Principal Financial Group (NYSE:PFG) Stock Rating Reaffirmed by Royal Bank of Canada

Principal Financial Group (NYSE:PFG)‘s stock had its “hold” rating reaffirmed by equities research analysts at Royal Bank of Canada in a research report issued to clients and investors on Thursday, reports. They currently have a $45.00 price target on the financial services provider’s stock. Royal Bank of Canada’s price target indicates a potential upside of 6.06% from the company’s current price.

Several other equities research analysts have also recently weighed in on PFG. Piper Sandler reduced their price objective on Principal Financial Group from $48.00 to $43.00 and set an “overweight” rating on the stock in a research note on Friday, April 3rd. Bank of America began coverage on Principal Financial Group in a research report on Monday, June 1st. They set a “buy” rating on the stock. Goldman Sachs Group lowered shares of Principal Financial Group from a “neutral” rating to a “sell” rating and set a $38.00 price objective for the company. in a research note on Thursday, June 18th. UBS Group increased their target price on shares of Principal Financial Group from $35.00 to $36.00 and gave the company a “neutral” rating in a research note on Friday, May 15th. Finally, Morgan Stanley lifted their price target on shares of Principal Financial Group from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $45.50.

Shares of NYSE:PFG opened at $42.43 on Thursday. The stock’s fifty day moving average price is $42.29 and its 200-day moving average price is $41.63. Principal Financial Group has a 1 year low of $23.31 and a 1 year high of $59.34.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.16. The business had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.83 billion. During the same quarter in the prior year, the business earned $1.52 EPS.

In related news, Director Daniel Gelatt acquired 28,148 shares of the stock in a transaction on Friday, June 26th. The stock was bought at an average cost of $35.52 per share, with a total value of $999,816.96. Following the transaction, the director now directly owns 187,741 shares in the company, valued at $6,668,560.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.50% of the company’s stock.

Several large investors have recently bought and sold shares of PFG. Norges Bank bought a new stake in Principal Financial Group during the 4th quarter valued at $160,377,000. Prudential PLC purchased a new position in Principal Financial Group in the first quarter valued at about $50,645,000. Squarepoint Ops LLC raised its holdings in Principal Financial Group by 1,041.8% in the first quarter. Squarepoint Ops LLC now owns 499,995 shares of the financial services provider’s stock worth $15,670,000 after purchasing an additional 456,206 shares in the last quarter. BlackRock Inc. lifted its position in shares of Principal Financial Group by 1.3% during the first quarter. BlackRock Inc. now owns 23,582,345 shares of the financial services provider’s stock valued at $739,072,000 after buying an additional 306,036 shares during the last quarter. Finally, Balyasny Asset Management LLC bought a new stake in shares of Principal Financial Group in the 1st quarter valued at about $9,163,000. Institutional investors and hedge funds own 68.64% of the company’s stock.

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 Global Investors, Principal International, and U.S. Insurance Solutions segments.

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