Principal Financial Group (NYSE:PFG) Price Target Cut to $65.00 by Analysts at Morgan Stanley

Principal Financial Group (NYSE:PFG) had its price target lowered by Morgan Stanley from $77.00 to $65.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

Several other research analysts have also weighed in on the stock. BMO Capital Markets assumed coverage on shares of Principal Financial Group in a report on Thursday, January 23rd. They set a “market perform” rating and a $93.00 price objective on the stock. Barclays lifted their price target on shares of Principal Financial Group from $77.00 to $80.00 and gave the company an “underweight” rating in a report on Friday, February 7th. Piper Sandler upped their price objective on Principal Financial Group from $93.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, April 2nd. UBS Group lifted their target price on Principal Financial Group from $87.00 to $93.00 and gave the company a “neutral” rating in a report on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods upped their price target on Principal Financial Group from $90.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 12th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $85.07.

Principal Financial Group Stock Performance

Principal Financial Group stock opened at $71.96 on Thursday. The stock has a fifty day moving average price of $82.95 and a 200 day moving average price of $83.16. Principal Financial Group has a 52 week low of $68.39 and a 52 week high of $91.98. The firm has a market capitalization of $16.23 billion, a P/E ratio of 10.77, a PEG ratio of 0.76 and a beta of 1.01. The company has a current ratio of 0.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.36.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th were paid a dividend of $0.75 per share. The ex-dividend date was Wednesday, March 12th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.17%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.73. Principal Financial Group’s dividend payout ratio (DPR) is currently 44.91%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PFG. Harbor Capital Advisors Inc. lifted its holdings in Principal Financial Group by 2.6% in the 4th quarter. Harbor Capital Advisors Inc. now owns 5,223 shares of the company’s stock worth $404,000 after buying an additional 132 shares in the last quarter. Leavell Investment Management Inc. lifted its stake in shares of Principal Financial Group by 5.4% in the fourth quarter. Leavell Investment Management Inc. now owns 2,693 shares of the company’s stock worth $208,000 after acquiring an additional 138 shares in the last quarter. CENTRAL TRUST Co boosted its holdings in Principal Financial Group by 9.6% in the fourth quarter. CENTRAL TRUST Co now owns 1,730 shares of the company’s stock valued at $134,000 after purchasing an additional 151 shares during the last quarter. Cidel Asset Management Inc. grew its stake in Principal Financial Group by 6.3% during the 4th quarter. Cidel Asset Management Inc. now owns 2,636 shares of the company’s stock valued at $204,000 after purchasing an additional 156 shares in the last quarter. Finally, Hartford Funds Management Co LLC increased its holdings in Principal Financial Group by 1.5% during the 4th quarter. Hartford Funds Management Co LLC now owns 11,241 shares of the company’s stock worth $870,000 after purchasing an additional 161 shares during the last quarter. 75.08% of the stock is currently 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 Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.