Royal Bank of Canada Increases Principal Financial Group (NYSE:PFG) Price Target to $91.00

Principal Financial Group (NYSE:PFG) had its target price hoisted by Royal Bank of Canada from $87.00 to $91.00 in a report issued on Tuesday morning,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 company. Bank of America dropped their price target on Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating for the company in a report on Thursday, October 10th. Morgan Stanley lowered their target price on Principal Financial Group from $85.00 to $83.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. Barclays lifted their target price on Principal Financial Group from $75.00 to $77.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Piper Sandler lifted their target price on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Finally, Keefe, Bruyette & Woods lowered their target price on Principal Financial Group from $88.00 to $86.00 and set a “market perform” rating for the company in a research note on Tuesday, July 30th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $85.92.

Principal Financial Group Trading Down 2.2 %

PFG stock opened at $84.18 on Tuesday. The business has a fifty day moving average price of $85.84 and a 200 day moving average price of $82.30. Principal Financial Group has a fifty-two week low of $71.39 and a fifty-two week high of $91.97. The stock has a market capitalization of $19.25 billion, a price-to-earnings ratio of -93.53, a P/E/G ratio of 1.00 and a beta of 1.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30.

Principal Financial Group (NYSE:PFG) last released its quarterly 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 negative net margin of 1.47% and a positive return on equity of 14.67%. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same period in the prior year, the business earned $1.72 earnings per share. Analysts expect that Principal Financial Group will post 7.09 EPS for the current fiscal year.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be given a $0.73 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.72. This represents a $2.92 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Monday, December 2nd. Principal Financial Group’s dividend payout ratio (DPR) is currently -320.00%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Unigestion Holding SA bought a new position in Principal Financial Group during the third quarter worth about $3,911,000. Toronto Dominion Bank lifted its holdings in Principal Financial Group by 15.8% during the third quarter. Toronto Dominion Bank now owns 123,958 shares of the company’s stock worth $10,648,000 after acquiring an additional 16,954 shares in the last quarter. Coldstream Capital Management Inc. lifted its holdings in Principal Financial Group by 6.4% during the third quarter. Coldstream Capital Management Inc. now owns 5,956 shares of the company’s stock worth $512,000 after acquiring an additional 357 shares in the last quarter. Barclays PLC lifted its holdings in Principal Financial Group by 12.3% during the third quarter. Barclays PLC now owns 806,672 shares of the company’s stock worth $69,293,000 after acquiring an additional 88,179 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in Principal Financial Group by 0.6% during the third quarter. Nomura Asset Management Co. Ltd. now owns 100,935 shares of the company’s stock worth $8,670,000 after acquiring an additional 598 shares in the last quarter. 75.08% of the stock is currently owned by 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 Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.