Principal Financial Group (NYSE:PFG) Reaches New 52-Week Low – Here’s Why

Shares of Principal Financial Group, Inc. (NYSE:PFG) hit a new 52-week low on Monday . The company traded as low as $68.70 and last traded at $69.70, with a volume of 95580 shares traded. The stock had previously closed at $72.94.

Analysts Set New Price Targets

PFG has been the topic of several recent analyst reports. UBS Group lifted their price target on shares of Principal Financial Group from $87.00 to $93.00 and gave the company a “neutral” rating in a report on Wednesday, April 2nd. Barclays boosted their price target on shares of Principal Financial Group from $77.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, February 7th. BMO Capital Markets assumed coverage on shares of Principal Financial Group in a report on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price objective for the company. Keefe, Bruyette & Woods increased their target price on Principal Financial Group from $90.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 12th. Finally, Wells Fargo & Company lifted their price target on Principal Financial Group from $69.00 to $74.00 and gave the company an “underweight” rating in a research report on Wednesday, February 19th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Principal Financial Group presently has a consensus rating of “Hold” and an average target price of $86.57.

Principal Financial Group Stock Performance

The firm has a market cap of $16.13 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 0.76 and a beta of 1.01. The company has a quick ratio of 0.30, a current ratio of 0.29 and a debt-to-equity ratio of 0.36. The business has a 50 day simple moving average of $84.12 and a two-hundred day simple moving average of $83.67.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th were given a dividend of $0.75 per share. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Wednesday, March 12th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.19%. Principal Financial Group’s dividend payout ratio is presently 44.91%.

Hedge Funds Weigh In On Principal Financial Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Curio Wealth LLC purchased a new stake in Principal Financial Group during the fourth quarter valued at approximately $29,000. BankPlus Trust Department purchased a new stake in shares of Principal Financial Group during the 4th quarter valued at $33,000. Ameriflex Group Inc. acquired a new stake in shares of Principal Financial Group in the 4th quarter worth $37,000. Navigoe LLC purchased a new position in Principal Financial Group during the 4th quarter worth $37,000. Finally, Covestor Ltd increased its position in Principal Financial Group by 144.3% during the 4th quarter. Covestor Ltd now owns 540 shares of the company’s stock valued at $42,000 after buying an additional 319 shares in the last quarter. 75.08% of the stock is currently owned by institutional investors.

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.