Principal Financial Group (NASDAQ:PFG) Price Target Raised to $107.00

Principal Financial Group (NASDAQ:PFG) had its price target upped by JPMorgan Chase & Co. from $106.00 to $107.00 in a research note issued to investors on Monday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other equities analysts have also recently weighed in on the company. Raymond James Financial cut Principal Financial Group from a “strong-buy” rating to an “outperform” rating and raised their price target for the company from $99.00 to $111.00 in a report on Tuesday, May 19th. Citigroup cut Principal Financial Group from a “sell” rating to an “underperform” rating in a report on Wednesday, June 24th. Piper Sandler increased their target price on Principal Financial Group from $113.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. Bank of America boosted their price target on shares of Principal Financial Group from $94.00 to $104.00 and gave the stock an “underperform” rating in a research report on Tuesday, July 28th. Finally, Evercore set a $108.00 price target on shares of Principal Financial Group in a research note on Monday, April 27th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $105.83.

Principal Financial Group Stock Down 0.3%

Shares of PFG stock opened at $114.85 on Monday. The company’s fifty day simple moving average is $109.82 and its two-hundred day simple moving average is $99.73. Principal Financial Group has a 52 week low of $75.33 and a 52 week high of $116.27. The stock has a market cap of $24.59 billion, a P/E ratio of 16.31, a PEG ratio of 1.05 and a beta of 0.88. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NASDAQ:PFG) last issued its quarterly earnings data on Monday, July 27th. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.33 by $0.17. Principal Financial Group had a return on equity of 16.49% and a net margin of 9.93%.The firm had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.11 billion. During the same quarter last year, the business posted $2.16 earnings per share. Analysts predict that Principal Financial Group will post 9.53 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Thursday, September 3rd will be issued a $0.84 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.82. The ex-dividend date is Thursday, September 3rd. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. Principal Financial Group’s dividend payout ratio (DPR) is presently 46.59%.

Insider Buying and Selling at Principal Financial Group

In other news, insider Wee Yee Cheong sold 7,534 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $103.16, for a total transaction of $777,207.44. Following the transaction, the insider owned 66,443 shares of the company’s stock, valued at approximately $6,854,259.88. The trade was a 10.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Focus Financial Network Inc. increased its position in shares of Principal Financial Group by 2.0% during the second quarter. Focus Financial Network Inc. now owns 5,613 shares of the company’s stock worth $605,000 after purchasing an additional 110 shares in the last quarter. Prosperity Consulting Group LLC boosted its position in shares of Principal Financial Group by 1.6% in the 1st quarter. Prosperity Consulting Group LLC now owns 6,921 shares of the company’s stock valued at $624,000 after purchasing an additional 111 shares during the period. Parallel Advisors LLC grew its stake in Principal Financial Group by 7.6% during the 4th quarter. Parallel Advisors LLC now owns 1,686 shares of the company’s stock worth $149,000 after buying an additional 119 shares during the last quarter. Blue Trust Inc. grew its stake in Principal Financial Group by 14.8% during the 1st quarter. Blue Trust Inc. now owns 921 shares of the company’s stock worth $83,000 after buying an additional 119 shares during the last quarter. Finally, Beacon Financial Group increased its position in Principal Financial Group by 2.8% during the first quarter. Beacon Financial Group now owns 4,451 shares of the company’s stock worth $401,000 after buying an additional 120 shares during the period. 75.08% of the stock is owned by hedge funds and other institutional investors.

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.