Principal Financial Group (PFG) Rating Lowered to Market Perform at Wells Fargo & Co
Principal Financial Group (NYSE:PFG) was downgraded by investment analysts at Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a report issued on Tuesday, The Fly reports.
Several other research analysts have also issued reports on PFG. Zacks Investment Research raised Principal Financial Group from a “hold” rating to a “buy” rating and set a $79.00 target price for the company in a research report on Thursday, January 4th. Goldman Sachs Group initiated coverage on Principal Financial Group in a research report on Wednesday, October 18th. They issued a “neutral” rating and a $70.00 target price for the company. Keefe, Bruyette & Woods restated a “hold” rating and issued a $73.00 price target on shares of Principal Financial Group in a research note on Monday, December 11th. Finally, Morgan Stanley upped their price target on Principal Financial Group from $67.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 5th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $68.50.
Shares of Principal Financial Group (PFG) traded up $0.50 during trading hours on Tuesday, hitting $73.88. The stock had a trading volume of 1,150,000 shares, compared to its average volume of 1,080,000. Principal Financial Group has a 12-month low of $56.12 and a 12-month high of $74.05. The company has a market cap of $21,330.00, a price-to-earnings ratio of 12.11, a P/E/G ratio of 1.35 and a beta of 1.72. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.10 and a quick ratio of 0.10.
Principal Financial Group (NYSE:PFG) last announced its earnings results on Thursday, October 26th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.02). Principal Financial Group had a return on equity of 13.55% and a net margin of 12.35%. The firm had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the company posted $1.15 EPS. analysts forecast that Principal Financial Group will post 5.22 earnings per share for the current fiscal year.
In related news, EVP Timothy Mark Dunbar sold 16,400 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $70.23, for a total value of $1,151,772.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Nora Mary Everett sold 12,398 shares of the company’s stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $68.00, for a total value of $843,064.00. The disclosure for this sale can be found here. Insiders sold a total of 369,535 shares of company stock worth $25,938,392 in the last 90 days. 1.50% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. boosted its stake in Principal Financial Group by 0.7% during the 2nd quarter. Pacer Advisors Inc. now owns 5,569 shares of the financial services provider’s stock valued at $357,000 after purchasing an additional 38 shares during the last quarter. Cookson Peirce & Co. Inc. boosted its stake in Principal Financial Group by 0.8% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 6,660 shares of the financial services provider’s stock valued at $427,000 after purchasing an additional 50 shares during the last quarter. Veritable L.P. boosted its stake in Principal Financial Group by 4.0% during the 2nd quarter. Veritable L.P. now owns 6,137 shares of the financial services provider’s stock valued at $393,000 after purchasing an additional 235 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in Principal Financial Group by 3.2% during the 2nd quarter. Neuberger Berman Group LLC now owns 8,540 shares of the financial services provider’s stock valued at $547,000 after purchasing an additional 266 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in Principal Financial Group by 0.3% during the 2nd quarter. ProShare Advisors LLC now owns 94,809 shares of the financial services provider’s stock valued at $6,074,000 after purchasing an additional 294 shares during the last quarter. Institutional investors and hedge funds own 68.64% of the company’s stock.
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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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