Principal Financial Group (NASDAQ:PFG) Reaches New 1-Year High – Here’s What Happened

Principal Financial Group, Inc. (NASDAQ:PFG)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $116.96 and last traded at $119.2430, with a volume of 15827 shares trading hands. The stock had previously closed at $111.31.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PFG shares. Wells Fargo & Company cut their price objective on shares of Principal Financial Group from $114.00 to $113.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 22nd. Morgan Stanley raised their price target on Principal Financial Group from $107.00 to $112.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Piper Sandler upped their target price on Principal Financial Group from $113.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Raymond James Financial reissued an “outperform” rating and set a $121.00 price objective on shares of Principal Financial Group in a research note on Monday, August 17th. Finally, JPMorgan Chase & Co. upped their price target on shares of Principal Financial Group from $106.00 to $107.00 and gave the stock a “neutral” rating in a research note on Monday, August 3rd. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Principal Financial Group currently has an average rating of “Hold” and a consensus price target of $106.67.

Principal Financial Group Stock Performance

The company has a market cap of $25.58 billion, a P/E ratio of 17.06, a PEG ratio of 0.99 and a beta of 0.86. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.36. The firm has a 50 day moving average of $111.85 and a 200-day moving average of $102.45.

Principal Financial Group (NASDAQ:PFG) last announced its earnings results on Monday, July 27th. The company reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.17. Principal Financial Group had a return on equity of 16.49% and a net margin of 9.93%.The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.11 billion. During the same period in the prior year, the company posted $2.16 EPS. As a group, sell-side analysts anticipate that Principal Financial Group, Inc. will post 9.62 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 25th. Shareholders of record on Thursday, September 3rd will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Thursday, September 3rd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.82. Principal Financial Group’s payout ratio is 47.73%.

Hedge Funds Weigh In On Principal Financial Group

Several large investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in Principal Financial Group during the second quarter worth $2,157,181,000. Eurizon Capital SGR S.p.A. acquired a new position in Principal Financial Group in the 4th quarter valued at $32,473,000. MUFG Securities EMEA plc raised its position in Principal Financial Group by 1,219.5% in the fourth quarter. MUFG Securities EMEA plc now owns 51,196 shares of the company’s stock worth $4,516,000 after acquiring an additional 47,316 shares in the last quarter. Commerzbank Aktiengesellschaft FI acquired a new position in shares of Principal Financial Group during the 4th quarter worth $1,277,000. Finally, Legal & General Group Plc increased its position in Principal Financial Group by 1.5% during the fourth quarter. Legal & General Group Plc now owns 1,639,302 shares of the company’s stock worth $144,603,000 after buying an additional 23,686 shares in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

About Principal Financial Group

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.