Wells Fargo & Company Forecasts Strong Price Appreciation for Principal Financial Group (NASDAQ:PFG) Stock

Principal Financial Group (NASDAQ:PFG) had its target price increased by research analysts at Wells Fargo & Company from $100.00 to $114.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 1.58% from the stock’s current price.

Several other analysts also recently issued reports on the company. Citigroup downgraded Principal Financial Group from a “sell” rating to an “underperform” rating in a research note on Wednesday, June 24th. Bank of America restated an “underperform” rating and issued a $95.00 price target (down from $98.00) on shares of Principal Financial Group in a research report on Wednesday, June 24th. Piper Sandler upped their target price on shares of Principal Financial Group from $113.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $92.00 price objective on shares of Principal Financial Group in a research note on Thursday, March 26th. Finally, Barclays lifted their target price on Principal Financial Group from $87.00 to $92.00 and gave the stock an “underweight” rating in a report on Tuesday. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Principal Financial Group currently has an average rating of “Hold” and a consensus price target of $104.00.

Principal Financial Group Stock Performance

Shares of PFG stock opened at $112.23 on Thursday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.33. Principal Financial Group has a 52 week low of $75.00 and a 52 week high of $113.86. The firm has a market capitalization of $24.24 billion, a PE ratio of 16.06, a P/E/G ratio of 1.12 and a beta of 0.88. The company has a 50 day moving average price of $106.00 and a 200-day moving average price of $96.82.

Principal Financial Group (NASDAQ:PFG) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $2.07 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.06. The firm had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $4.11 billion. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. During the same quarter in the prior year, the business earned $1.81 EPS. As a group, equities research analysts expect that Principal Financial Group will post 9.37 earnings per share for the current year.

Insider Buying and Selling at Principal Financial Group

In related news, insider Wee Yee Cheong sold 9,183 shares of Principal Financial Group stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $101.26, for a total value of $929,870.58. Following the completion of the sale, the insider directly owned 77,188 shares in the company, valued at $7,816,056.88. This trade represents a 10.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel George Djurasovic sold 2,571 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $100.83, for a total value of $259,233.93. Following the completion of the transaction, the general counsel directly owned 21,906 shares in the company, valued at $2,208,781.98. This represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 28,317 shares of company stock worth $2,884,902. 1.13% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. DV Equities LLC acquired a new stake in Principal Financial Group in the 4th quarter valued at $25,000. Hilton Head Capital Partners LLC purchased a new stake in Principal Financial Group during the 4th quarter worth approximately $26,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Principal Financial Group in the fourth quarter valued at approximately $26,000. Valley Wealth Managers Inc. purchased a new stake in shares of Principal Financial Group during the first quarter worth approximately $27,000. Finally, MBM Wealth Consultants LLC purchased a new stake in shares of Principal Financial Group during the first quarter worth $28,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.

About Principal Financial Group

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.