Principal Financial Group (NASDAQ:PFG) Reaches New 12-Month High – Still a Buy?

Principal Financial Group, Inc. (NASDAQ:PFG)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $103.00 and last traded at $102.9860, with a volume of 224011 shares traded. The stock had previously closed at $101.14.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PFG shares. Morgan Stanley upped their target price on shares of Principal Financial Group from $95.00 to $107.00 and gave the company an “equal weight” rating in a report on Thursday. Evercore set a $108.00 price target on Principal Financial Group in a report on Monday, April 27th. UBS Group upped their price objective on Principal Financial Group from $92.00 to $94.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Barclays increased their price objective on Principal Financial Group from $85.00 to $87.00 and gave the stock an “underweight” rating in a research report on Friday, April 24th. Finally, Weiss Ratings downgraded Principal Financial Group from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $98.10.

Principal Financial Group Trading Down 0.1%

The firm has a market capitalization of $22.43 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 0.97 and a beta of 0.89. The business’s 50 day moving average price is $94.29 and its 200-day moving average price is $91.23. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.27 and a quick ratio of 0.27.

Principal Financial Group (NASDAQ:PFG) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.06. Principal Financial Group had a return on equity of 16.25% and a net margin of 10.10%.The company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $4.11 billion. During the same quarter in the previous year, the company earned $1.81 EPS. Equities analysts forecast that Principal Financial Group, Inc. will post 9.36 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Monday, June 1st will be issued a dividend of $0.82 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.80. This represents a $3.28 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Monday, June 1st. Principal Financial Group’s dividend payout ratio is currently 45.78%.

Insider Buying and Selling at Principal Financial Group

In other Principal Financial Group news, General Counsel George Djurasovic sold 2,571 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $100.83, for a total value of $259,233.93. Following the completion of the sale, the general counsel owned 21,906 shares of the company’s stock, valued at approximately $2,208,781.98. This trade represents a 10.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wee Yee Cheong sold 9,183 shares of the business’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $101.26, for a total transaction of $929,870.58. Following the sale, the insider owned 77,188 shares in the company, valued at $7,816,056.88. The trade was a 10.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 28,317 shares of company stock valued at $2,884,902 in the last quarter. 1.13% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PFG. Integrated Wealth Concepts LLC purchased a new stake in shares of Principal Financial Group during the 1st quarter worth approximately $244,000. NewEdge Advisors LLC increased its stake in Principal Financial Group by 24.1% in the 1st quarter. NewEdge Advisors LLC now owns 7,503 shares of the company’s stock valued at $633,000 after purchasing an additional 1,455 shares in the last quarter. Empowered Funds LLC raised its holdings in Principal Financial Group by 11.9% during the first quarter. Empowered Funds LLC now owns 4,678 shares of the company’s stock worth $395,000 after purchasing an additional 497 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Principal Financial Group by 96.2% during the second quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the company’s stock worth $181,000 after purchasing an additional 1,117 shares in the last quarter. Finally, Cerity Partners LLC boosted its position in Principal Financial Group by 9.1% during the second quarter. Cerity Partners LLC now owns 37,957 shares of the company’s stock worth $3,015,000 after purchasing an additional 3,175 shares in the last quarter. 75.08% of the stock is currently owned by institutional investors and hedge funds.

Principal Financial Group Company Profile

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.