Principal Financial Group (NYSE:PFG) Hits New 1-Year High on Analyst Upgrade

Principal Financial Group, Inc. (NYSE:PFG) hit a new 52-week high during mid-day trading on Friday after Wells Fargo & Company raised their price target on the stock from $85.00 to $86.00. Wells Fargo & Company currently has an equal weight rating on the stock. Principal Financial Group traded as high as $88.72 and last traded at $88.69, with a volume of 22465 shares trading hands. The stock had previously closed at $87.48.

Other research analysts have also issued reports about the stock. Jefferies Financial Group raised their price objective on shares of Principal Financial Group from $73.00 to $76.00 and gave the company a “hold” rating in a research note on Thursday, July 18th. Keefe, Bruyette & Woods dropped their price target on shares of Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 30th. Bank of America raised their price target on shares of Principal Financial Group from $87.00 to $94.00 and gave the company a “neutral” rating in a research report on Thursday, July 11th. Royal Bank of Canada raised their price objective on shares of Principal Financial Group from $83.00 to $87.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Finally, Barclays raised their price objective on shares of Principal Financial Group from $74.00 to $75.00 and gave the stock an “underweight” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $85.42.

Hedge Funds Weigh In On Principal Financial Group

Hedge funds have recently bought and sold shares of the company. EdgeRock Capital LLC bought a new stake in Principal Financial Group during the second quarter valued at approximately $26,000. Strategic Financial Concepts LLC bought a new stake in Principal Financial Group during the second quarter valued at approximately $32,000. Newbridge Financial Services Group Inc. bought a new stake in Principal Financial Group during the fourth quarter valued at approximately $33,000. Family Firm Inc. bought a new stake in Principal Financial Group during the second quarter valued at approximately $33,000. Finally, Riverview Trust Co bought a new stake in Principal Financial Group during the first quarter valued at approximately $34,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Trading Up 1.8 %

The stock has a market capitalization of $20.62 billion, a P/E ratio of 16.99, a price-to-earnings-growth ratio of 0.92 and a beta of 1.19. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.36. The stock’s fifty day moving average price is $80.79 and its two-hundred day moving average price is $81.40.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Thursday, July 25th. The company reported $1.63 earnings per share for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.24). The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $3.78 billion. Principal Financial Group had a return on equity of 14.92% and a net margin of 8.05%. During the same quarter in the previous year, the firm posted $1.53 earnings per share. Equities research analysts forecast that Principal Financial Group, Inc. will post 7.31 EPS for the current year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Thursday, September 5th were issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.23%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Thursday, September 5th. Principal Financial Group’s payout ratio is presently 55.92%.

Principal Financial Group Company Profile

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.