Morgan Stanley Lowers Principal Financial Group (NYSE:PFG) Price Target to $57.00

Principal Financial Group (NYSE:PFG) had its price target trimmed by Morgan Stanley from $59.00 to $57.00 in a report published on Tuesday, AnalystRatings.com reports. The firm currently has an equal weight rating on the financial services provider’s stock.

A number of other research firms have also recently commented on PFG. Zacks Investment Research upgraded Principal Financial Group from a hold rating to a buy rating and set a $62.00 price target on the stock in a research note on Tuesday, July 2nd. Royal Bank of Canada upped their price target on Principal Financial Group to $55.00 and gave the stock a market perform rating in a research note on Monday, April 29th. Barclays set a $66.00 price target on Principal Financial Group and gave the stock a buy rating in a research note on Monday, August 12th. Finally, UBS Group decreased their price target on Principal Financial Group from $51.00 to $50.00 and set a sell rating on the stock in a research note on Tuesday, May 7th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $57.29.

NYSE:PFG opened at $52.31 on Tuesday. The stock’s fifty day moving average is $56.87 and its two-hundred day moving average is $54.40. Principal Financial Group has a 52 week low of $40.42 and a 52 week high of $61.12.

Principal Financial Group (NYSE:PFG) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.12. The firm had revenue of $3.98 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same quarter last year, the company earned $1.35 earnings per share.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 5th will be paid a $0.55 dividend. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.54. This represents a $2.20 annualized dividend and a dividend yield of 4.21%. The ex-dividend date of this dividend is Wednesday, September 4th.

In other news, insider Luis E. Valdes sold 11,829 shares of the stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $59.54, for a total value of $704,298.66. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Julia M. Lawler sold 1,000 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $51.50, for a total value of $51,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,490 shares of company stock worth $3,620,939. Insiders own 1.50% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. SRS Capital Advisors Inc. purchased a new position in Principal Financial Group in the second quarter valued at $25,000. FTB Advisors Inc. increased its holdings in Principal Financial Group by 377.3% in the first quarter. FTB Advisors Inc. now owns 525 shares of the financial services provider’s stock valued at $26,000 after buying an additional 415 shares during the last quarter. Virtus ETF Advisers LLC increased its holdings in Principal Financial Group by 73.0% in the second quarter. Virtus ETF Advisers LLC now owns 602 shares of the financial services provider’s stock valued at $35,000 after buying an additional 254 shares during the last quarter. QCI Asset Management Inc. NY increased its holdings in Principal Financial Group by 620.0% in the second quarter. QCI Asset Management Inc. NY now owns 756 shares of the financial services provider’s stock valued at $44,000 after buying an additional 651 shares during the last quarter. Finally, Thor Advisors LLC purchased a new position in Principal Financial Group in the first quarter valued at $38,000. Institutional investors and hedge funds own 68.64% of the company’s stock.

Principal Financial Group Company Profile

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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Analyst Recommendations for Principal Financial Group (NYSE:PFG)

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