Principal Financial Group (NASDAQ:PFG) Downgraded by Raymond James Financial to “Outperform”

Principal Financial Group (NASDAQ:PFG) was downgraded by research analysts at Raymond James Financial from a “strong-buy” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday. They presently have a $111.00 target price on the stock. Raymond James Financial’s target price would indicate a potential upside of 8.40% from the stock’s current price.

A number of other equities analysts have also commented on the stock. Evercore set a $108.00 price target on shares of Principal Financial Group in a research report on Monday, April 27th. Bank of America reduced their target price on Principal Financial Group from $96.00 to $92.00 and set a “neutral” rating on the stock in a report on Tuesday, April 14th. Weiss Ratings downgraded Principal Financial Group from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, May 1st. Barclays upped their price objective on shares of Principal Financial Group from $85.00 to $87.00 and gave the stock an “underweight” rating in a research report on Friday, April 24th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $92.00 target price on shares of Principal Financial Group in a report on Thursday, March 26th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Principal Financial Group has an average rating of “Hold” and a consensus price target of $96.90.

Principal Financial Group Stock Up 1.9%

PFG stock opened at $102.40 on Tuesday. Principal Financial Group has a 1-year low of $75.00 and a 1-year high of $103.00. The firm has a market capitalization of $22.12 billion, a PE ratio of 14.65, a PEG ratio of 0.95 and a beta of 0.89. The business’s 50 day simple moving average is $93.59 and its 200 day simple moving average is $90.82. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.33.

Principal Financial Group (NASDAQ:PFG) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.06. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. The company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $4.11 billion. During the same period in the prior year, the firm earned $1.81 earnings per share. As a group, research analysts anticipate that Principal Financial Group will post 9.31 EPS for the current year.

Insider Activity

In related news, insider Wee Yee Cheong sold 9,183 shares of Principal Financial Group stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $101.26, for a total transaction of $929,870.58. Following the sale, the insider directly owned 77,188 shares of the company’s stock, valued at approximately $7,816,056.88. The trade was a 10.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel George Djurasovic sold 2,571 shares of the stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total transaction of $259,233.93. Following the completion of the transaction, the general counsel directly owned 21,906 shares of the company’s stock, valued at approximately $2,208,781.98. The trade was a 10.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 17,572 shares of company stock valued at $1,776,769. Insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC bought a new position in Principal Financial Group in the first quarter valued at about $244,000. NewEdge Advisors LLC increased its stake in shares of Principal Financial Group by 24.1% in the first quarter. NewEdge Advisors LLC now owns 7,503 shares of the company’s stock valued at $633,000 after buying an additional 1,455 shares during the period. Empowered Funds LLC raised its holdings in Principal Financial Group by 11.9% in the 1st quarter. Empowered Funds LLC now owns 4,678 shares of the company’s stock valued at $395,000 after buying an additional 497 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Principal Financial Group by 96.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the company’s stock worth $181,000 after buying an additional 1,117 shares during the period. Finally, Cerity Partners LLC grew its holdings in Principal Financial Group by 9.1% during the 2nd quarter. Cerity Partners LLC now owns 37,957 shares of the company’s stock worth $3,015,000 after acquiring an additional 3,175 shares during the last quarter. 75.08% of the stock is currently owned by institutional investors.

Principal Financial Group Company Profile

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.