Principal Financial Group (NYSE:PFG) Price Target Lowered to $85.00 at Wells Fargo & Company

Principal Financial Group (NYSE:PFG) had its price objective decreased by research analysts at Wells Fargo & Company from $91.00 to $85.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 7.40% from the company’s current price.

Several other research analysts have also weighed in on PFG. Royal Bank of Canada increased their price objective on shares of Principal Financial Group from $75.00 to $83.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 14th. Piper Sandler increased their target price on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Morgan Stanley raised their price target on shares of Principal Financial Group from $81.00 to $82.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Keefe, Bruyette & Woods lifted their price objective on Principal Financial Group from $85.00 to $89.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Finally, Evercore ISI increased their price objective on shares of Principal Financial Group from $84.00 to $86.00 and gave the company an “in-line” rating in a research note on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $80.09.

Principal Financial Group Price Performance

Principal Financial Group stock opened at $79.14 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.27 and a debt-to-equity ratio of 0.35. The firm’s 50-day simple moving average is $81.77 and its 200 day simple moving average is $77.69. Principal Financial Group has a 52 week low of $65.17 and a 52 week high of $86.79. The firm has a market capitalization of $18.61 billion, a PE ratio of 15.10, a P/E/G ratio of 0.84 and a beta of 1.25.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Thursday, April 25th. The company reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.09). Principal Financial Group had a return on equity of 15.06% and a net margin of 8.70%. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.68 billion. During the same period last year, the firm earned $1.48 earnings per share. On average, equities research analysts predict that Principal Financial Group will post 7.58 EPS for the current fiscal year.

Principal Financial Group announced that its board has approved a share repurchase program on Monday, February 12th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Principal Financial Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PFG. Norden Group LLC bought a new stake in Principal Financial Group during the first quarter worth approximately $823,000. Concord Wealth Partners increased its holdings in shares of Principal Financial Group by 466.2% in the 1st quarter. Concord Wealth Partners now owns 3,137 shares of the company’s stock valued at $271,000 after purchasing an additional 2,583 shares during the period. Caprock Group LLC increased its stake in shares of Principal Financial Group by 3.6% in the first quarter. Caprock Group LLC now owns 5,172 shares of the company’s stock worth $446,000 after acquiring an additional 178 shares during the last quarter. Commonwealth Equity Services LLC increased its position in Principal Financial Group by 16.0% in the 1st quarter. Commonwealth Equity Services LLC now owns 66,029 shares of the company’s stock worth $5,699,000 after purchasing an additional 9,129 shares during the last quarter. Finally, FAS Wealth Partners Inc. raised its position in Principal Financial Group by 4.3% during the first quarter. FAS Wealth Partners Inc. now owns 26,351 shares of the company’s stock valued at $2,274,000 after acquiring an additional 1,076 shares in the last quarter. 75.08% of the stock is owned by institutional investors.

About Principal Financial Group

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.