Principal Financial Group (NASDAQ:PFG) Hits New 52-Week High – Time to Buy?

Principal Financial Group, Inc. (NASDAQ:PFG) shares reached a new 52-week high on Thursday . The stock traded as high as $103.00 and last traded at $101.55, with a volume of 1007024 shares traded. The stock had previously closed at $100.87.

Analysts Set New Price Targets

PFG has been the subject of a number of recent analyst reports. Wells Fargo & Company lowered their price objective on shares of Principal Financial Group from $91.00 to $87.00 and set an “equal weight” rating for the company in a research report on Friday, April 10th. Evercore set a $108.00 target price on Principal Financial Group in a report on Monday, April 27th. Bank of America decreased their target price on Principal Financial Group from $96.00 to $92.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $92.00 price target on shares of Principal Financial Group in a report on Thursday, March 26th. Finally, Morgan Stanley raised their price target on Principal Financial Group from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Principal Financial Group currently has an average rating of “Hold” and an average price target of $95.33.

Principal Financial Group Stock Up 0.5%

The firm has a market capitalization of $21.71 billion, a P/E ratio of 14.38, a PEG ratio of 0.95 and a beta of 0.89. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.27 and a current ratio of 0.27. The firm’s 50-day moving average is $92.76 and its 200 day moving average is $89.78.

Principal Financial Group (NASDAQ:PFG) last released its quarterly earnings results on Wednesday, April 29th. The company reported $2.07 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $4.11 billion. During the same quarter last year, the business posted $1.81 EPS. As a group, equities research analysts predict that Principal Financial Group, Inc. will post 9.31 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Monday, June 1st will be issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 3.3%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.80. The ex-dividend date is Monday, June 1st. Principal Financial Group’s dividend payout ratio is 45.78%.

Insider Buying and Selling at Principal Financial Group

In other news, General Counsel George Djurasovic sold 2,571 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $100.83, for a total value of $259,233.93. Following the completion of the transaction, the general counsel owned 21,906 shares in the company, valued at $2,208,781.98. This trade represents a 10.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Wee Yee Cheong sold 9,183 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was 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 in the company, valued at $7,816,056.88. The trade was a 10.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,572 shares of company stock valued at $1,776,769 in the last 90 days. 1.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Principal Financial Group

Several large investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC acquired a new stake in Principal Financial Group in the first quarter valued at $244,000. NewEdge Advisors LLC increased its stake in shares of Principal Financial Group by 24.1% during the 1st quarter. NewEdge Advisors LLC now owns 7,503 shares of the company’s stock worth $633,000 after purchasing an additional 1,455 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Principal Financial Group by 11.9% in the 1st quarter. Empowered Funds LLC now owns 4,678 shares of the company’s stock valued at $395,000 after purchasing an additional 497 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Principal Financial Group by 96.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,278 shares of the company’s stock valued at $181,000 after purchasing an additional 1,117 shares during the period. Finally, Cerity Partners LLC lifted its stake in Principal Financial Group by 9.1% in the 2nd quarter. Cerity Partners LLC now owns 37,957 shares of the company’s stock valued at $3,015,000 after purchasing an additional 3,175 shares during the last quarter. Institutional investors and hedge funds 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.