Principal Financial Group Inc (PFG) Price Target Raised to $63.00 at Barclays PLC
Principal Financial Group Inc (NYSE:PFG) had its target price hoisted by investment analysts at Barclays PLC from $61.00 to $63.00 in a research report issued to clients and investors on Friday. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Barclays PLC’s target price suggests a potential downside of 2.22% from the company’s previous close.
A number of other brokerages have also recently commented on PFG. BidaskClub cut Principal Financial Group from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Zacks Investment Research upgraded Principal Financial Group from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Tuesday, August 1st. Keefe, Bruyette & Woods restated a “hold” rating and set a $68.00 price objective on shares of Principal Financial Group in a research note on Thursday, August 3rd. Royal Bank Of Canada restated a “buy” rating and set a $73.00 price objective on shares of Principal Financial Group in a research note on Wednesday, July 12th. Finally, Wells Fargo & Company restated a “buy” rating on shares of Principal Financial Group in a research note on Thursday, June 29th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $61.67.
Principal Financial Group (NYSE:PFG) traded up 0.71% on Friday, hitting $64.89. The stock had a trading volume of 96,426 shares. The company’s 50 day moving average is $65.53 and its 200 day moving average is $63.31. The firm has a market cap of $18.75 billion, a PE ratio of 14.75 and a beta of 1.65. Principal Financial Group has a 12-month low of $46.40 and a 12-month high of $67.73.
Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, July 27th. The financial services provider reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.09. The company had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Principal Financial Group had a return on equity of 13.57% and a net margin of 10.15%. During the same quarter in the previous year, the firm posted $1.15 earnings per share. On average, equities research analysts expect that Principal Financial Group will post $5.18 EPS for the current fiscal year.
Principal Financial Group declared that its board has approved a stock buyback program on Wednesday, May 17th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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In related news, insider Luis E. Valdes sold 10,375 shares of the business’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $64.00, for a total value of $664,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James P. Mccaughan sold 60,817 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $66.98, for a total value of $4,073,522.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 355,913 shares of company stock worth $23,099,450. Insiders own 1.50% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC raised its stake in shares of Principal Financial Group by 0.3% in the second quarter. ProShare Advisors LLC now owns 94,809 shares of the financial services provider’s stock valued at $6,074,000 after buying an additional 294 shares in the last quarter. Laurion Capital Management LP raised its stake in shares of Principal Financial Group by 1,372.4% in the second quarter. Laurion Capital Management LP now owns 85,400 shares of the financial services provider’s stock valued at $5,472,000 after buying an additional 79,600 shares in the last quarter. Stevens Capital Management LP purchased a new stake in shares of Principal Financial Group during the second quarter valued at $700,000. BlueMountain Capital Management LLC purchased a new stake in shares of Principal Financial Group during the second quarter valued at $891,000. Finally, Amalgamated Bank raised its stake in shares of Principal Financial Group by 59.8% in the second quarter. Amalgamated Bank now owns 30,011 shares of the financial services provider’s stock valued at $1,923,000 after buying an additional 11,225 shares in the last quarter. 70.45% of the stock is owned by hedge funds and other institutional investors.
Principal Financial Group Company Profile
Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.
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