Shares of Principal Financial Group Inc (NYSE:PFG) have been assigned an average recommendation of “Hold” from the twelve ratings firms that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $70.00.
Several brokerages recently weighed in on PFG. JPMorgan Chase upgraded shares of 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. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $76.00 price objective on shares of Principal Financial Group in a research report on Wednesday, January 31st. Barclays upgraded shares of Principal Financial Group from an “equal weight” rating to an “overweight” rating and set a $72.00 price target on the stock in a research report on Monday, February 12th. Morgan Stanley dropped their price target on shares of Principal Financial Group from $77.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Friday, April 27th. Finally, Zacks Investment Research downgraded shares of Principal Financial Group from a “hold” rating to a “sell” rating in a research report on Monday, March 12th.
NYSE:PFG traded up $0.28 during mid-day trading on Friday, hitting $59.03. The stock had a trading volume of 1,111,254 shares, compared to its average volume of 1,672,962. Principal Financial Group has a 52 week low of $54.89 and a 52 week high of $75.58. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.26.
Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, April 26th. The financial services provider reported $1.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.05. The firm had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $3.54 billion. Principal Financial Group had a net margin of 12.35% and a return on equity of 13.55%. During the same period last year, the firm posted $1.27 EPS. research analysts forecast that Principal Financial Group will post 5.22 EPS for the current year.
Principal Financial Group announced that its board has approved a share repurchase program on Monday, May 7th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 1.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Monday, June 4th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.52%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.51. The ex-dividend date is Friday, June 1st.
In related news, insider Luis E. Valdes sold 27,662 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $64.02, for a total value of $1,770,921.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PFG. JPMorgan Chase & Co. raised its holdings in shares of Principal Financial Group by 331.3% in the 1st quarter. JPMorgan Chase & Co. now owns 1,780,869 shares of the financial services provider’s stock worth $108,473,000 after purchasing an additional 1,367,946 shares in the last quarter. American Century Companies Inc. increased its position in shares of Principal Financial Group by 14,739.8% in the fourth quarter. American Century Companies Inc. now owns 836,964 shares of the financial services provider’s stock worth $59,056,000 after acquiring an additional 831,324 shares in the last quarter. Millennium Management LLC increased its position in shares of Principal Financial Group by 174.6% in the fourth quarter. Millennium Management LLC now owns 942,848 shares of the financial services provider’s stock worth $66,527,000 after acquiring an additional 599,491 shares in the last quarter. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Principal Financial Group in the fourth quarter worth approximately $35,087,000. Finally, Martingale Asset Management L P increased its position in shares of Principal Financial Group by 702.0% in the fourth quarter. Martingale Asset Management L P now owns 560,687 shares of the financial services provider’s stock worth $39,563,000 after acquiring an additional 490,776 shares in the last quarter. Institutional investors and hedge funds own 68.64% of the company’s stock.
About Principal Financial Group
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.
Receive News & Ratings for Principal Financial Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Principal Financial Group and related companies with MarketBeat.com's FREE daily email newsletter.