Piper Sandler Increases Principal Financial Group (NYSE:PFG) Price Target to $90.00

Principal Financial Group (NYSE:PFG) had its target price boosted by Piper Sandler from $85.00 to $90.00 in a report published on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. raised shares of Principal Financial Group from an underweight rating to a neutral rating and boosted their price target for the company from $88.00 to $96.00 in a research report on Tuesday, July 2nd. Citigroup boosted their target price on shares of Principal Financial Group from $68.00 to $70.00 and gave the company a sell rating in a report on Tuesday, July 23rd. Raymond James upgraded shares of Principal Financial Group from a market perform rating to a strong-buy rating and set a $99.00 price target for the company in a report on Tuesday, July 9th. Barclays initiated coverage on Principal Financial Group in a report on Wednesday, September 4th. They issued an underweight rating and a $74.00 price objective on the stock. Finally, Bank of America raised their target price on Principal Financial Group from $87.00 to $94.00 and gave the stock a neutral rating in a research note on Thursday, July 11th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Principal Financial Group presently has a consensus rating of Hold and a consensus target price of $85.50.

Principal Financial Group Stock Down 0.1 %

PFG stock opened at $85.08 on Wednesday. The company has a market cap of $19.70 billion, a price-to-earnings ratio of 16.24, a PEG ratio of 0.91 and a beta of 1.19. The firm has a 50-day moving average of $80.23 and a two-hundred day moving average of $81.27. Principal Financial Group has a 12 month low of $66.21 and a 12 month high of $88.26. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.36.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings data on Thursday, July 25th. The company reported $1.63 EPS for the quarter, missing analysts’ consensus estimates of $1.87 by ($0.24). The company had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $3.78 billion. Principal Financial Group had a return on equity of 14.92% and a net margin of 8.05%. During the same quarter in the previous year, the business posted $1.53 EPS. As a group, analysts forecast that Principal Financial Group will post 7.31 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Thursday, September 5th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 3.39%. The ex-dividend date was Thursday, September 5th. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.71. Principal Financial Group’s payout ratio is currently 54.96%.

Hedge Funds Weigh In On Principal Financial Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. EdgeRock Capital LLC purchased a new stake in Principal Financial Group during the second quarter worth about $26,000. Strategic Financial Concepts LLC acquired a new position in shares of Principal Financial Group in the second quarter valued at approximately $32,000. Newbridge Financial Services Group Inc. purchased a new stake in Principal Financial Group during the 4th quarter worth approximately $33,000. Family Firm Inc. purchased a new stake in Principal Financial Group during the 2nd quarter worth approximately $33,000. Finally, Riverview Trust Co acquired a new stake in Principal Financial Group during the 1st quarter worth approximately $34,000. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

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.