Principal Financial Group Inc. (PFG) Now Covered by Analysts at Credit Suisse Group AG
Credit Suisse Group AG initiated coverage on shares of Principal Financial Group Inc. (NYSE:PFG) in a report released on Friday morning. The firm issued an underperform rating and a $53.00 target price on the stock.
Several other analysts have also weighed in on PFG. Bank of America Corp. lowered shares of Principal Financial Group from a buy rating to a neutral rating in a research note on Wednesday, June 29th. Zacks Investment Research lowered shares of Principal Financial Group from a hold rating to a sell rating in a research report on Monday, July 4th. Evercore ISI assumed coverage on shares of Principal Financial Group in a research report on Wednesday, July 6th. They set a buy rating and a $48.00 price target for the company. Deutsche Bank AG lowered their price target on shares of Principal Financial Group from $46.00 to $43.00 and set a hold rating for the company in a research report on Thursday, July 7th. Finally, Barclays PLC upped their price target on shares of Principal Financial Group from $41.00 to $47.00 and gave the stock an equal weight rating in a research report on Friday, July 29th. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. Principal Financial Group currently has an average rating of Hold and a consensus target price of $48.73.
Shares of Principal Financial Group (NYSE:PFG) traded up 0.469% during mid-day trading on Friday, hitting $52.505. 543,822 shares of the company traded hands. The firm has a 50-day moving average price of $49.45 and a 200 day moving average price of $44.51. Principal Financial Group has a 52-week low of $33.09 and a 52-week high of $52.93. The firm has a market cap of $15.10 billion, a price-to-earnings ratio of 12.483 and a beta of 1.66.
Principal Financial Group (NYSE:PFG) last released its earnings results on Thursday, July 28th. The company reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.09. Principal Financial Group had a net margin of 10.20% and a return on equity of 12.52%. During the same quarter last year, the business earned $1.09 earnings per share. Equities research analysts anticipate that Principal Financial Group will post $4.37 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Friday, September 2nd were given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 3.14%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.39. The ex-dividend date was Wednesday, August 31st. Principal Financial Group’s dividend payout ratio is currently 38.86%.
In related news, EVP Timothy Mark Dunbar sold 5,000 shares of the firm’s stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $52.00, for a total value of $260,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.78% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Washington Trust Bank boosted its position in shares of Principal Financial Group by 0.9% in the third quarter. Washington Trust Bank now owns 2,721 shares of the company’s stock valued at $140,000 after buying an additional 25 shares during the period. Beacon Financial Group purchased a new position in shares of Principal Financial Group during the third quarter valued at approximately $6,706,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Principal Financial Group during the second quarter valued at approximately $447,000. Kentucky Retirement Systems purchased a new position in shares of Principal Financial Group during the second quarter valued at approximately $942,000. Finally, Mason Street Advisors LLC purchased a new position in shares of Principal Financial Group during the second quarter valued at approximately $1,493,000. 67.13% 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 services. The Company’s segments include Retirement and Income Solutions; Principal Global Investors, Principal International, and U.S.
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