Principal Financial Group (NASDAQ:PFG) Hits New 52-Week High – Should You Buy?
by Tristan Rich · The Markets DailyShares of Principal Financial Group, Inc. (NASDAQ:PFG – Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $109.89 and last traded at $109.21, with a volume of 1569917 shares traded. The stock had previously closed at $106.66.
Analyst Ratings Changes
A number of research analysts have issued reports on the company. Wells Fargo & Company decreased their target price on Principal Financial Group from $91.00 to $87.00 and set an “equal weight” rating on the stock in a research report on Friday, April 10th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $92.00 target price on shares of Principal Financial Group in a report on Thursday, March 26th. Evercore set a $108.00 price target on shares of Principal Financial Group in a research note on Monday, April 27th. Bank of America lowered their price objective on shares of Principal Financial Group from $96.00 to $92.00 and set a “neutral” rating for the company in a research report on Tuesday, April 14th. Finally, Barclays increased their price objective on shares of Principal Financial Group from $85.00 to $87.00 and gave the company an “underweight” rating in a research note on Friday, April 24th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Principal Financial Group presently has an average rating of “Hold” and a consensus target price of $98.10.
Check Out Our Latest Analysis on Principal Financial Group
Principal Financial Group Stock Up 2.4%
The firm has a 50-day simple moving average of $99.13 and a 200 day simple moving average of $93.33. The stock has a market capitalization of $23.59 billion, a P/E ratio of 15.62, a P/E/G ratio of 1.00 and a beta of 0.88. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.27 and a quick ratio of 0.27.
Principal Financial Group (NASDAQ:PFG – Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.07 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.06. Principal Financial Group had a return on equity of 16.25% and a net margin of 10.10%.The company had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $4.11 billion. During the same period in the previous year, the business posted $1.81 earnings per share. On average, equities research analysts forecast that Principal Financial Group, Inc. will post 9.36 EPS for the current year.
Principal Financial Group Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Monday, June 1st will be issued a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Monday, June 1st. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.80. Principal Financial Group’s payout ratio is presently 46.92%.
Insider Activity at Principal Financial Group
In related news, insider Wee Yee Cheong sold 9,183 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $101.26, for a total value of $929,870.58. Following the sale, the insider owned 77,188 shares of the company’s stock, valued at $7,816,056.88. The trade was a 10.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel George Djurasovic sold 2,571 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total value of $259,233.93. Following the completion of the sale, the general counsel owned 21,906 shares of the company’s stock, valued at $2,208,781.98. The trade was a 10.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 28,317 shares of company stock valued at $2,884,902. Corporate insiders own 1.13% of the company’s stock.
Institutional Investors Weigh In On Principal Financial Group
Institutional investors have recently made changes to their positions in the stock. National Wealth Management Group LLC bought a new stake in shares of Principal Financial Group in the 4th quarter valued at $998,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Principal Financial Group by 47.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 50,386 shares of the company’s stock valued at $4,630,000 after buying an additional 16,171 shares during the period. VCI Wealth Management LLC bought a new stake in Principal Financial Group during the fourth quarter valued at $1,650,000. Eurizon Capital SGR S.p.A. bought a new stake in Principal Financial Group during the fourth quarter valued at $32,473,000. Finally, LBP AM SA acquired a new stake in Principal Financial Group during the 4th quarter worth about $10,400,000. Institutional investors own 75.08% of the company’s stock.
About Principal Financial Group
Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.
Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.