Principal Financial Group (NYSE:PFG) had its price target decreased by stock analysts at Credit Suisse Group from $62.00 to $56.00 in a research note issued on Friday. The firm presently has a “neutral” rating on the financial services provider’s stock. Credit Suisse Group’s price objective points to a potential upside of 0.50% from the company’s previous close.
Several other analysts have also recently issued reports on PFG. Wells Fargo & Co restated a “hold” rating and issued a $68.00 target price on shares of Principal Financial Group in a report on Thursday, April 26th. Morgan Stanley dropped their target price on Principal Financial Group from $77.00 to $74.00 and set an “equal weight” rating for the company in a report on Friday, April 27th. Zacks Investment Research upgraded Principal Financial Group from a “sell” rating to a “hold” rating in a report on Thursday, May 31st. Finally, Barclays dropped their target price on Principal Financial Group from $72.00 to $68.00 and set an “overweight” rating for the company in a report on Monday, July 9th. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $69.64.
Shares of NYSE:PFG opened at $55.72 on Friday. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.26. Principal Financial Group has a 52-week low of $52.31 and a 52-week high of $75.58.
Principal Financial Group (NYSE:PFG) last issued its earnings results on Thursday, July 26th. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.37 by ($0.02). The company had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.58 billion. Principal Financial Group had a net margin of 12.35% and a return on equity of 13.55%. During the same quarter in the previous year, the company earned $1.31 earnings per share. research analysts predict that Principal Financial Group will post 5.22 EPS for the current year.
Principal Financial Group declared that its board has initiated a stock buyback program on Monday, May 7th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 1.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
In related news, insider James P. Mccaughan sold 20,000 shares of the stock in a transaction dated Monday, June 4th. The stock was sold at an average price of $56.31, for a total transaction of $1,126,200.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 60,000 shares of company stock worth $3,289,400. 1.50% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. raised its position in Principal Financial Group by 0.5% in the 2nd quarter. BlackRock Inc. now owns 19,878,914 shares of the financial services provider’s stock valued at $1,052,588,000 after purchasing an additional 102,234 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Principal Financial Group by 2.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,628,980 shares of the financial services provider’s stock valued at $221,041,000 after purchasing an additional 93,980 shares in the last quarter. JPMorgan Chase & Co. raised its position in Principal Financial Group by 331.3% in the 1st quarter. JPMorgan Chase & Co. now owns 1,780,869 shares of the financial services provider’s stock valued at $108,473,000 after purchasing an additional 1,367,946 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in Principal Financial Group by 2.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,688,015 shares of the financial services provider’s stock valued at $89,381,000 after purchasing an additional 45,100 shares in the last quarter. Finally, Schroder Investment Management Group raised its position in Principal Financial Group by 10.1% in the 2nd quarter. Schroder Investment Management Group now owns 1,515,254 shares of the financial services provider’s stock valued at $80,263,000 after purchasing an additional 138,878 shares in the last quarter. 68.64% of the stock is currently owned by 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. It operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
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