Morgan Stanley Reaffirms “Underweight” Rating for Principal Financial Group (NYSE:PFG)

Morgan Stanley restated their underweight rating on shares of Principal Financial Group (NYSE:PFG) in a report released on Thursday, Marketbeat Ratings reports. Morgan Stanley currently has a $80.00 target price on the stock, down from their previous target price of $86.00.

A number of other research analysts have also recently weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Principal Financial Group from $85.00 to $86.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Bank of America dropped their price target on shares of Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a research note on Thursday, October 10th. Royal Bank of Canada upped their price objective on Principal Financial Group from $87.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Barclays lifted their target price on Principal Financial Group from $75.00 to $77.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Finally, Piper Sandler upped their price target on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $85.67.

Principal Financial Group Stock Up 0.8 %

Shares of NYSE PFG opened at $84.40 on Thursday. Principal Financial Group has a 52-week low of $72.21 and a 52-week high of $91.97. The business’s 50 day moving average is $86.31 and its two-hundred day moving average is $82.48. The firm has a market cap of $19.30 billion, a price-to-earnings ratio of -93.78, a PEG ratio of 0.99 and a beta of 1.20. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG) last posted its quarterly earnings data on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by ($0.26). Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the prior year, the firm posted $1.72 EPS. Research analysts predict that Principal Financial Group will post 7.04 EPS for the current year.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.73 per share. The ex-dividend date is Monday, December 2nd. This represents a $2.92 dividend on an annualized basis and a yield of 3.46%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s dividend payout ratio (DPR) is presently -324.44%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. EdgeRock Capital LLC acquired a new position in Principal Financial Group in the 2nd quarter valued at about $26,000. Peterson Financial Group Inc. acquired a new position in shares of Principal Financial Group in the third quarter worth $33,000. Family Firm Inc. purchased a new position in Principal Financial Group in the 2nd quarter valued at about $33,000. Truvestments Capital LLC acquired a new stake in Principal Financial Group during the third quarter worth approximately $43,000. Finally, Prospera Private Wealth LLC acquired a new stake in Principal Financial Group during the third quarter worth approximately $45,000. 75.08% of the stock is owned by hedge funds and other institutional investors.

Principal Financial Group Company Profile

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.