Principal Financial Group (PFG) Upgraded to Buy at Goldman Sachs Group

Principal Financial Group (NYSE:PFG) was upgraded by research analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued on Tuesday, MarketBeat Ratings reports.

PFG has been the topic of several other research reports. Zacks Investment Research raised shares of Principal Financial Group from a “sell” rating to a “hold” rating and set a $73.00 price objective on the stock in a research report on Monday, October 2nd. Wells Fargo & Co reaffirmed a “market perform” rating and set a $76.00 price objective on shares of Principal Financial Group in a research report on Monday. Morgan Stanley raised their price objective on shares of Principal Financial Group from $67.00 to $72.00 and gave the company an “equal weight” rating in a research report on Thursday, October 5th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $73.00 price target on shares of Principal Financial Group in a research report on Monday, December 11th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $68.50.

Shares of Principal Financial Group (PFG) traded up $0.50 on Tuesday, reaching $73.88. 1,150,000 shares of the company traded hands, compared to its average volume of 1,080,000. The company has a market capitalization of $21,330.00, a price-to-earnings ratio of 12.11, a PEG ratio of 1.35 and a beta of 1.72. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.10 and a current ratio of 0.10. Principal Financial Group has a 52-week low of $56.12 and a 52-week high of $74.05.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings data on Thursday, October 26th. The financial services provider reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.02). The business had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.12 billion. Principal Financial Group had a net margin of 12.35% and a return on equity of 13.55%. During the same period in the previous year, the business posted $1.15 EPS. research analysts expect that Principal Financial Group will post 5.22 EPS for the current year.

In other news, EVP Gary P. Scholten sold 24,310 shares of Principal Financial Group stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $71.59, for a total value of $1,740,352.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Daniel Joseph Houston sold 19,856 shares of Principal Financial Group stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $72.02, for a total transaction of $1,430,029.12. The disclosure for this sale can be found here. In the last three months, insiders sold 369,535 shares of company stock worth $25,938,392. Insiders own 1.50% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC grew its stake in shares of Principal Financial Group by 6,656.1% in the second quarter. Janus Henderson Group PLC now owns 3,020,597 shares of the financial services provider’s stock worth $193,529,000 after acquiring an additional 2,975,888 shares during the last quarter. Nordea Investment Management AB grew its stake in shares of Principal Financial Group by 1,613.5% in the second quarter. Nordea Investment Management AB now owns 668,624 shares of the financial services provider’s stock worth $42,839,000 after acquiring an additional 629,604 shares during the last quarter. Old Mutual Global Investors UK Ltd. grew its stake in shares of Principal Financial Group by 104.5% in the third quarter. Old Mutual Global Investors UK Ltd. now owns 1,180,596 shares of the financial services provider’s stock worth $75,959,000 after acquiring an additional 603,342 shares during the last quarter. BlackRock Inc. grew its stake in shares of Principal Financial Group by 3.3% in the second quarter. BlackRock Inc. now owns 18,306,790 shares of the financial services provider’s stock worth $1,172,916,000 after acquiring an additional 592,172 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Principal Financial Group by 2.0% in the second quarter. Vanguard Group Inc. now owns 30,237,096 shares of the financial services provider’s stock worth $1,937,291,000 after acquiring an additional 587,221 shares during the last quarter. 68.64% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for Principal Financial Group (NYSE:PFG)

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