Principal Financial Group (NYSE:PFG)‘s stock had its “market perform” rating reiterated by research analysts at Wells Fargo & Co in a report issued on Monday, January 8th, MarketBeat Ratings reports. They presently have a $76.00 target price on the financial services provider’s stock. Wells Fargo & Co’s price objective points to a potential upside of 4.25% from the stock’s previous close.
The analysts wrote, “We are lowering our investment rating on PFG to Market Perform from Outperform. The thesis laid out in our 2016 resumption of coverage note: PFG: Resuming Coverage With An Outperform Rating; Ring The Bell has largely played out: the stock’s valuation has reflected the relative growth in earnings derived from PFG’s niche of fee-based businesses, aided by healthy equity market performance.””
PFG has been the subject of a number of other reports. Zacks Investment Research upgraded Principal Financial Group from a “sell” rating to a “hold” rating and set a $73.00 price target for the company in a report on Monday, October 2nd. Goldman Sachs Group initiated coverage on Principal Financial Group in a report on Wednesday, October 18th. They set a “neutral” rating and a $70.00 price target for the company. Morgan Stanley increased their price target on Principal Financial Group from $67.00 to $72.00 and gave the stock an “equal weight” rating in a report on Thursday, October 5th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $73.00 price target on shares of Principal Financial Group in a report on Monday, December 11th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. Principal Financial Group has an average rating of “Hold” and an average target price of $68.90.
Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Thursday, October 26th. The financial services provider reported $1.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.30 by ($0.02). Principal Financial Group had a net margin of 12.35% and a return on equity of 13.55%. The company had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the company earned $1.15 earnings per share. sell-side analysts anticipate that Principal Financial Group will post 5.22 earnings per share for the current year.
In related news, EVP Timothy Mark Dunbar sold 16,400 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $70.23, for a total value of $1,151,772.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Nora Mary Everett sold 12,398 shares of the firm’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $68.00, for a total transaction of $843,064.00. The disclosure for this sale can be found here. Insiders have sold a total of 369,535 shares of company stock worth $25,938,392 in the last three months. Insiders own 1.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. lifted its position in Principal Financial Group by 0.7% in the 2nd quarter. Pacer Advisors Inc. now owns 5,569 shares of the financial services provider’s stock valued at $357,000 after acquiring an additional 38 shares in the last quarter. Cookson Peirce & Co. Inc. lifted its position in shares of Principal Financial Group by 0.8% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 6,660 shares of the financial services provider’s stock worth $427,000 after buying an additional 50 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Principal Financial Group by 0.4% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,914 shares of the financial services provider’s stock worth $1,276,000 after buying an additional 82 shares in the last quarter. Veritable L.P. lifted its position in shares of Principal Financial Group by 4.0% during the 2nd quarter. Veritable L.P. now owns 6,137 shares of the financial services provider’s stock worth $393,000 after buying an additional 235 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its position in shares of Principal Financial Group by 3.2% during the 2nd quarter. Neuberger Berman Group LLC now owns 8,540 shares of the financial services provider’s stock worth $547,000 after buying an additional 266 shares in the last quarter. 68.64% of the stock is currently owned by institutional investors and hedge funds.
About Principal Financial Group
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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