Principal Financial Group (NYSE:PFG) Sets New 1-Year High – Should You Buy?

Shares of Principal Financial Group, Inc. (NYSE:PFG) hit a new 52-week high during trading on Wednesday . The stock traded as high as $93.88 and last traded at $92.23, with a volume of 1836067 shares traded. The stock had previously closed at $93.00.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. UBS Group lifted their price target on shares of Principal Financial Group from $88.00 to $92.00 and gave the company a “neutral” rating in a research report on Thursday, January 8th. Evercore ISI raised their price target on shares of 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. Morgan Stanley set a $93.00 target price on Principal Financial Group in a research report on Monday, December 15th. Barclays reiterated an “underweight” rating and set a $85.00 price objective on shares of Principal Financial Group in a research note on Thursday, January 8th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Principal Financial Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a report on Thursday, October 30th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $92.88.

Principal Financial Group Stock Performance

The company’s 50-day simple moving average is $88.57 and its 200-day simple moving average is $83.41. The stock has a market cap of $20.55 billion, a price-to-earnings ratio of 13.81, a price-to-earnings-growth ratio of 0.76 and a beta of 0.89. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings results on Monday, October 27th. The company reported $2.32 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.12. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%.During the same period in the previous year, the company posted $2.05 EPS. Analysts predict that Principal Financial Group, Inc. will post 8.5 EPS for the current fiscal year.

Insider Buying and Selling at Principal Financial Group

In related news, CEO Deanna D. Strable-Soethout sold 8,025 shares of the business’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $92.56, for a total transaction of $742,794.00. Following the transaction, the chief executive officer directly owned 54,227 shares of the company’s stock, valued at approximately $5,019,251.12. The trade was a 12.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Wee Yee Cheong sold 1,887 shares of the business’s stock in a transaction 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 transaction, the executive vice president owned 81,421 shares in the company, valued at approximately $6,924,041.84. This represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 10,212 shares of company stock valued at $931,014. 1.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Principal Financial Group

A number of hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Principal Financial Group in the second quarter worth $227,098,000. Bank of America Corp DE grew its position in Principal Financial Group by 9.6% during the second quarter. Bank of America Corp DE now owns 12,370,852 shares of the company’s stock worth $982,617,000 after buying an additional 1,083,991 shares in the last quarter. UBS Group AG increased its position in shares of Principal Financial Group by 62.3% during the third quarter. UBS Group AG now owns 2,023,880 shares of the company’s stock valued at $167,800,000 after purchasing an additional 776,997 shares during the period. Amundi increased its holdings in Principal Financial Group by 57.6% in the 2nd quarter. Amundi now owns 1,791,246 shares of the company’s stock valued at $144,213,000 after buying an additional 654,408 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in Principal Financial Group by 1,048.8% in the third quarter. Assenagon Asset Management S.A. now owns 697,735 shares of the company’s stock valued at $57,849,000 after acquiring an additional 637,001 shares during the period. Institutional investors and hedge funds own 75.08% of the company’s stock.

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.