Principal Financial Group

PFG · NASDAQ

$107.94+$1.08 (+1.01%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $106.86

PFG analyst rating

HoldConsensus of 15 analysts over the last 12 months. 20% rate it a buy.

Strong buy0
Buy3
Hold9
Underperform3
Sell0

12-month price target · 17 analysts

Average $109.90 (+1.8% upside)

Low: $85.86
Now: $107.94
High: $134.40

Upgrades and downgrades

The latest rating actions, newest first

PFG analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 20, 2026	Maintains	Equal-Weight	$113.00 → $112.00	75%
JP Morgan	Oct 15, 2026	Maintains	Neutral	$107.00 → $106.00	81%
Wells Fargo	Oct 12, 2026	Maintains	Equal-Weight	$115.00 → $113.00	75%
Keefe, Bruyette & Woods	Oct 9, 2026	Maintains	Market Perform	$117.00 → $115.00	71%
Barclays	Oct 7, 2026	Maintains	Underweight	$92.00 → $86.00	61%
Piper Sandler	Sep 28, 2026	Maintains	Overweight	$125.00 → $128.00	73%
UBS	Sep 10, 2026	Maintains	Neutral	$98.00 → $120.00	57%
JP Morgan	Aug 3, 2026	Maintains	Neutral	$106.00 → $107.00	81%
B of A Securities	Jul 28, 2026	Maintains	Underperform	$94.00 → $104.00	60%
Evercore ISI Group	Jul 28, 2026	Maintains	In-Line	$114.00 → $112.00	59%

The case for and against

Updated Sep 30, 2026

Bull case

Principal Financial Group Inc is poised for growth, driven by improvements in variable investment income and strong performance metrics from its Retirement and Income Solutions segment, which is the largest revenue contributor. The company's strategic focus on multi-product offerings and full-service customers is expected to enhance earnings, alongside an increase in assets under management (AUM) and favorable interest rates that bolster the revenue outlook. Additionally, ongoing expense reductions and a strong demand for new real estate investment funds further position the firm for favorable financial performance, underscoring its solid market positioning and potential for profitability.

Bear case

Principal Financial Group Inc faces significant challenges affecting its revenue and profitability, particularly within its Retirement and Income Solutions segment, which is struggling with continued outflows in its fee-based businesses. The notable decline of approximately 15% year-over-year in the Benefits and Protection distribution and the need for re-pricing actions to enhance margins signal potential long-term weaknesses in core revenue streams. Additionally, an anticipated extended recession combined with the pressures of low yields creates a volatile earnings environment, likely further constraining returns on equity and diminishing capital returns, thereby justifying a pessimistic outlook for the company's valuation multiple.

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