Credit Suisse Group AG began coverage on shares of Principal Financial Group Inc. (NYSE:PFG) in a research report released on Friday morning. The brokerage issued an underperform rating and a $53.00 price objective on the stock.
Other equities analysts have also recently issued research reports about the company. Bank of America Corp. cut Principal Financial Group from a buy rating to a neutral rating in a report on Wednesday, June 29th. Evercore ISI began coverage on Principal Financial Group in a report on Wednesday, July 6th. They issued a buy rating and a $48.00 price target for the company. Zacks Investment Research raised Principal Financial Group from a sell rating to a hold rating and set a $50.00 price target for the company in a report on Monday, July 18th. Deutsche Bank AG set a $48.00 price target on Principal Financial Group and gave the stock a hold rating in a report on Wednesday, August 3rd. Finally, Goldman Sachs Group Inc. upped their price target on Principal Financial Group from $40.00 to $45.00 and gave the stock a sell rating in a report on Friday, September 23rd. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $48.73.
Shares of Principal Financial Group (NYSE:PFG) opened at 52.71 on Friday. The stock has a 50 day moving average price of $49.91 and a 200 day moving average price of $44.79. Principal Financial Group has a 1-year low of $33.09 and a 1-year high of $53.11. The company has a market capitalization of $15.16 billion, a price-to-earnings ratio of 12.53 and a beta of 1.66.
Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Thursday, July 28th. The company reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.09. Principal Financial Group had a return on equity of 12.52% and a net margin of 10.20%. During the same period in the previous year, the business posted $1.09 earnings per share. On average, equities 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. Investors of record on Friday, September 2nd were issued a $0.41 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.39. This represents a $1.64 dividend on an annualized basis and a yield of 3.11%. Principal Financial Group’s dividend payout ratio is currently 38.86%.
In related news, EVP Timothy Mark Dunbar sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 5th. The stock was sold at an average price of $52.00, for a total value of $260,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.78% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Creative Planning boosted its position in Principal Financial Group by 21.7% in the third quarter. Creative Planning now owns 12,179 shares of the company’s stock worth $627,000 after buying an additional 2,170 shares in the last quarter. British Columbia Investment Management Corp boosted its position in Principal Financial Group by 16.5% in the third quarter. British Columbia Investment Management Corp now owns 181,278 shares of the company’s stock worth $9,338,000 after buying an additional 25,718 shares in the last quarter. Washington Trust Bank boosted its position in Principal Financial Group by 0.9% in the third quarter. Washington Trust Bank now owns 2,721 shares of the company’s stock worth $140,000 after buying an additional 25 shares in the last quarter. Beacon Financial Group acquired a new position in Principal Financial Group during the third quarter worth approximately $6,706,000. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Principal Financial Group during the second quarter worth approximately $447,000. Hedge funds and other institutional investors own 67.13% of the company’s stock.
Principal Financial Group Company Profile