Principal Financial Group (NYSE:PFG) Price Target Raised to $93.00

Principal Financial Group (NYSE:PFG) had its target price lifted by Piper Sandler from $90.00 to $93.00 in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other brokerages have also issued reports on PFG. Morgan Stanley restated an “underweight” rating and set a $80.00 target price (down previously from $86.00) on shares of Principal Financial Group in a research report on Thursday, December 5th. BMO Capital Markets assumed coverage on shares of Principal Financial Group in a research report on Thursday, January 23rd. They set a “market perform” rating and a $93.00 target price on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $91.00 target price on shares of Principal Financial Group in a research report on Thursday, January 16th. Barclays increased their price target on shares of Principal Financial Group from $77.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday, February 7th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Principal Financial Group from $93.00 to $90.00 and set a “market perform” rating on the stock in a research report on Friday, January 10th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $85.54.

Principal Financial Group Stock Performance

Shares of NYSE:PFG opened at $84.94 on Monday. The company’s 50 day moving average price is $80.03 and its two-hundred day moving average price is $82.07. Principal Financial Group has a 12-month low of $72.21 and a 12-month high of $91.97. The firm has a market cap of $19.43 billion, a PE ratio of 12.72, a PEG ratio of 0.79 and a beta of 1.22. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Wednesday, March 12th will be paid a $0.75 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.73. The ex-dividend date is Wednesday, March 12th. This represents a $3.00 annualized dividend and a yield of 3.53%. Principal Financial Group’s dividend payout ratio is presently 43.71%.

Hedge Funds Weigh In On Principal Financial Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. lifted its stake in Principal Financial Group by 2.6% in the 4th quarter. Harbor Capital Advisors Inc. now owns 5,223 shares of the company’s stock valued at $404,000 after purchasing an additional 132 shares during the last quarter. Leavell Investment Management Inc. lifted its stake in Principal Financial Group by 5.4% in the 4th quarter. Leavell Investment Management Inc. now owns 2,693 shares of the company’s stock valued at $208,000 after purchasing an additional 138 shares during the last quarter. Prime Capital Investment Advisors LLC lifted its stake in 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 valued at $546,000 after purchasing an additional 142 shares during the last quarter. Empirical Finance LLC raised its stake in shares of Principal Financial Group by 1.8% during the third quarter. Empirical Finance LLC now owns 7,875 shares of the company’s stock valued at $676,000 after acquiring an additional 142 shares during the last quarter. Finally, Palisade Asset Management LLC raised its stake in shares of Principal Financial Group by 2.1% during the third quarter. Palisade Asset Management LLC now owns 6,946 shares of the company’s stock valued at $597,000 after acquiring an additional 146 shares during the last quarter. 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.