Wells Fargo & Company reaffirmed their underweight rating on shares of Principal Financial Group (NYSE:PFG - Free Report) in a research note released on Wednesday, Marketbeat reports. The brokerage currently has a $75.00 price objective on the stock, down from their prior price objective of $84.00.
Several other analysts also recently commented on the stock. Royal Bank of Canada boosted their target price on shares of Principal Financial Group from $87.00 to $91.00 and gave the stock a "sector perform" rating in a research report on Tuesday, November 19th. Bank of America reduced their price objective on shares of Principal Financial Group from $94.00 to $91.00 and set a "neutral" rating for the company in a research note on Thursday, October 10th. Piper Sandler increased their target price on shares of Principal Financial Group from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 2nd. Morgan Stanley restated an "underweight" rating and set a $80.00 target price (down from $86.00) on shares of Principal Financial Group in a report on Thursday, December 5th. Finally, Barclays upped their price target on Principal Financial Group from $75.00 to $77.00 and gave the stock an "underweight" rating in a research note on Friday, October 25th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Principal Financial Group has an average rating of "Hold" and an average target price of $84.75.
Read Our Latest Research Report on Principal Financial Group
Principal Financial Group Stock Down 1.1 %
PFG traded down $0.90 during trading on Wednesday, reaching $79.84. 1,930,707 shares of the stock traded hands, compared to its average volume of 1,142,578. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30. Principal Financial Group has a fifty-two week low of $72.21 and a fifty-two week high of $91.97. The stock's 50-day simple moving average is $86.16 and its two-hundred day simple moving average is $82.47. The stock has a market cap of $18.26 billion, a price-to-earnings ratio of -88.53, a price-to-earnings-growth ratio of 0.98 and a beta of 1.20.
Principal Financial Group (NYSE:PFG - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($0.26). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the prior year, the firm earned $1.72 earnings per share. As a group, equities research analysts expect that Principal Financial Group will post 7.03 EPS for the current year.
Principal Financial Group Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.73 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.72. This represents a $2.92 dividend on an annualized basis and a dividend yield of 3.66%. Principal Financial Group's payout ratio is -324.44%.
Hedge Funds Weigh In On Principal Financial Group
Institutional investors and hedge funds have recently bought and sold shares of the stock. EdgeRock Capital LLC bought a new position in Principal Financial Group during the second quarter valued at about $26,000. Strategic Financial Concepts LLC acquired a new position in shares of Principal Financial Group in the second quarter valued at $32,000. Family Firm Inc. bought a new position in Principal Financial Group in the second quarter worth $33,000. Peterson Financial Group Inc. acquired a new stake in Principal Financial Group during the third quarter worth $33,000. Finally, Innealta Capital LLC bought a new stake in Principal Financial Group in the 2nd quarter valued at $43,000. Institutional investors own 75.08% of the company's stock.
About Principal Financial Group
(
Get Free Report)
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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