Principal Financial Group (NYSE:PFG) Price Target Cut to $85.00 by Analysts at Wells Fargo & Company

Principal Financial Group (NYSE:PFG) had its price objective reduced by equities research analysts at Wells Fargo & Company from $91.00 to $85.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 5.97% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. Morgan Stanley lifted their price objective on Principal Financial Group from $81.00 to $82.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Evercore ISI raised their price objective on shares of Principal Financial Group from $84.00 to $86.00 and gave the stock an “in-line” rating in a research note on Thursday, April 11th. Piper Sandler increased their target price on Principal Financial Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Keefe, Bruyette & Woods lifted their price target on shares of Principal Financial Group from $85.00 to $89.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Finally, Royal Bank of Canada raised their target price on shares of Principal Financial Group from $75.00 to $83.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to MarketBeat, Principal Financial Group currently has an average rating of “Hold” and an average target price of $80.09.

Principal Financial Group Trading Up 1.4 %

Shares of NYSE PFG traded up $1.09 during mid-day trading on Monday, reaching $80.21. 502,632 shares of the company’s stock were exchanged, compared to its average volume of 1,122,881. The company’s 50-day moving average is $81.78 and its 200-day moving average is $77.55. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.30 and a current ratio of 0.27. The firm has a market capitalization of $18.86 billion, a price-to-earnings ratio of 15.33, a PEG ratio of 0.84 and a beta of 1.25. Principal Financial Group has a 52-week low of $65.17 and a 52-week high of $86.79.

Principal Financial Group (NYSE:PFG) last released its earnings results on Thursday, April 25th. The company reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.09). The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.68 billion. Principal Financial Group had a return on equity of 15.06% and a net margin of 8.70%. During the same quarter last year, the company earned $1.48 earnings per share. Analysts expect that Principal Financial Group will post 7.58 EPS for the current fiscal year.

Principal Financial Group declared that its Board of Directors has approved a stock repurchase program on Monday, February 12th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to buy up to 7.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Principal Financial Group

Several hedge funds have recently made changes to their positions in PFG. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Principal Financial Group by 17.9% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 123,051 shares of the company’s stock worth $10,621,000 after purchasing an additional 18,700 shares during the last quarter. Valeo Financial Advisors LLC acquired a new position in shares of Principal Financial Group during the 1st quarter worth $249,000. Leavell Investment Management Inc. bought a new stake in shares of Principal Financial Group during the 1st quarter worth about $212,000. CENTRAL TRUST Co lifted its holdings in Principal Financial Group by 5.0% in the 1st quarter. CENTRAL TRUST Co now owns 3,179 shares of the company’s stock worth $274,000 after purchasing an additional 151 shares during the last quarter. Finally, V Square Quantitative Management LLC lifted its stake in shares of Principal Financial Group by 16.4% in the first quarter. V Square Quantitative Management LLC now owns 6,236 shares of the company’s stock worth $538,000 after buying an additional 879 shares during the last quarter. Institutional investors own 75.08% 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 Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.