Principal Financial Group (NYSE:PFG) Downgraded by StockNews.com

StockNews.com cut shares of Principal Financial Group (NYSE:PFG) from a hold rating to a sell rating in a report issued on Thursday.

PFG has been the subject of several other research reports. Morgan Stanley reiterated an underweight rating and issued a $70.00 price target on shares of Principal Financial Group in a report on Wednesday, August 2nd. Piper Sandler increased their price objective on shares of Principal Financial Group from $75.00 to $82.00 in a research note on Friday, July 7th. Jefferies Financial Group upgraded shares of Principal Financial Group from an underperform rating to a hold rating and raised their price target for the company from $60.00 to $65.00 in a research note on Thursday, June 22nd. Keefe, Bruyette & Woods upgraded shares of Principal Financial Group from an underperform rating to a market perform rating and dropped their price objective for the company from $77.00 to $75.00 in a report on Thursday, June 8th. Finally, 3M reiterated an upgrade rating on shares of Principal Financial Group in a report on Friday, June 9th. Six research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. According to data from MarketBeat.com, Principal Financial Group presently has an average rating of Hold and an average target price of $76.46.

Principal Financial Group Trading Up 0.9 %

NYSE PFG opened at $78.43 on Thursday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.38. The business’s fifty day moving average price is $78.83. The company has a market cap of $18.96 billion, a P/E ratio of 12.12, a P/E/G ratio of 1.60 and a beta of 1.31. Principal Financial Group has a 1 year low of $65.17 and a 1 year high of $96.17.

Principal Financial Group (NYSE:PFG) last issued its earnings results on Thursday, July 27th. The company reported $1.53 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.13). The business had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.49 billion. Principal Financial Group had a net margin of 11.52% and a return on equity of 15.85%. Equities research analysts forecast that Principal Financial Group will post 6.47 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, September 7th will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 3.32%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.64. The ex-dividend date is Wednesday, September 6th. Principal Financial Group’s payout ratio is currently 40.19%.

Hedge Funds Weigh In On Principal Financial Group

Hedge funds have recently bought and sold shares of the company. GPS Wealth Strategies Group LLC purchased a new position in shares of Principal Financial Group in the 1st quarter worth about $28,000. Steward Financial Group LLC purchased a new position in shares of Principal Financial Group in the 4th quarter worth about $29,000. ICA Group Wealth Management LLC boosted its holdings in shares of Principal Financial Group by 100.0% in the 1st quarter. ICA Group Wealth Management LLC now owns 400 shares of the company’s stock worth $30,000 after buying an additional 200 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in Principal Financial Group in the 1st quarter valued at about $32,000. Finally, Clear Street Markets LLC raised its stake in Principal Financial Group by 96.1% in the 1st quarter. Clear Street Markets LLC now owns 449 shares of the company’s stock valued at $33,000 after acquiring an additional 220 shares during the period. 70.68% of the stock is owned by hedge funds and other institutional investors.

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.