Principal Financial Group (NASDAQ:PFG) Hits New 12-Month High – Here’s What Happened

Shares of Principal Financial Group, Inc. (NASDAQ:PFG) reached a new 52-week high on Monday . The stock traded as high as $112.14 and last traded at $112.0110, with a volume of 193673 shares trading hands. The stock had previously closed at $109.57.

Analyst Upgrades and Downgrades

PFG has been the topic of several recent research reports. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $92.00 target price on shares of Principal Financial Group in a report on Thursday, March 26th. Barclays boosted their price target on shares of Principal Financial Group from $85.00 to $87.00 and gave the company an “underweight” rating in a report on Friday, April 24th. Raymond James Financial cut shares of Principal Financial Group from a “strong-buy” rating to an “outperform” rating and upped their price target for the stock from $99.00 to $111.00 in a research report on Tuesday, May 19th. Bank of America dropped their price objective on shares of Principal Financial Group from $96.00 to $92.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 14th. Finally, Weiss Ratings lowered shares of Principal Financial Group from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Principal Financial Group has an average rating of “Hold” and a consensus target price of $98.10.

Principal Financial Group Price Performance

The firm has a 50 day simple moving average of $101.83 and a 200-day simple moving average of $94.60. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.33. The company has a market cap of $23.96 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 1.03 and a beta of 0.88.

Principal Financial Group (NASDAQ:PFG) last announced its earnings results on Wednesday, April 29th. The company reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.06. The business had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $4.11 billion. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. During the same period in the previous year, the company posted $1.81 earnings per share. As a group, research analysts predict that Principal Financial Group, Inc. will post 9.36 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Monday, June 1st will be paid a dividend of $0.82 per share. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.80. The ex-dividend date is Monday, June 1st. This represents a $3.28 annualized dividend and a dividend yield of 3.0%. Principal Financial Group’s dividend payout ratio (DPR) is presently 46.92%.

Insider Activity at Principal Financial Group

In related news, General Counsel George Djurasovic sold 2,571 shares of the stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total transaction of $259,233.93. Following the completion of the sale, the general counsel owned 21,906 shares of the company’s stock, valued at $2,208,781.98. This represents a 10.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Wee Yee Cheong sold 9,183 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $101.26, for a total transaction of $929,870.58. Following the completion of the sale, the insider owned 77,188 shares of the company’s stock, valued at approximately $7,816,056.88. This trade represents a 10.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 28,317 shares of company stock valued at $2,884,902. 1.13% of the stock is currently owned by company insiders.

Institutional Trading of Principal Financial Group

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