Principal Financial Group (NYSE:PFG) Given New $78.00 Price Target at Jefferies Financial Group

Principal Financial Group (NYSE:PFG) had its target price raised by Jefferies Financial Group from $74.00 to $78.00 in a research note released on Friday morning, Benzinga reports. They currently have a hold rating on the stock.

Other equities research analysts have also issued research reports about the stock. Evercore ISI upped their target price on shares of Principal Financial Group from $84.00 to $86.00 and gave the stock an in-line rating in a report on Thursday, April 11th. Wells Fargo & Company lowered their target price on shares of Principal Financial Group from $91.00 to $85.00 and set an equal weight rating on the stock in a report on Monday, April 29th. Piper Sandler upped their target price on shares of Principal Financial Group from $85.00 to $90.00 and gave the stock a neutral rating in a report on Friday, April 5th. Keefe, Bruyette & Woods upped their target price on shares of Principal Financial Group from $85.00 to $89.00 and gave the stock a market perform rating in a report on Wednesday, April 10th. Finally, Morgan Stanley upped their target price on shares of Principal Financial Group from $81.00 to $82.00 and gave the stock an equal weight rating in a report on Monday, April 15th. Two analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $81.50.

Principal Financial Group Trading Down 0.6 %

Shares of Principal Financial Group stock opened at $78.01 on Friday. The firm has a market capitalization of $18.28 billion, a PE ratio of 14.89, a price-to-earnings-growth ratio of 0.85 and a beta of 1.23. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.29 and a quick ratio of 0.29. The company’s fifty day moving average price is $80.93 and its two-hundred day moving average price is $80.58. Principal Financial Group has a 52-week low of $66.21 and a 52-week high of $86.79.

Principal Financial Group (NYSE:PFG) last announced its quarterly earnings results on Thursday, April 25th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.74 by ($0.09). The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.68 billion. Principal Financial Group had a net margin of 8.70% and a return on equity of 15.06%. During the same period last year, the firm earned $1.48 EPS. On average, analysts expect that Principal Financial Group will post 7.45 EPS for the current year.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Monday, June 3rd were given a dividend of $0.71 per share. The ex-dividend date was Monday, June 3rd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.69. This represents a $2.84 dividend on an annualized basis and a yield of 3.64%. Principal Financial Group’s dividend payout ratio is presently 54.20%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Capital Research Global Investors lifted its position in Principal Financial Group by 2.4% during the 1st quarter. Capital Research Global Investors now owns 6,602,298 shares of the company’s stock valued at $569,844,000 after purchasing an additional 152,774 shares during the period. Wellington Management Group LLP lifted its position in Principal Financial Group by 15.0% during the 3rd quarter. Wellington Management Group LLP now owns 4,423,975 shares of the company’s stock valued at $318,836,000 after purchasing an additional 575,646 shares during the period. Norges Bank acquired a new position in Principal Financial Group during the 4th quarter valued at about $253,990,000. First Trust Advisors LP lifted its position in Principal Financial Group by 5.5% during the 4th quarter. First Trust Advisors LP now owns 2,783,578 shares of the company’s stock valued at $218,984,000 after purchasing an additional 144,262 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Principal Financial Group by 10.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,157,712 shares of the company’s stock valued at $169,747,000 after purchasing an additional 200,056 shares during the period. 75.08% of the stock is currently owned by institutional investors and hedge funds.

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.