Goldman Sachs Group Inc Begins Coverage on Principal Financial Group Inc (PFG)
Goldman Sachs Group Inc initiated coverage on shares of Principal Financial Group Inc (NYSE:PFG) in a report released on Wednesday morning. The brokerage issued a neutral rating and a $70.00 price target on the financial services provider’s stock.
Several other research firms have also issued reports on PFG. BidaskClub lowered Principal Financial Group from a buy rating to a hold rating in a research report on Friday, August 4th. Zacks Investment Research upgraded Principal Financial Group from a hold rating to a buy rating and set a $75.00 target price for the company in a research report on Tuesday, August 1st. Keefe, Bruyette & Woods restated a hold rating and set a $68.00 target price on shares of Principal Financial Group in a research report on Thursday, August 3rd. Morgan Stanley boosted their target price on Principal Financial Group from $67.00 to $72.00 and gave the stock an equal weight rating in a research report on Thursday, October 5th. Finally, Royal Bank Of Canada restated a buy rating and set a $73.00 target price on shares of Principal Financial Group in a research report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $67.40.
Principal Financial Group (PFG) traded down 0.62% during mid-day trading on Wednesday, reaching $67.75. 1,063,984 shares of the company’s stock were exchanged. The stock has a market cap of $19.58 billion, a P/E ratio of 15.40 and a beta of 1.67. The stock has a 50-day moving average price of $64.46 and a 200-day moving average price of $64.21. Principal Financial Group has a 52 week low of $52.49 and a 52 week high of $68.90.
Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, July 27th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.09. The company had revenue of $3.27 billion during the quarter, compared to analyst estimates 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 period in the previous year, the company earned $1.15 EPS. On average, analysts forecast that Principal Financial Group will post $5.20 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were given a $0.47 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.46. This represents a $1.88 annualized dividend and a dividend yield of 2.77%. Principal Financial Group’s payout ratio is currently 42.73%.
In other Principal Financial Group news, Chairman Daniel Joseph Houston sold 38,097 shares of the business’s stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $68.00, for a total value of $2,590,596.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Gary P. Scholten sold 13,495 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $67.00, for a total value of $904,165.00. The disclosure for this sale can be found here. Insiders sold a total of 217,849 shares of company stock valued at $14,291,643 over the last quarter. 1.50% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State of Tennessee Treasury Department lifted its stake in Principal Financial Group by 25.7% in the 2nd quarter. State of Tennessee Treasury Department now owns 129,360 shares of the financial services provider’s stock valued at $8,288,000 after acquiring an additional 26,432 shares in the last quarter. Swiss National Bank lifted its stake in Principal Financial Group by 3.0% in the 2nd quarter. Swiss National Bank now owns 1,050,263 shares of the financial services provider’s stock valued at $67,290,000 after acquiring an additional 30,900 shares in the last quarter. OMERS ADMINISTRATION Corp bought a new stake in Principal Financial Group in the 2nd quarter valued at approximately $2,210,000. Chicago Equity Partners LLC bought a new stake in Principal Financial Group in the 2nd quarter valued at approximately $2,880,000. Finally, Artemis Investment Management LLP lifted its stake in Principal Financial Group by 19.8% in the 2nd quarter. Artemis Investment Management LLP now owns 223,100 shares of the financial services provider’s stock valued at $14,293,000 after acquiring an additional 36,900 shares in the last quarter. Hedge funds and other institutional investors own 68.18% of the company’s stock.
About Principal Financial Group
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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