Principal Financial Group Inc (PFG) Receives $64.67 Average PT from Brokerages

Shares of Principal Financial Group Inc (NYSE:PFG) have earned an average rating of “Hold” from the eleven analysts that are presently covering the company, MarketBeat Ratings reports. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $64.67.

A number of equities research analysts recently weighed in on PFG shares. Zacks Investment Research upgraded shares of Principal Financial Group from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Wednesday, September 26th. UBS Group upped their target price on shares of Principal Financial Group from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Monday, October 8th. Deutsche Bank started coverage on shares of Principal Financial Group in a report on Tuesday, October 16th. They issued a “hold” rating and a $61.00 target price on the stock. Morgan Stanley lowered their target price on shares of Principal Financial Group from $64.00 to $61.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 13th. Finally, Credit Suisse Group lowered their target price on shares of Principal Financial Group from $62.00 to $56.00 and set a “neutral” rating on the stock in a report on Friday, August 17th.

In other news, Director Daniel Gelatt acquired 25,000 shares of the firm’s stock in a transaction on Monday, November 5th. The stock was purchased at an average price of $48.10 per share, for a total transaction of $1,202,500.00. Following the purchase, the director now owns 138,694 shares in the company, valued at approximately $6,671,181.40. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James P. Mccaughan sold 20,000 shares of the stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $55.42, for a total transaction of $1,108,400.00. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

A number of large investors have recently bought and sold shares of PFG. Assetmark Inc. increased its stake in shares of Principal Financial Group by 2.9% during the 2nd quarter. Assetmark Inc. now owns 188,973 shares of the financial services provider’s stock worth $10,006,000 after purchasing an additional 5,267 shares during the last quarter. Conning Inc. increased its stake in shares of Principal Financial Group by 10.1% during the 3rd quarter. Conning Inc. now owns 790,207 shares of the financial services provider’s stock worth $46,298,000 after purchasing an additional 72,347 shares during the last quarter. Swiss National Bank increased its stake in shares of Principal Financial Group by 3.1% during the 2nd quarter. Swiss National Bank now owns 955,363 shares of the financial services provider’s stock worth $50,577,000 after purchasing an additional 29,000 shares during the last quarter. Mainstay Capital Management LLC ADV increased its stake in shares of Principal Financial Group by 2,445.0% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 802,356 shares of the financial services provider’s stock worth $15,654,000 after purchasing an additional 770,829 shares during the last quarter. Finally, Iowa State Bank increased its stake in shares of Principal Financial Group by 2.2% during the 3rd quarter. Iowa State Bank now owns 92,714 shares of the financial services provider’s stock worth $5,432,000 after purchasing an additional 1,997 shares during the last quarter. Hedge funds and other institutional investors own 68.64% of the company’s stock.

PFG opened at $49.32 on Thursday. Principal Financial Group has a fifty-two week low of $45.20 and a fifty-two week high of $75.58.

Principal Financial Group (NYSE:PFG) last posted its earnings results on Thursday, October 25th. The financial services provider reported $1.67 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.67. The business had revenue of $4.35 billion during the quarter, compared to analyst estimates of $3.86 billion.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Monday, December 3rd will be paid a $0.54 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, November 30th. This represents a $2.16 annualized dividend and a yield of 4.38%.

Principal Financial Group announced that its board has approved a stock buyback plan on Tuesday, November 27th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

About Principal Financial Group

Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. It operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.

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Analyst Recommendations for Principal Financial Group (NYSE:PFG)

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