Principal Financial Group Inc. (PFG) Raised to “Hold” at Zacks Investment Research
Principal Financial Group Inc. (NYSE:PFG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Principal Financial’s focus on fee-based revenue sources has been helping it to earn steadily, and limits exposure to the interest rate environment. Annuity and insurance business also offer sustained earnings growth. The company’s inorganic story remains impressive with buyouts strengthening its international footprint. It also remains focused on effective capital deployment to enhance shareholder value. However, the company’s investment results will likely be hurt by a soft interest rate environment, restricting any major improvement. Escalating expenses pose concerns. The compnay is set to release third quarter results on Oct 27. However, our proven model cannot conclusively state if it will beat earnings because though Zacks Rank #3 increases the predictive power of a beat, combined with Earnings ESP of 0.00% makes prediction difficult. Nonetheless, the Zacks Consensus Estimate is pegged at $1.11, up 4.72% year over year.”
A number of other equities research analysts have also recently commented on PFG. Credit Suisse Group AG started coverage on Principal Financial Group in a research note on Friday, October 7th. They set an “underperform” rating and a $53.00 target price on the stock. Goldman Sachs Group Inc. lifted their target price on Principal Financial Group from $40.00 to $45.00 and gave the stock a “sell” rating in a research note on Friday, September 23rd. Wells Fargo & Co. reiterated an “outperform” rating on shares of Principal Financial Group in a research note on Friday, September 23rd. RBC Capital Markets set a $52.00 target price on Principal Financial Group and gave the stock a “buy” rating in a research note on Friday, August 19th. Finally, Deutsche Bank AG set a $48.00 target price on Principal Financial Group and gave the stock a “hold” rating in a research note on Wednesday, August 3rd. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $48.73.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/13/principal-financial-group-inc-pfg-raised-to-hold-at-zacks-investment-research.html
Principal Financial Group (NYSE:PFG) opened at 52.71 on Thursday. The company has a 50 day moving average of $49.91 and a 200 day moving average of $44.79. The firm has a market capitalization of $15.16 billion, a P/E ratio of 12.53 and a beta of 1.66. Principal Financial Group has a 1-year low of $33.09 and a 1-year high of $53.11.
Principal Financial Group (NYSE:PFG) last issued its earnings results on Thursday, July 28th. The company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.09. Principal Financial Group had a return on equity of 12.52% and a net margin of 10.20%. During the same period in the previous year, the company posted $1.09 EPS. On average, equities research analysts anticipate 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. Investors of record on Friday, September 2nd were given a $0.41 dividend. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.39. The ex-dividend date was Wednesday, August 31st. This represents a $1.64 dividend on an annualized basis and a yield of 3.11%. 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 value of $260,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.78% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in PFG. Ngam Advisors L.P. bought a new stake in shares of Principal Financial Group during the first quarter valued at $465,000. BlackRock Group LTD increased its position in shares of Principal Financial Group by 2.2% in the first quarter. BlackRock Group LTD now owns 2,202,240 shares of the company’s stock worth $86,878,000 after buying an additional 47,210 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Principal Financial Group by 3.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 7,368,413 shares of the company’s stock worth $290,684,000 after buying an additional 227,460 shares in the last quarter. BlackRock Japan Co. Ltd increased its position in shares of Principal Financial Group by 0.5% in the first quarter. BlackRock Japan Co. Ltd now owns 358,502 shares of the company’s stock worth $14,143,000 after buying an additional 1,958 shares in the last quarter. Finally, Columbia Partners L L C Investment Management acquired a new position in shares of Principal Financial Group during the first quarter worth approximately $954,000. Hedge funds and other institutional investors own 67.13% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Principal Financial Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Principal Financial Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.