Principal Financial Group (NYSE:PFG) Hits New 52-Week High – Time to Buy?

Shares of Principal Financial Group, Inc. (NYSE:PFG) reached a new 52-week high on Thursday . The company traded as high as $91.59 and last traded at $91.27, with a volume of 86250 shares. The stock had previously closed at $91.15.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PFG shares. Wells Fargo & Company upped their price target on Principal Financial Group from $85.00 to $86.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Raymond James raised Principal Financial Group from a “market perform” rating to a “strong-buy” rating and set a $99.00 target price for the company in a research report on Tuesday, July 9th. Barclays boosted their price target on shares of Principal Financial Group from $74.00 to $75.00 and gave the company an “underweight” rating in a report on Wednesday, October 9th. Citigroup lifted their target price on shares of Principal Financial Group from $68.00 to $70.00 and gave the company a “sell” rating in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group raised their price target on shares of Principal Financial Group from $73.00 to $76.00 and gave the stock a “hold” rating in a research note on Thursday, July 18th. Two investment 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. Based on data from MarketBeat.com, Principal Financial Group presently has an average rating of “Hold” and a consensus price target of $85.42.

Principal Financial Group Stock Down 0.9 %

The firm has a market capitalization of $20.95 billion, a price-to-earnings ratio of 17.57, a P/E/G ratio of 0.96 and a beta of 1.19. The firm has a fifty day moving average price of $82.75 and a 200 day moving average price of $81.60. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NYSE:PFG) last announced its earnings results on Thursday, July 25th. The company reported $1.63 EPS for the quarter, missing the consensus estimate of $1.87 by ($0.24). Principal Financial Group had a return on equity of 14.92% and a net margin of 8.05%. The business had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same quarter in the previous year, the company posted $1.53 EPS. Sell-side analysts anticipate that Principal Financial Group, Inc. will post 7.31 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Thursday, September 5th were paid a $0.72 dividend. The ex-dividend date was Thursday, September 5th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.18%. Principal Financial Group’s payout ratio is currently 55.92%.

Institutional Trading of Principal Financial Group

Several hedge funds have recently modified their holdings of PFG. Raymond James & Associates boosted its position in Principal Financial Group by 36.3% in the 3rd quarter. Raymond James & Associates now owns 116,364 shares of the company’s stock valued at $9,996,000 after buying an additional 30,973 shares during the last quarter. Blue Trust Inc. boosted its holdings in Principal Financial Group by 76.8% in the third quarter. Blue Trust Inc. now owns 2,748 shares of the company’s stock valued at $216,000 after acquiring an additional 1,194 shares during the last quarter. Trust Point Inc. increased its position in Principal Financial Group by 9.2% in the third quarter. Trust Point Inc. now owns 420,332 shares of the company’s stock worth $36,107,000 after purchasing an additional 35,461 shares during the period. V Square Quantitative Management LLC raised its holdings in Principal Financial Group by 13.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 7,692 shares of the company’s stock worth $661,000 after purchasing an additional 934 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Principal Financial Group by 1.1% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,705 shares of the company’s stock valued at $2,036,000 after purchasing an additional 257 shares during the period. 75.08% of the stock is owned by institutional investors.

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.