Principal Financial Group (NASDAQ:PFG) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. raised its price target on Principal Financial Group from $101 to $106, while keeping a neutral rating. The new target still implies a modest 2.66% downside from the previous close.
• Analyst sentiment on PFG remains mixed overall: the stock carries an average Hold rating, with a consensus price target of $105.08 and a split of 3 Buy, 7 Hold, and 3 Sell ratings.
• Principal Financial Group recently reported Q1 EPS of $2.07, beating expectations of $2.01, though revenue came in below forecasts at $3.53 billion versus $4.11 billion expected.

Principal Financial Group (NASDAQ:PFG - Get Free Report) had its price objective hoisted by research analysts at JPMorgan Chase & Co. from $101.00 to $106.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential downside of 2.66% from the company's previous close.

A number of other equities research analysts also recently issued reports on PFG. Citigroup downgraded shares of Principal Financial Group from a "sell" rating to an "underperform" rating in a research report on Wednesday, June 24th. Jefferies Financial Group upped their price target on Principal Financial Group from $91.00 to $98.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Raymond James Financial downgraded Principal Financial Group from a "strong-buy" rating to an "outperform" rating and raised their price objective for the company from $99.00 to $111.00 in a research note on Tuesday, May 19th. Barclays lifted their price objective on Principal Financial Group from $87.00 to $92.00 and gave the stock an "underweight" rating in a report on Tuesday, July 7th. Finally, Piper Sandler boosted their target price on Principal Financial Group from $113.00 to $125.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $105.08.

Principal Financial Group Price Performance

Shares of NASDAQ PFG traded down $3.16 during trading on Tuesday, hitting $108.90. 515,309 shares of the company were exchanged, compared to its average volume of 1,494,296. The company has a market cap of $23.52 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 1.10 and a beta of 0.88. Principal Financial Group has a 1 year low of $75.00 and a 1 year high of $114.90. The firm's fifty day moving average price is $107.50 and its 200 day moving average price is $97.88. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.27 and a quick ratio of 0.27.

Principal Financial Group (NASDAQ:PFG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.07 earnings per share for the quarter, topping analysts' consensus estimates of $2.01 by $0.06. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. The business had revenue of $3.53 billion for the quarter, compared to analysts' expectations of $4.11 billion. During the same period in the prior year, the company posted $1.81 EPS. On average, sell-side analysts expect that Principal Financial Group will post 9.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel George Djurasovic sold 2,571 shares of Principal Financial Group stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $100.83, for a total transaction of $259,233.93. Following the completion of the sale, the general counsel owned 21,906 shares in the company, valued at approximately $2,208,781.98. This trade represents a 10.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Wee Yee Cheong sold 9,183 shares of Principal Financial Group stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $101.26, for a total value of $929,870.58. Following the sale, the insider owned 77,188 shares of the company's stock, valued at approximately $7,816,056.88. This represents a 10.63% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 28,317 shares of company stock valued at $2,884,902. Insiders own 1.13% of the company's stock.

Institutional Investors Weigh In On Principal Financial Group

Several hedge funds have recently modified their holdings of the company. Focus Financial Network Inc. boosted its stake in Principal Financial Group by 2.0% in the 2nd quarter. Focus Financial Network Inc. now owns 5,613 shares of the company's stock worth $605,000 after purchasing an additional 110 shares during the period. Prosperity Consulting Group LLC raised its stake in shares of Principal Financial Group by 1.6% in the 1st quarter. Prosperity Consulting Group LLC now owns 6,921 shares of the company's stock valued at $624,000 after purchasing an additional 111 shares during the period. Parallel Advisors LLC raised its stake in shares of Principal Financial Group by 7.6% in the 4th quarter. Parallel Advisors LLC now owns 1,686 shares of the company's stock valued at $149,000 after purchasing an additional 119 shares during the period. Blue Trust Inc. lifted its holdings in shares of Principal Financial Group by 14.8% in the first quarter. Blue Trust Inc. now owns 921 shares of the company's stock valued at $83,000 after purchasing an additional 119 shares in the last quarter. Finally, Beacon Financial Group lifted its holdings in shares of Principal Financial Group by 2.8% in the first quarter. Beacon Financial Group now owns 4,451 shares of the company's stock valued at $401,000 after purchasing an additional 120 shares in the last quarter. 75.08% of the stock is owned by institutional investors and hedge funds.

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.

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