Principal Financial Group Inc (PFG) Given Consensus Recommendation of “Hold” by Analysts
Principal Financial Group Inc (NYSE:PFG) has been assigned a consensus recommendation of “Hold” from the eleven ratings firms that are presently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $61.67.
Several research analysts have recently commented on PFG shares. Zacks Investment Research downgraded Principal Financial Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 22nd. Deutsche Bank AG raised their price objective on Principal Financial Group from $60.00 to $62.00 and gave the stock a “hold” rating in a research note on Wednesday, April 19th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $73.00 price objective on shares of Principal Financial Group in a research note on Wednesday, July 12th. Wells Fargo & Company reaffirmed a “buy” rating on shares of Principal Financial Group in a research note on Thursday, June 29th. Finally, BidaskClub raised Principal Financial Group from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th.
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Shares of Principal Financial Group (PFG) traded up 0.16% during midday trading on Friday, hitting $64.53. The stock had a trading volume of 441,299 shares. The stock’s 50 day moving average price is $65.53 and its 200 day moving average price is $63.31. Principal Financial Group has a 12 month low of $46.40 and a 12 month high of $67.73. The firm has a market cap of $18.65 billion, a price-to-earnings ratio of 14.67 and a beta of 1.65.
Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 EPS for the quarter, topping the consensus estimate of $1.22 by $0.09. Principal Financial Group had a return on equity of 13.57% and a net margin of 10.15%. The firm had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter last year, the company earned $1.15 earnings per share. On average, equities analysts forecast that Principal Financial Group will post $5.18 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.92%. The ex-dividend date is Wednesday, August 30th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. Principal Financial Group’s dividend payout ratio (DPR) is 41.82%.
Principal Financial Group announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 17th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
In related news, insider Luis E. Valdes sold 10,375 shares of Principal Financial Group stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $64.00, for a total transaction of $664,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Nora Mary Everett sold 8,700 shares of Principal Financial Group stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $63.52, for a total value of $552,624.00. The disclosure for this sale can be found here. Insiders have sold a total of 355,913 shares of company stock worth $23,099,450 in the last three months. 1.50% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. CENTRAL TRUST Co increased its stake in shares of Principal Financial Group by 2.4% in the first quarter. CENTRAL TRUST Co now owns 2,176 shares of the financial services provider’s stock valued at $137,000 after buying an additional 52 shares during the period. Jacobi Capital Management LLC increased its stake in shares of Principal Financial Group by 291.1% in the first quarter. Jacobi Capital Management LLC now owns 2,691 shares of the financial services provider’s stock valued at $167,000 after buying an additional 2,003 shares during the period. Oppenheimer & Co. Inc. acquired a new stake in shares of Principal Financial Group during the first quarter valued at about $202,000. Blair William & Co. IL acquired a new stake in shares of Principal Financial Group during the first quarter valued at about $205,000. Finally, Eagle Global Advisors LLC acquired a new stake in shares of Principal Financial Group during the second quarter valued at about $207,000. 70.45% of the stock is currently owned by institutional investors.
About Principal Financial Group
Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.
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