Evercore ISI Boosts Principal Financial Group (NYSE:PFG) Price Target to $86.00

Principal Financial Group (NYSE:PFG - Free Report) had its target price upped by Evercore ISI from $84.00 to $86.00 in a research note issued to investors on Thursday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the stock.

Several other equities analysts have also recently commented on the stock. Morgan Stanley boosted their price objective on shares of Principal Financial Group from $72.00 to $75.00 and gave the company an equal weight rating in a research note on Tuesday, February 13th. Piper Sandler boosted their price objective on shares of Principal Financial Group from $85.00 to $90.00 and gave the company a neutral rating in a research note on Friday, April 5th. Royal Bank of Canada boosted their price objective on shares of Principal Financial Group from $75.00 to $83.00 and gave the company a sector perform rating in a research note on Wednesday, February 14th. Wells Fargo & Company boosted their price objective on shares of Principal Financial Group from $86.00 to $91.00 and gave the company an equal weight rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Principal Financial Group from $85.00 to $89.00 and gave the company a market perform rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $80.00.

Principal Financial Group Stock Performance

Shares of PFG traded down $1.02 during trading hours on Thursday, hitting $80.25. The company's stock had a trading volume of 1,018,511 shares, compared to its average volume of 1,156,958. The company has a market cap of $18.93 billion, a price-to-earnings ratio of 32.79, a PEG ratio of 1.05 and a beta of 1.25. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.30 and a quick ratio of 0.30. The business has a 50 day simple moving average of $81.45 and a two-hundred day simple moving average of $76.73. Principal Financial Group has a 52-week low of $65.17 and a 52-week high of $86.79.

Principal Financial Group (NYSE:PFG - Get Free Report) last posted its earnings results on Monday, February 12th. The company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.13. The firm had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $3.53 billion. Principal Financial Group had a net margin of 4.56% and a return on equity of 15.14%. During the same quarter last year, the company earned $1.70 earnings per share. On average, equities analysts expect that Principal Financial Group will post 7.62 earnings per share for the current fiscal year.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Tuesday, March 12th were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.44%. This is a positive change from Principal Financial Group's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Monday, March 11th. Principal Financial Group's payout ratio is presently 112.65%.

Principal Financial Group announced that its Board of Directors has authorized a share buyback program on Monday, February 12th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to purchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On Principal Financial Group

A number of hedge funds have recently made changes to their positions in the business. Spire Wealth Management raised its holdings in Principal Financial Group by 152.0% during the 4th quarter. Spire Wealth Management now owns 373 shares of the company's stock valued at $29,000 after buying an additional 225 shares during the last quarter. GHP Investment Advisors Inc. raised its holdings in Principal Financial Group by 143.0% during the 3rd quarter. GHP Investment Advisors Inc. now owns 384 shares of the company's stock valued at $27,000 after buying an additional 226 shares during the last quarter. ICA Group Wealth Management LLC raised its holdings in Principal Financial Group by 100.0% during the 1st quarter. ICA Group Wealth Management LLC now owns 400 shares of the company's stock valued at $30,000 after buying an additional 200 shares during the last quarter. EdgeRock Capital LLC bought a new stake in Principal Financial Group during the 4th quarter valued at $31,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in Principal Financial Group during the 4th quarter valued at $33,000. 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.