Wells Fargo & Company Issues Pessimistic Forecast for Principal Financial Group (NASDAQ:PFG) Stock Price

Principal Financial Group (NASDAQ:PFG) had its price objective cut by research analysts at Wells Fargo & Company from $115.00 to $113.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 4.98% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Barclays decreased their price objective on Principal Financial Group from $92.00 to $86.00 and set an “underweight” rating for the company in a research note on Wednesday, October 7th. Piper Sandler increased their target price on Principal Financial Group from $125.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, September 28th. Keefe, Bruyette & Woods reduced their target price on Principal Financial Group from $117.00 to $115.00 and set a “market perform” rating on the stock in a report on Friday, October 9th. Morgan Stanley raised their target price on Principal Financial Group from $107.00 to $112.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Finally, JPMorgan Chase & Co. boosted their target price on Principal Financial Group from $106.00 to $107.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $108.83.

Principal Financial Group Stock Performance

Shares of Principal Financial Group stock opened at $107.64 on Monday. The firm has a fifty day moving average of $113.19 and a two-hundred day moving average of $107.13. The stock has a market capitalization of $23.05 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 0.98 and a beta of 0.86. Principal Financial Group has a 52 week low of $77.90 and a 52 week high of $121.18. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.28 and a current ratio of 0.28.

Principal Financial Group (NASDAQ:PFG) last posted its quarterly earnings results on Wednesday, July 29th. 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 company had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter in the prior year, the business posted $2.16 EPS. As a group, equities research analysts predict that Principal Financial Group will post 9.59 EPS for the current year.

Institutional Investors Weigh In On Principal Financial Group

Several large investors have recently modified their holdings of PFG. BlackRock Inc. acquired a new position in shares of Principal Financial Group in the second quarter valued at approximately $2,157,181,000. State Street Corp raised its holdings in shares of Principal Financial Group by 0.8% during the second quarter. State Street Corp now owns 10,264,856 shares of the company’s stock worth $1,106,346,000 after acquiring an additional 85,014 shares during the period. Bank of America Corp DE lifted its position in Principal Financial Group by 5.0% in the 1st quarter. Bank of America Corp DE now owns 8,819,452 shares of the company’s stock valued at $794,721,000 after acquiring an additional 420,319 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Principal Financial Group by 3.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,886,509 shares of the company’s stock valued at $350,187,000 after acquiring an additional 119,327 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Principal Financial Group by 12.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,216,125 shares of the company’s stock valued at $238,854,000 after acquiring an additional 244,550 shares in the last quarter. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Company Profile

Principal Financial Group, Inc is a global financial services company headquartered in Des Moines, Iowa. Founded in 1879, the company provides retirement, investment, insurance and financial wellness solutions to individuals, businesses and institutional clients.

Its offerings include employer-sponsored retirement plans, individual retirement accounts, pension and income solutions, group benefits, life insurance and specialty benefits. Through its investment management operations, Principal also provides asset management and related services to retirement plans, institutions and individual investors.

Principal Financial Group serves customers in the United States and selected international markets, including countries in Latin America and Asia.