• Return to Headlines

Downgrade Alert for Principal Financial Group (PFG)

By Amy Schwartz

Principal Financial Group (NYSE:PFG) was downgraded from Buy to Neutral at BofA/Merrill today. The stock closed yesterday at $40.30 on volume of 1.7 million shares, above average daily volume of 1.7 million.

Principal Financial Group has overhead space with shares priced $40.30, or 23.7% below the average consensus analyst price target of $52.82. The stock should run into initial resistance at its 50-day moving average (MA) of $40.52 and subsequent resistance at its 200-day MA of $45.50.

Over the past year, Principal Financial Group has traded in a range of $33.09 to $58.02 and closed yesterday at $40.30, 22% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.1%.

Principal Financial Group, Inc. offers businesses, individuals and institutional clients a range of financial products and services. The Company offers retirement solutions, life and health insurance, wellness programs, and investment and banking products.

SmarTrend recommended that its subscribers protect gains by selling shares of Principal Financial Group on June 14th, 2016 by issuing a Downtrend alert when the shares were trading at $41.54. Since that call, shares of Principal Financial Group have fallen 6.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Principal Financial Group

Ticker(s): PFG