Principal Financial Group, Inc. (NYSE:PFG) Receives Consensus Recommendation of “Reduce” from Brokerages

Shares of Principal Financial Group, Inc. (NYSE:PFG) have been given an average rating of “Reduce” by the twelve ratings firms that are covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $84.75.

A number of equities research analysts recently weighed in on the stock. Morgan Stanley reaffirmed an “underweight” rating and issued a $80.00 target price (down from $86.00) on shares of Principal Financial Group in a research note on Thursday, December 5th. Barclays upped their target price on shares of Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Piper Sandler upgraded Principal Financial Group from a “neutral” rating to an “overweight” rating and set a $90.00 price target on the stock in a research report on Wednesday, December 18th. Wells Fargo & Company reiterated an “underweight” rating and issued a $75.00 price objective (down from $84.00) on shares of Principal Financial Group in a report on Wednesday, December 11th. Finally, Bank of America decreased their price objective on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th.

Principal Financial Group Trading Down 0.6 %

Principal Financial Group stock opened at $77.23 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30. Principal Financial Group has a fifty-two week low of $72.21 and a fifty-two week high of $91.97. The stock has a market cap of $17.66 billion, a P/E ratio of -85.81, a PEG ratio of 0.92 and a beta of 1.20. The firm’s fifty day moving average price is $83.22 and its 200-day moving average price is $82.26.

Principal Financial Group (NYSE:PFG) last announced its earnings results on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $3.92 billion. Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. During the same quarter in the prior year, the company earned $1.72 earnings per share. Equities research analysts forecast that Principal Financial Group will post 7.03 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 2nd were issued a dividend of $0.73 per share. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.72. This represents a $2.92 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date was Monday, December 2nd. Principal Financial Group’s dividend payout ratio is currently -324.44%.

Hedge Funds Weigh In On Principal Financial Group

A number of hedge funds have recently modified their holdings of PFG. Farther Finance Advisors LLC boosted its holdings in shares of Principal Financial Group by 2.2% in the second quarter. Farther Finance Advisors LLC now owns 6,325 shares of the company’s stock worth $493,000 after buying an additional 135 shares during the last quarter. Ballentine Partners LLC boosted its stake in shares of Principal Financial Group by 5.0% during the 2nd quarter. Ballentine Partners LLC now owns 2,906 shares of the company’s stock worth $228,000 after acquiring an additional 138 shares during the last quarter. Graypoint LLC grew its position in shares of Principal Financial Group by 5.6% during the 2nd quarter. Graypoint LLC now owns 2,654 shares of the company’s stock valued at $208,000 after acquiring an additional 140 shares during the period. Prime Capital Investment Advisors LLC increased its stake in shares of Principal Financial Group by 2.3% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 6,358 shares of the company’s stock worth $546,000 after purchasing an additional 142 shares in the last quarter. Finally, Empirical Finance LLC raised its holdings in Principal Financial Group by 1.8% in the 3rd quarter. Empirical Finance LLC now owns 7,875 shares of the company’s stock worth $676,000 after purchasing an additional 142 shares during the period. Hedge funds and other institutional investors own 75.08% of the company’s stock.

About Principal Financial Group

Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.