Principal Financial Group Inc. (PFG) Receives New Coverage from Analysts at Credit Suisse Group AG
Equities researchers at Credit Suisse Group AG initiated coverage on shares of Principal Financial Group Inc. (NYSE:PFG) in a research note issued on Friday. The firm set an “underperform” rating on the stock.
PFG has been the subject of a number of other research reports. Zacks Investment Research cut shares of Principal Financial Group from a “hold” rating to a “sell” rating in a report on Tuesday. RBC Capital Markets set a $52.00 price objective on shares of Principal Financial Group and gave the company a “buy” rating in a report on Friday, August 19th. Wells Fargo & Co. reaffirmed an “outperform” rating on shares of Principal Financial Group in a report on Friday, September 23rd. Stifel Nicolaus raised shares of Principal Financial Group from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Sunday, July 31st. Finally, JPMorgan Chase & Co. reaffirmed a “sell” rating and issued a $46.00 price objective on shares of Principal Financial Group in a report on Friday, July 29th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. Principal Financial Group presently has a consensus rating of “Hold” and an average price target of $48.43.
Shares of Principal Financial Group (NYSE:PFG) traded down 1.03% on Friday, hitting $52.01. 440,913 shares of the company were exchanged. The firm’s 50-day moving average is $49.31 and its 200-day moving average is $44.43. The stock has a market capitalization of $14.96 billion, a PE ratio of 12.37 and a beta of 1.66. Principal Financial Group has a 52-week low of $33.09 and a 52-week high of $52.83.
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Principal Financial Group (NYSE:PFG) last released its quarterly earnings data on Thursday, July 28th. The company reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.09. Principal Financial Group had a net margin of 10.20% and a return on equity of 12.52%. During the same period in the previous year, the business earned $1.09 earnings per share. Equities research analysts predict that Principal Financial Group will post $4.37 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, September 2nd were paid a $0.41 dividend. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $1.64 annualized dividend and a yield of 3.12%. Principal Financial Group’s payout ratio is presently 38.86%.
In related news, EVP Timothy Mark Dunbar sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 5th. The stock was sold at an average price of $52.00, for a total transaction of $260,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.78% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Washington Trust Bank raised its position in Principal Financial Group by 0.9% in the third quarter. Washington Trust Bank now owns 2,721 shares of the company’s stock worth $140,000 after buying an additional 25 shares during the last quarter. Signaturefd LLC raised its position in Principal Financial Group by 0.8% in the second quarter. Signaturefd LLC now owns 6,197 shares of the company’s stock worth $255,000 after buying an additional 50 shares during the last quarter. World Asset Management Inc raised its position in Principal Financial Group by 0.7% in the second quarter. World Asset Management Inc now owns 26,686 shares of the company’s stock worth $1,097,000 after buying an additional 174 shares during the last quarter. Commonwealth Bank of Australia raised its position in Principal Financial Group by 0.6% in the second quarter. Commonwealth Bank of Australia now owns 37,699 shares of the company’s stock worth $1,550,000 after buying an additional 226 shares during the last quarter. Finally, Norinchukin Bank The raised its position in Principal Financial Group by 4.1% in the second quarter. Norinchukin Bank The now owns 5,912 shares of the company’s stock worth $243,000 after buying an additional 232 shares during the last quarter. 67.09% 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 services. The Company’s segments include Retirement and Income Solutions; Principal Global Investors, Principal International, and U.S.
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