Principal Financial Group (NASDAQ:PFG) Price Target Raised to $104.00

Principal Financial Group (NASDAQ:PFG) had its price objective increased by Bank of America from $94.00 to $104.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has an underperform rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Citigroup cut Principal Financial Group from a “sell” rating to an “underperform” rating in a research note on Wednesday, June 24th. Evercore set a $108.00 price target on shares of Principal Financial Group in a research report on Monday, April 27th. Barclays boosted their price target on shares of Principal Financial Group from $87.00 to $92.00 and gave the company an “underweight” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. raised their price objective on shares of Principal Financial Group from $101.00 to $106.00 and gave the company a “neutral” rating in a research note on Tuesday, July 21st. Finally, Jefferies Financial Group boosted their target price on shares of Principal Financial Group from $91.00 to $98.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $105.75.

Principal Financial Group Trading Up 0.7%

PFG opened at $113.95 on Tuesday. The company has a fifty day moving average price of $108.98 and a two-hundred day moving average price of $99.05. Principal Financial Group has a 1-year low of $75.00 and a 1-year high of $114.95. The company has a market cap of $24.61 billion, a P/E ratio of 16.19, a price-to-earnings-growth ratio of 1.03 and a beta of 0.88. The company has a current ratio of 0.24, a quick ratio of 0.27 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NASDAQ:PFG) last released its quarterly earnings data on Monday, July 27th. The company reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.17. Principal Financial Group had a net margin of 9.93% and a return on equity of 16.49%. The company had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.11 billion. During the same quarter in the prior year, the firm earned $2.16 EPS. Analysts predict that Principal Financial Group will post 9.51 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Thursday, September 3rd will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.9%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.82. The ex-dividend date is Thursday, September 3rd. Principal Financial Group’s dividend payout ratio is presently 46.92%.

Insider Transactions at Principal Financial Group

In other Principal Financial Group news, insider Wee Yee Cheong sold 7,534 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $103.16, for a total value of $777,207.44. Following the completion of the sale, the insider directly owned 66,443 shares of the company’s stock, valued at approximately $6,854,259.88. This represents a 10.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.13% of the company’s stock.

Hedge Funds Weigh In On Principal Financial Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. DV Equities LLC bought a new stake in Principal Financial Group during the fourth quarter worth $25,000. Hilton Head Capital Partners LLC bought a new stake in shares of Principal Financial Group during the 4th quarter worth $26,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Principal Financial Group during the 4th quarter worth $26,000. Valley Wealth Managers Inc. purchased a new position in shares of Principal Financial Group in the 1st quarter worth about $27,000. Finally, MBM Wealth Consultants LLC purchased a new position in shares of Principal Financial Group in the 1st quarter worth about $28,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.

About Principal Financial Group

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.