Brokerages Set Principal Financial Group, Inc. (NYSE:PFG) Price Target at $86.57

Shares of Principal Financial Group, Inc. (NYSE:PFG) have been assigned a consensus rating of “Hold” from the fourteen ratings firms that are currently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $86.57.

A number of brokerages recently issued reports on PFG. BMO Capital Markets started coverage on shares of Principal Financial Group in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price target for the company. UBS Group lifted their price objective on shares of Principal Financial Group from $87.00 to $93.00 and gave the stock a “neutral” rating in a research report on Wednesday. JPMorgan Chase & Co. raised Principal Financial Group from a “neutral” rating to an “overweight” rating and dropped their target price for the company from $95.00 to $92.00 in a report on Tuesday, January 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $91.00 price target on shares of Principal Financial Group in a report on Thursday, January 16th. Finally, Barclays increased their price objective on Principal Financial Group from $77.00 to $80.00 and gave the company an “underweight” rating in a report on Friday, February 7th.

Hedge Funds Weigh In On Principal Financial Group

A number of hedge funds have recently modified their holdings of PFG. Public Sector Pension Investment Board boosted its stake in Principal Financial Group by 1.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 37,141 shares of the company’s stock worth $3,190,000 after purchasing an additional 500 shares during the period. Erste Asset Management GmbH acquired a new stake in shares of Principal Financial Group during the third quarter worth about $362,000. Benjamin Edwards Inc. purchased a new position in shares of Principal Financial Group during the third quarter worth about $382,000. Holocene Advisors LP increased its position in Principal Financial Group by 92.6% in the 3rd quarter. Holocene Advisors LP now owns 108,326 shares of the company’s stock valued at $9,305,000 after acquiring an additional 52,077 shares during the period. Finally, Investment Management Corp of Ontario raised its stake in Principal Financial Group by 47.9% during the 3rd quarter. Investment Management Corp of Ontario now owns 7,720 shares of the company’s stock valued at $663,000 after acquiring an additional 2,500 shares during the last quarter. 75.08% of the stock is currently owned by hedge funds and other institutional investors.

Principal Financial Group Stock Performance

Shares of PFG opened at $72.94 on Thursday. The stock has a 50-day simple moving average of $84.12 and a 200-day simple moving average of $83.67. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.30 and a current ratio of 0.29. Principal Financial Group has a 1 year low of $72.21 and a 1 year high of $91.98. The stock has a market capitalization of $16.45 billion, a PE ratio of 10.92, a PEG ratio of 0.76 and a beta of 1.01.

Principal Financial Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Wednesday, March 12th were given a dividend of $0.75 per share. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.73. The ex-dividend date was Wednesday, March 12th. This represents a $3.00 annualized dividend and a yield of 4.11%. Principal Financial Group’s payout ratio is 44.91%.

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.