Principal Financial Group (PFG) Given New $77.00 Price Target at Morgan Stanley

Principal Financial Group (NYSE:PFG) had its price target cut by Morgan Stanley from $79.00 to $77.00 in a research report sent to investors on Thursday. They currently have an equal weight rating on the financial services provider’s stock.

A number of other equities research analysts also recently commented on PFG. Wells Fargo set a $79.00 target price on Principal Financial Group and gave the stock a buy rating in a research report on Thursday, December 7th. Keefe, Bruyette & Woods restated a hold rating and set a $73.00 price objective on shares of Principal Financial Group in a research report on Monday, December 11th. Zacks Investment Research upgraded Principal Financial Group from a hold rating to a buy rating and set a $79.00 price objective on the stock in a research report on Thursday, January 4th. Goldman Sachs upgraded Principal Financial Group from a neutral rating to a buy rating in a research report on Tuesday, January 9th. Finally, JPMorgan Chase upgraded Principal Financial Group from an underweight rating to a neutral rating and set a $70.00 price objective on the stock in a research report on Monday, February 12th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $71.45.

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NYSE:PFG opened at $59.61 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.10 and a quick ratio of 0.10. Principal Financial Group has a 12 month low of $57.62 and a 12 month high of $75.58.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Monday, January 29th. The financial services provider reported $1.19 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.18). The firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.32 billion. Principal Financial Group had a return on equity of 13.55% and a net margin of 12.35%. During the same quarter in the prior year, the firm posted $1.27 earnings per share. analysts anticipate that Principal Financial Group will post 5.22 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 29th. Stockholders of record on Monday, March 5th were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 3.42%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.49. The ex-dividend date was Friday, March 2nd.

In other news, Chairman Daniel Joseph Houston sold 19,856 shares of the stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $72.02, for a total value of $1,430,029.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Gary P. Scholten sold 24,310 shares of the stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $71.59, for a total value of $1,740,352.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 71,828 shares of company stock worth $4,941,303. Company insiders own 1.50% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. New Mexico Educational Retirement Board raised its holdings in shares of Principal Financial Group by 3.6% in the fourth quarter. New Mexico Educational Retirement Board now owns 25,804 shares of the financial services provider’s stock worth $1,821,000 after buying an additional 900 shares during the period. WINTON GROUP Ltd raised its holdings in shares of Principal Financial Group by 7.8% in the third quarter. WINTON GROUP Ltd now owns 12,734 shares of the financial services provider’s stock worth $819,000 after buying an additional 919 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its holdings in shares of Principal Financial Group by 5.1% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 19,463 shares of the financial services provider’s stock worth $1,251,000 after buying an additional 939 shares during the period. Goelzer Investment Management Inc. raised its holdings in shares of Principal Financial Group by 0.5% in the fourth quarter. Goelzer Investment Management Inc. now owns 184,495 shares of the financial services provider’s stock worth $13,018,000 after buying an additional 957 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in Principal Financial Group by 11.2% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 9,956 shares of the financial services provider’s stock worth $643,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 68.64% of the company’s stock.

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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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