial Group by 21.0% in the second quarter. Capital One National Association now owns 15,925 shares of the financial services provider’s stock valued at $1,021,000 after buying an additional 2,763 shares during the period. 70.58% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Company Profile

Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.

Analyst Recommendations for Principal Financial Group (NYSE:PFG)

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