Principal Financial Group (NYSE:PFG) Sets New 52-Week High – Here’s Why

Shares of Principal Financial Group, Inc. (NYSE:PFG) reached a new 52-week high during trading on Thursday . The stock traded as high as $92.69 and last traded at $92.3550, with a volume of 342420 shares changing hands. The stock had previously closed at $91.09.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PFG. Barclays reaffirmed an “underweight” rating and set a $85.00 price target on shares of Principal Financial Group in a report on Thursday, January 8th. Keefe, Bruyette & Woods upped their target price on Principal Financial Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a research note on Thursday, October 30th. UBS Group raised their target price on Principal Financial Group from $88.00 to $92.00 and gave the company a “neutral” rating in a report on Thursday, January 8th. Morgan Stanley set a $93.00 price target on Principal Financial Group in a research note on Monday, December 15th. Finally, Evercore ISI upped their price objective on Principal Financial Group from $92.00 to $94.00 and gave the stock an “in-line” rating in a research report on Thursday, October 9th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $92.89.

Principal Financial Group Trading Up 1.2%

The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $20.53 billion, a price-to-earnings ratio of 13.79, a P/E/G ratio of 0.76 and a beta of 0.89. The firm’s 50-day moving average is $87.85 and its 200 day moving average is $83.08.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Monday, October 27th. The company reported $2.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.12. Principal Financial Group had a net margin of 9.74% and a return on equity of 14.68%. During the same quarter in the prior year, the company earned $2.05 earnings per share. On average, equities analysts predict that Principal Financial Group, Inc. will post 8.5 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Wednesday, December 3rd were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.4%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.78. The ex-dividend date was Wednesday, December 3rd. Principal Financial Group’s dividend payout ratio is 46.00%.

Insider Buying and Selling

In related news, CEO Deanna D. Strable-Soethout sold 300 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $92.50, for a total value of $27,750.00. Following the sale, the chief executive officer directly owned 62,252 shares in the company, valued at $5,758,310. This represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Wee Yee Cheong sold 1,887 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $85.04, for a total transaction of $160,470.48. Following the sale, the executive vice president directly owned 81,421 shares of the company’s stock, valued at $6,924,041.84. This represents a 2.27% decrease in their position. The SEC filing for this sale provides additional information. 1.08% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Paragon Capital Management Ltd bought a new stake in shares of Principal Financial Group during the 4th quarter valued at about $217,000. OFI Invest Asset Management acquired a new position in Principal Financial Group in the fourth quarter valued at approximately $223,000. Provident Living Financial Services Inc. acquired a new position in Principal Financial Group in the fourth quarter valued at approximately $298,000. Oak Thistle LLC bought a new position in shares of Principal Financial Group during the 4th quarter worth approximately $1,462,000. Finally, Aaron Wealth Advisors LLC grew its position in shares of Principal Financial Group by 41.9% during the 4th quarter. Aaron Wealth Advisors LLC now owns 3,655 shares of the company’s stock worth $322,000 after buying an additional 1,079 shares during the period. 75.08% of the stock is owned by institutional investors.

Principal Financial Group Company Profile

Principal Financial Group, commonly known as Principal, is a global financial services company headquartered in Des Moines, Iowa. The firm provides a broad range of retirement, investment management and insurance solutions for individual, employer and institutional clients. Its core businesses include retirement plan services and recordkeeping, asset management, and life and disability insurance, supported by distribution through employers, financial advisors and direct channels.

On the retirement side, Principal offers 401(k) and other workplace retirement plans, individual retirement accounts and annuity products designed to help clients accumulate and manage retirement savings.