Nissay Asset Management Corp. recently announced the acquisition of new stake in Principal Financial Group Inc. (NASDAQ:PFG). The institutional investor has increased its shareholding in the Financial company by 0.00% to 18.17 million shares with purchase of 596.0 shares. This fresh investment now brings its stake to 7.47% valued currently at $1.63 billion. In addition, BlackRock Fund Advisors raised its holdings by 1.49 million to 17.74 million shares. And Charles Schwab Investment Managem has lifted its position by 9.03% or 0.41 million shares – to 4.91 million shares.
With over 2.55 million Principal Financial Group Inc. (PFG) shares trading Tuesday and a closing price of $73.37 on the day, the dollar volume was approximately $187.35 million. The shares have shown a negative half year performance of -8.03% and its price on 03/14/23 gained nearly 1.72%. Currently, there are 244.50M common shares owned by the public and among those 241.66M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for PFG have a consensus price objective of $81.50. The analysts have set the share’s price value over the next 12 months at a high of $94.00 and a low of $64.00. The average price target is 11.95% above its recent price level and a downside to the estimated low will see the stock lose -14.64% over that period. But an upside of 21.95% will see the stock hit the forecast high price target while median target price for the stock is $82.50.
Insiders at the company have transacted a total of 160 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 127 of these insider trades were purchases, accounting for 1,560,073 shares. Insider sales of the common stock occurred on 33 occasions, with total insider shares sold totaling 1,512,448 shares.
The top 3 mutual fund holders in Principal Financial Group Inc. are Vanguard Total Stock Market Index, Vanguard Mid Cap Index Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market Index owns 7.49 million shares of the company’s stock, all valued at over $671.19 million. The company bought an additional 60913.0 shares recently to bring their total holdings to about 3.08% of the shares outstanding. Vanguard Mid Cap Index Fund bought 9162.0 shares to see its total holdings expand to 5.71 million shares valued at over $511.15 million and representing 2.35% of the shares outstanding. Vanguard 500 Index Fund bought 12460.0 shares to bring its total holdings to over 5.28 million shares at a value of $472.44 million. Vanguard 500 Index Fund now owns shares totaling to 2.17% of the shares outstanding.
Shares of Principal Financial Group Inc. (NASDAQ: PFG) opened at $75.03, up $2.9 from a prior closing price of $72.13. However, the script later moved the day high at 75.14, up 1.72%. The company’s stock has a 5-day price change of -13.00% and -16.69% over the past three months. PFG shares are trading -12.57% year to date (YTD), with the 12-month market performance up to 12.77% higher. It has a 12-month low price of $61.05 and touched a high of $96.17 over the same period. PFG has an average intraday trading volume of 1.59 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -15.55%, -16.90%, and -8.04% respectively.
Institutional ownership of Principal Financial Group Inc. (NASDAQ: PFG) shares accounts for 76.90% of the company’s 244.50M shares outstanding. Mutual fund holders own 36.42%, while other institutional holders and individual stakeholders account for 40.51% and 1.35% respectively.
It has a market capitalization of $18.28B and a beta (3y monthly) value of 1.32. The stock’s trailing 12-month PE ratio is 3.90, while the earnings-per-share (ttm) stands at $18.82. The company has a PEG of 0.58 and the debt-to-equity ratio at 0.41. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.92% over the week and 2.92% over the month.
Analysts forecast that Principal Financial Group Inc. (PFG) will achieve an EPS of $1.63 for the current quarter, $1.76 for the next quarter and $7.74 for 2024. The lowest estimate earnings-per-share for the quarter is $1.52 while analysts give the company a high EPS estimate of $1.75. Comparatively, EPS for the current quarter was $1.63 a year ago. Earnings per share for the fiscal year are expected to increase by 200.70%, and 10.73% over the next financial year. EPS should shrink at an annualized rate of 6.77% over the next five years, compared to 26.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate Principal Financial Group Inc. (PFG) as a “Hold” at a consensus score of 3.50. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 7 of the 17 advise that investors “hold,” and 9 rated it as a “Sell.”
Looking at the support for the PFG, a number of firms have released research notes about the stock. Credit Suisse stated their Underperform rating for the stock in a research note on December 08, 2022, with the firm’s price target at $86. Morgan Stanley coverage for the Principal Financial Group Inc. (PFG) stock in a research note released on November 17, 2022 offered a Underweight rating with a price target of $79. Evercore ISI was of a view on November 17, 2022 that the stock is Underperform, while Barclays gave the stock Equal Weight rating on November 01, 2022, issuing a price target of $81- $89. Keefe Bruyette on their part issued Underperform rating on October 31, 2022.
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