Principal Financial Group (NYSE:PFG) Price Target Raised to $90.00

Principal Financial Group (NYSE:PFG) had its price target raised by Piper Sandler from $85.00 to $90.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a neutral rating on the stock.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. upgraded Principal Financial Group from an underweight rating to a neutral rating and raised their target price for the company from $88.00 to $96.00 in a research note on Tuesday, July 2nd. Raymond James raised Principal Financial Group from a market perform rating to a strong-buy rating and set a $99.00 price objective for the company in a research report on Tuesday, July 9th. Bank of America upped their target price on shares of Principal Financial Group from $87.00 to $94.00 and gave the stock a neutral rating in a research report on Thursday, July 11th. Citigroup boosted their price objective on shares of Principal Financial Group from $68.00 to $70.00 and gave the stock a sell rating in a research note on Tuesday, July 23rd. Finally, Royal Bank of Canada raised their target price on shares of Principal Financial Group from $83.00 to $87.00 and gave the company a sector perform rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $85.50.

Principal Financial Group Stock Up 3.2 %

Shares of Principal Financial Group stock opened at $87.32 on Wednesday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.36. Principal Financial Group has a 12-month low of $66.21 and a 12-month high of $88.26. The company has a market cap of $20.22 billion, a P/E ratio of 16.66, a PEG ratio of 0.91 and a beta of 1.19. The company’s fifty day simple moving average is $80.35 and its two-hundred day simple moving average is $81.32.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Thursday, July 25th. The company reported $1.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.87 by ($0.24). Principal Financial Group had a net margin of 8.05% and a return on equity of 14.92%. The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter in the prior year, the firm earned $1.53 EPS. Research analysts anticipate that Principal Financial Group will post 7.31 EPS for the current year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Thursday, September 5th were issued a $0.72 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend was Thursday, September 5th. Principal Financial Group’s payout ratio is presently 54.96%.

Institutional Trading of Principal Financial Group

Several institutional investors have recently added to or reduced their stakes in the business. EdgeRock Capital LLC bought a new position in shares of Principal Financial Group during the second quarter valued at $26,000. Riverview Trust Co purchased a new position in Principal Financial Group in the 1st quarter worth about $34,000. Newbridge Financial Services Group Inc. bought a new position in Principal Financial Group during the 4th quarter valued at about $33,000. Family Firm Inc. purchased a new stake in shares of Principal Financial Group during the 2nd quarter valued at about $33,000. Finally, Salomon & Ludwin LLC grew its stake in shares of Principal Financial Group by 319.3% in the first quarter. Salomon & Ludwin LLC now owns 499 shares of the company’s stock worth $43,000 after acquiring an additional 380 shares during the period. 75.08% of the stock is currently owned by hedge funds and other 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.