Principal Financial Group (NYSE:PFG) Given New $91.00 Price Target at Royal Bank of Canada

Principal Financial Group (NYSE:PFG) had its target price hoisted by Royal Bank of Canada from $87.00 to $91.00 in a research note issued to investors on Tuesday,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Barclays lifted their price objective on shares of Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Keefe, Bruyette & Woods lowered their price objective on Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating for the company in a research report on Tuesday, July 30th. Morgan Stanley cut their target price on Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Piper Sandler upped their price target on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Finally, Bank of America cut their price objective on shares of Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating on the stock in a report on Thursday, October 10th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Principal Financial Group currently has an average rating of “Hold” and an average price target of $85.92.

Principal Financial Group Price Performance

PFG stock opened at $84.80 on Tuesday. The business’s 50-day moving average is $86.03 and its two-hundred day moving average is $82.33. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market capitalization of $19.40 billion, a P/E ratio of -94.22, a P/E/G ratio of 0.97 and a beta of 1.20. Principal Financial Group has a 1 year low of $71.39 and a 1 year high of $91.97.

Principal Financial Group (NYSE:PFG) last released its earnings results on Thursday, October 24th. The company reported $1.76 earnings per share for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). Principal Financial Group had a positive return on equity of 14.67% and a negative net margin of 1.47%. The firm had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the company posted $1.72 earnings per share. Analysts anticipate that Principal Financial Group will post 7.09 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be issued a $0.73 dividend. The ex-dividend date is Monday, December 2nd. This represents a $2.92 dividend on an annualized basis and a dividend yield of 3.44%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s payout ratio is presently -320.00%.

Hedge Funds Weigh In On Principal Financial Group

A number of large investors have recently bought and sold shares of PFG. EdgeRock Capital LLC acquired a new position in shares of Principal Financial Group during the second quarter worth about $26,000. Strategic Financial Concepts LLC purchased a new stake in Principal Financial Group during the second quarter worth about $32,000. Family Firm Inc. acquired a new stake in shares of Principal Financial Group during the 2nd quarter valued at approximately $33,000. Peterson Financial Group Inc. acquired a new stake in shares of Principal Financial Group in the 3rd quarter worth approximately $33,000. Finally, Innealta Capital LLC purchased a new stake in Principal Financial Group during the second quarter worth $43,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.

Principal Financial Group Company Profile

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 Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.