Principal Financial Group (NYSE:PFG) Receives “Underweight” Rating from Wells Fargo & Company

Wells Fargo & Company reiterated their underweight rating on shares of Principal Financial Group (NYSE:PFG) in a report released on Wednesday morning, Marketbeat Ratings reports. Wells Fargo & Company currently has a $75.00 price target on the stock, down from their previous price target of $84.00.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada upped their price target on shares of Principal Financial Group from $87.00 to $91.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Barclays raised their price target on Principal Financial Group from $75.00 to $77.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Piper Sandler upped their price target on shares of Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Bank of America decreased their price objective on shares of Principal Financial Group from $94.00 to $91.00 and set a “neutral” rating on the stock in a research note on Thursday, October 10th. Finally, Morgan Stanley restated an “underweight” rating and set a $80.00 target price (down from $86.00) on shares of Principal Financial Group in a research note on Thursday, December 5th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $84.75.

Principal Financial Group Trading Down 0.5 %

Shares of NYSE:PFG opened at $78.91 on Wednesday. Principal Financial Group has a 52-week low of $72.21 and a 52-week high of $91.97. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $18.05 billion, a P/E ratio of -87.68, a price-to-earnings-growth ratio of 0.93 and a beta of 1.20. The company has a 50-day simple moving average of $85.78 and a 200 day simple moving average of $82.41.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings data on Thursday, October 24th. The company reported $1.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.02 by ($0.26). The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $3.92 billion. Principal Financial Group had a negative net margin of 1.47% and a positive return on equity of 14.67%. During the same period in the previous year, the business earned $1.72 earnings per share. Sell-side analysts forecast that Principal Financial Group will post 7.03 earnings per share for the current year.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be paid a $0.73 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $2.92 annualized dividend and a dividend yield of 3.70%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.72. Principal Financial Group’s dividend payout ratio is currently -324.44%.

Hedge Funds Weigh In On Principal Financial Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. EdgeRock Capital LLC acquired a new stake in Principal Financial Group in the second quarter valued at $26,000. Strategic Financial Concepts LLC bought a new stake in shares of Principal Financial Group in the 2nd quarter valued at about $32,000. Family Firm Inc. acquired a new stake in shares of Principal Financial Group in the second quarter valued at about $33,000. Peterson Financial Group Inc. bought a new position in shares of Principal Financial Group during the third quarter worth about $33,000. Finally, Innealta Capital LLC acquired a new position in shares of Principal Financial Group in the second quarter worth approximately $43,000. 75.08% of the stock is currently owned by institutional investors and hedge funds.

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.