Royal Bank Of Canada restated their buy rating on shares of Principal Financial Group Inc (NYSE:PFG) in a report published on Wednesday. Royal Bank Of Canada currently has a $74.00 price target on the financial services provider’s stock.
Other research analysts have also recently issued reports about the stock. Wells Fargo & Company reissued a buy rating on shares of Principal Financial Group in a report on Thursday, June 29th. Zacks Investment Research raised shares of Principal Financial Group from a hold rating to a buy rating and set a $75.00 price objective for the company in a report on Tuesday, August 1st. BidaskClub raised shares of Principal Financial Group from a hold rating to a buy rating in a report on Wednesday, July 12th. Barclays PLC boosted their price objective on shares of Principal Financial Group from $61.00 to $63.00 and gave the company an equal weight rating in a report on Friday, August 11th. Finally, Keefe, Bruyette & Woods reissued a hold rating and set a $68.00 price objective on shares of Principal Financial Group in a report on Thursday, August 3rd. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $61.78.
Shares of Principal Financial Group (NYSE:PFG) traded up 1.25% during midday trading on Wednesday, hitting $60.67. 1,084,742 shares of the stock traded hands. The firm has a market capitalization of $17.53 billion, a PE ratio of 13.79 and a beta of 1.66. Principal Financial Group has a 52 week low of $47.56 and a 52 week high of $67.73. The company’s 50-day moving average is $64.45 and its 200 day moving average is $63.78.
Principal Financial Group (NYSE:PFG) last released its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.09. Principal Financial Group had a net margin of 10.15% and a return on equity of 13.57%. The firm had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the previous year, the company earned $1.15 earnings per share. Analysts anticipate that Principal Financial Group will post $5.18 earnings per share for the current year.
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Principal Financial Group announced that its Board of Directors has approved a share buyback plan on Wednesday, May 17th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.47 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.46. This represents a $1.88 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date is Wednesday, August 30th. Principal Financial Group’s dividend payout ratio is currently 42.73%.
In other news, EVP Gary P. Scholten sold 13,495 shares of the stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $67.00, for a total value of $904,165.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Karen E. Shaff sold 38,105 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $65.05, for a total transaction of $2,478,730.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 340,787 shares of company stock valued at $22,034,118. 1.50% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in PFG. Canada Pension Plan Investment Board increased its stake in shares of Principal Financial Group by 172.4% in the first quarter. Canada Pension Plan Investment Board now owns 33,491 shares of the financial services provider’s stock worth $2,114,000 after purchasing an additional 21,197 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Principal Financial Group by 123.1% in the first quarter. DekaBank Deutsche Girozentrale now owns 21,404 shares of the financial services provider’s stock worth $1,406,000 after purchasing an additional 11,810 shares in the last quarter. Girard Partners LTD. increased its stake in shares of Principal Financial Group by 37.0% in the first quarter. Girard Partners LTD. now owns 7,054 shares of the financial services provider’s stock worth $445,000 after purchasing an additional 1,906 shares in the last quarter. Henderson Group PLC increased its stake in shares of Principal Financial Group by 1.8% in the first quarter. Henderson Group PLC now owns 44,709 shares of the financial services provider’s stock worth $2,822,000 after purchasing an additional 793 shares in the last quarter. Finally, Elkfork Partners LLC increased its stake in shares of Principal Financial Group by 125.9% in the first quarter. Elkfork Partners LLC now owns 143,990 shares of the financial services provider’s stock worth $9,087,000 after purchasing an additional 80,240 shares in the last quarter. 68.19% of the stock is owned by hedge funds and other institutional investors.
Principal Financial Group Company Profile
Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.
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