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

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

Other equities research analysts have also recently issued research reports about the company. Royal Bank of Canada upped their target price on Principal Financial Group to $55.00 and gave the stock a market perform rating in a research report on Monday, April 29th. Zacks Investment Research raised Principal Financial Group from a hold rating to a buy rating and set a $62.00 target price for the company in a research report on Tuesday, July 2nd. Barclays set a $66.00 target price on Principal Financial Group and gave the stock a buy rating in a research report on Monday, August 12th. Finally, UBS Group decreased their target price on Principal Financial Group from $51.00 to $50.00 and set a sell rating for the company in a research report on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Principal Financial Group presently has an average rating of Hold and an average price target of $57.29.

Shares of Principal Financial Group stock opened at $54.09 on Tuesday. The stock has a 50 day moving average price of $56.99 and a two-hundred day moving average price of $54.39. Principal Financial Group has a 12-month low of $40.42 and a 12-month high of $61.12.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Thursday, September 5th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 4.07%. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.54. The ex-dividend date is Wednesday, September 4th.

In other news, insider Luis E. Valdes sold 47,661 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $57.67, for a total value of $2,748,609.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Julia M. Lawler sold 1,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $58.54, for a total value of $58,540.00. The disclosure for this sale can be found here. Insiders sold 62,490 shares of company stock valued at $3,620,939 over the last three months. 1.50% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Strs Ohio boosted its position in shares of Principal Financial Group by 390.3% in the second quarter. Strs Ohio now owns 18,035 shares of the financial services provider’s stock valued at $1,044,000 after acquiring an additional 14,357 shares during the period. US Bancorp DE boosted its position in shares of Principal Financial Group by 7.7% in the first quarter. US Bancorp DE now owns 74,059 shares of the financial services provider’s stock valued at $3,717,000 after acquiring an additional 5,266 shares during the period. South Dakota Investment Council boosted its position in shares of Principal Financial Group by 28.1% in the first quarter. South Dakota Investment Council now owns 25,500 shares of the financial services provider’s stock valued at $1,280,000 after acquiring an additional 5,600 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Principal Financial Group by 71.7% in the first quarter. DekaBank Deutsche Girozentrale now owns 67,517 shares of the financial services provider’s stock valued at $3,804,000 after acquiring an additional 28,199 shares during the period. Finally, Parallel Advisors LLC boosted its position in shares of Principal Financial Group by 50.2% in the first quarter. Parallel Advisors LLC now owns 1,541 shares of the financial services provider’s stock valued at $77,000 after acquiring an additional 515 shares during the period. 68.64% of the stock is owned by institutional investors.

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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