Principal Financial Group (NYSE:PFG – Free Report) had its price objective upped by Piper Sandler from $85.00 to $90.00 in a research note issued to investors on Friday, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.
A number of other research analysts have also weighed in on PFG. Royal Bank of Canada raised their target price on Principal Financial Group from $75.00 to $83.00 and gave the company a sector perform rating in a report on Wednesday, February 14th. Morgan Stanley raised their target price on Principal Financial Group from $72.00 to $75.00 and gave the company an equal weight rating in a report on Tuesday, February 13th. Evercore ISI upgraded Principal Financial Group from an underperform rating to an inline rating and raised their target price for the company from $82.00 to $83.00 in a report on Thursday, January 4th. Finally, Keefe, Bruyette & Woods raised their target price on Principal Financial Group from $80.00 to $85.00 and gave the company a market perform rating in a report on Friday, February 16th. Two research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $77.64.
Read Our Latest Stock Analysis on Principal Financial Group
Principal Financial Group Trading Down 0.1 %
NYSE PFG opened at $84.51 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.30 and a quick ratio of 0.30. Principal Financial Group has a one year low of $65.17 and a one year high of $86.79. The business has a 50 day simple moving average of $81.20 and a 200 day simple moving average of $76.53. The stock has a market capitalization of $19.93 billion, a P/E ratio of 12.90, a P/E/G ratio of 1.05 and a beta of 1.25.Principal Financial Group (NYSE:PFG – Get Free Report) last announced its quarterly earnings data on Monday, February 12th. The company reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.13. Principal Financial Group had a return on equity of 15.14% and a net margin of 4.56%. The firm had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same quarter last year, the firm posted $1.70 earnings per share. Research analysts expect that Principal Financial Group will post 7.64 earnings per share for the current year.
Principal Financial Group Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 12th were paid a $0.69 dividend. The ex-dividend date of this dividend was Monday, March 11th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.67. This represents a $2.76 annualized dividend and a dividend yield of 3.27%. Principal Financial Group’s payout ratio is presently 112.65%.
Principal Financial Group declared that its Board of Directors has authorized a stock buyback plan on Monday, February 12th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
Hedge Funds Weigh In On Principal Financial Group
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PFG. Norges Bank purchased a new position in Principal Financial Group during the fourth quarter worth about $253,990,000. Morgan Stanley grew its position in Principal Financial Group by 67.3% during the fourth quarter. Morgan Stanley now owns 4,514,124 shares of the company’s stock worth $378,825,000 after buying an additional 1,816,343 shares in the last quarter. RIA Advisory Group LLC grew its position in Principal Financial Group by 35,473.1% during the fourth quarter. RIA Advisory Group LLC now owns 1,080,000 shares of the company’s stock worth $84,964,000 after buying an additional 1,076,964 shares in the last quarter. Royal Bank of Canada grew its position in Principal Financial Group by 307.9% during the first quarter. Royal Bank of Canada now owns 1,133,674 shares of the company’s stock worth $83,223,000 after buying an additional 855,747 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in Principal Financial Group during the first quarter worth about $46,453,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.
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.
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Piper Sandler Increases Principal Financial Group (NYSE:PFG) Price Target to $90.00 - Defense World
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