Barclays set a $66.00 price target on Principal Financial Group (NYSE:PFG) in a research note released on Monday, TipRanks reports. The firm currently has a buy rating on the financial services provider’s stock.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research upgraded Principal Financial Group from a hold rating to a buy rating and set a $62.00 target price on the stock in a report on Tuesday, July 2nd. Royal Bank of Canada lifted their target price on Principal Financial Group to $55.00 and gave the stock a market perform rating in a report on Monday, April 29th. Morgan Stanley lifted their target price on Principal Financial Group from $58.00 to $59.00 and gave the stock an equal weight rating in a report on Friday, July 26th. Finally, UBS Group decreased their target price on Principal Financial Group from $51.00 to $50.00 and set a sell rating on the stock in a report on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Principal Financial Group presently has an average rating of Hold and an average target price of $57.38.
Shares of PFG stock opened at $52.18 on Monday. Principal Financial Group has a 1 year low of $40.42 and a 1 year high of $61.12. The business’s fifty day moving average is $57.58 and its 200-day moving average is $54.35.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 5th will be issued a dividend of $0.55 per share. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.54. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.22%.
In other news, EVP Julia M. Lawler sold 1,000 shares of Principal Financial Group stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $51.50, for a total transaction of $51,500.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Luis E. Valdes sold 47,661 shares of Principal Financial Group stock in a transaction on Monday, June 24th. The shares were sold at an average price of $57.67, for a total value of $2,748,609.87. The disclosure for this sale can be found here. Insiders have sold 62,490 shares of company stock worth $3,620,939 in the last quarter. 1.50% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Principal Financial Group by 1.0% during the second quarter. Vanguard Group Inc. now owns 30,454,224 shares of the financial services provider’s stock valued at $1,763,908,000 after buying an additional 305,393 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Principal Financial Group by 24.0% during the first quarter. BlackRock Inc. now owns 23,469,104 shares of the financial services provider’s stock valued at $1,177,913,000 after buying an additional 4,548,474 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Principal Financial Group by 15.3% during the fourth quarter. Geode Capital Management LLC now owns 4,149,598 shares of the financial services provider’s stock valued at $183,017,000 after buying an additional 550,835 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Principal Financial Group by 7.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,963,240 shares of the financial services provider’s stock valued at $175,047,000 after purchasing an additional 264,669 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Principal Financial Group by 25.5% during the second quarter. Invesco Ltd. now owns 3,938,036 shares of the financial services provider’s stock valued at $228,092,000 after purchasing an additional 800,950 shares during the last quarter. Institutional investors and hedge funds own 68.64% of the company’s stock.
About Principal Financial Group
Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.
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