92 Resources Reaffirms Downgrade Rating for Principal Financial Group (NASDAQ:PFG)

Posted by Defense World Staff on May 4th, 2023

92 Resources reiterated their downgrade rating on shares of Principal Financial Group (NASDAQ:PFG – Get Rating) in a research note released on Monday morning, Benzinga reports.

A number of other brokerages also recently weighed in on PFG. Royal Bank of Canada lowered their target price on Principal Financial Group from $88.00 to $83.00 in a report on Monday. JPMorgan Chase & Co. increased their target price on shares of Principal Financial Group from $78.00 to $83.00 and gave the stock an underweight rating in a research note on Tuesday, April 4th. Bank of America downgraded shares of Principal Financial Group from a buy rating to a neutral rating and decreased their price target for the company from $81.00 to $78.00 in a research note on Monday. Barclays cut their price objective on shares of Principal Financial Group from $92.00 to $75.00 in a research report on Wednesday, April 12th. Finally, Wells Fargo & Company assumed coverage on Principal Financial Group in a research report on Tuesday, April 25th. They issued an equal weight rating and a $79.00 target price for the company. Nine equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat.com, the company has an average rating of Reduce and a consensus target price of $77.31.

Principal Financial Group Trading Down 1.7 %

NASDAQ PFG opened at $70.07 on Monday. The firm has a market capitalization of $17.03 billion, a PE ratio of 4.16, a price-to-earnings-growth ratio of 1.37 and a beta of 1.27. The business’s 50-day moving average price is $73.83 and its two-hundred day moving average price is $82.24. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.40. Principal Financial Group has a 12 month low of $61.05 and a 12 month high of $96.17.

Principal Financial Group (NASDAQ:PFG – Get Rating) last announced its earnings results on Thursday, April 27th. The company reported $1.48 EPS for the quarter, missing the consensus estimate of $1.54 by ($0.06). Principal Financial Group had a net margin of 24.97% and a return on equity of 16.06%. The company had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $3.22 billion. During the same quarter in the previous year, the company earned $1.63 earnings per share. On average, analysts expect that Principal Financial Group will post 6.72 EPS for the current year.

Principal Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 1st will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Wednesday, May 31st. Principal Financial Group’s payout ratio is 15.21%.

Insiders Place Their Bets

In related news, SVP Kenneth A. Mccullum sold 3,694 shares of the business’s stock in a transaction dated Saturday, March 18th. The shares were sold at an average price of $69.50, for a total value of $256,733.00. Following the transaction, the senior vice president now directly owns 29,244 shares of the company’s stock, valued at approximately $2,032,458. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.17% of the company’s stock.

Hedge Funds Weigh In On Principal Financial Group

Several institutional investors have recently bought and sold shares of PFG. Asset Dedication LLC raised its position in shares of Principal Financial Group by 5,666.7% in the third quarter. Asset Dedication LLC now owns 346 shares of the company’s stock valued at $25,000 after purchasing an additional 340 shares during the period. MinichMacGregor Wealth Management LLC purchased a new stake in shares of Principal Financial Group during the fourth quarter worth $25,000. GPS Wealth Strategies Group LLC purchased a new position in shares of Principal Financial Group in the first quarter valued at $28,000. Steward Financial Group LLC bought a new stake in shares of Principal Financial Group during the 4th quarter valued at $29,000. Finally, Align Wealth Management LLC bought a new position in Principal Financial Group in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 74.21% of the company’s stock.

Principal Financial Group Company Profile

(Get Rating)

Principal Financial Group, Inc engages in the investment management offering business. It offers financial products and services to businesses, individuals, and institutional clients. It operates its business through following segments: Retirement and Income Solutions, Principal Global Investors, Principal International, U.S.