FBR Capital Maintains a 'Market Perform' on Principal Financial Group (PFG); 1Q11 Result in Line, but Flows Remain Light
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Price: $113.98 -0.83%
Rating Summary:
4 Buy, 13 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 13 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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FBR Capital maintains a 'Market Perform' on Principal Financial Group (NYSE: PFG), PT $35.
FBR analyst says, "In the face of a still-challenging payroll growth environment, we have taken a cautious view on more heavily payroll-exposed names like Principal. We believe FSA (Principal’s 401(k) business) is highly dependent upon growth in payrolls, employer contributions, and new small/medium business starts to grow. As overall flows across the non-401(k) businesses have remained in line or below our forecast, we’d look for better-than-expected flows before getting more constructive on the stock. While we applaud Principal for taking numerous steps to deploy excess capital, we see strategic rationale in some acquisitions, while others seem to be less clear, in our opinion."
For more ratings news on Principal Financial Group click here and for the rating history of Principal Financial Group click here.
Shares of Principal Financial Group closed at $33.56 yesterday.
FBR analyst says, "In the face of a still-challenging payroll growth environment, we have taken a cautious view on more heavily payroll-exposed names like Principal. We believe FSA (Principal’s 401(k) business) is highly dependent upon growth in payrolls, employer contributions, and new small/medium business starts to grow. As overall flows across the non-401(k) businesses have remained in line or below our forecast, we’d look for better-than-expected flows before getting more constructive on the stock. While we applaud Principal for taking numerous steps to deploy excess capital, we see strategic rationale in some acquisitions, while others seem to be less clear, in our opinion."
For more ratings news on Principal Financial Group click here and for the rating history of Principal Financial Group click here.
Shares of Principal Financial Group closed at $33.56 yesterday.
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