Principal Financial Group (NASDAQ:PFG) Sets New 52-Week High – Here’s What Happened

Principal Financial Group, Inc. (NASDAQ:PFG)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $103.00 and last traded at $101.55, with a volume of 1007024 shares trading hands. The stock had previously closed at $100.87.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PFG. Evercore set a $108.00 target price on shares of Principal Financial Group in a report on Monday, April 27th. Morgan Stanley upped their target price on shares of Principal Financial Group from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Tuesday, March 3rd. UBS Group increased their price objective on shares of Principal Financial Group from $92.00 to $94.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $92.00 price objective on shares of Principal Financial Group in a report on Thursday, March 26th. Finally, Barclays increased their price objective on shares of Principal Financial Group from $85.00 to $87.00 and gave the stock an “underweight” rating in a report on Friday, April 24th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $95.33.

Principal Financial Group Stock Performance

The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.33. The stock’s 50-day moving average is $92.65 and its 200-day moving average is $89.63. The stock has a market cap of $21.94 billion, a price-to-earnings ratio of 14.53, a P/E/G ratio of 0.96 and a beta of 0.89.

Principal Financial Group (NASDAQ:PFG) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.06. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. The company had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter last year, the company earned $1.81 earnings per share. On average, analysts expect that Principal Financial Group, Inc. will post 9.31 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Monday, June 1st will be given a dividend of $0.82 per share. The ex-dividend date of this dividend is Monday, June 1st. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.80. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.2%. Principal Financial Group’s dividend payout ratio is 45.78%.

Insiders Place Their Bets

In other Principal Financial Group news, insider Wee Yee Cheong sold 9,183 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $101.26, for a total value of $929,870.58. Following the sale, the insider directly owned 77,188 shares in the company, valued at approximately $7,816,056.88. This trade represents a 10.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel George Djurasovic sold 2,571 shares of the firm’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total value of $259,233.93. Following the completion of the sale, the general counsel owned 21,906 shares in the company, valued at $2,208,781.98. The trade was a 10.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 17,572 shares of company stock worth $1,776,769 over the last quarter. 1.13% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Principal Financial Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC acquired a new position in Principal Financial Group during the first quarter worth about $244,000. NewEdge Advisors LLC grew its holdings in Principal Financial Group by 24.1% during the first quarter. NewEdge Advisors LLC now owns 7,503 shares of the company’s stock worth $633,000 after acquiring an additional 1,455 shares during the period. Empowered Funds LLC grew its holdings in Principal Financial Group by 11.9% during the first quarter. Empowered Funds LLC now owns 4,678 shares of the company’s stock worth $395,000 after acquiring an additional 497 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Principal Financial Group by 96.2% during the second quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the company’s stock worth $181,000 after acquiring an additional 1,117 shares during the period. Finally, Cerity Partners LLC grew its holdings in Principal Financial Group by 9.1% during the second quarter. Cerity Partners LLC now owns 37,957 shares of the company’s stock worth $3,015,000 after acquiring an additional 3,175 shares during the period. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Company Profile

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.