Principal Financial Group (NYSE:PFG) Announces Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Principal Financial Group (NYSE:PFGGet Free Report) released its quarterly earnings results on Monday. The company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.13, MarketWatch Earnings reports. Principal Financial Group had a net margin of 10.54% and a return on equity of 15.30%. During the same quarter in the previous year, the company posted $1.70 EPS. Principal Financial Group updated its FY24 guidance to $7.14-7.34 EPS.

Principal Financial Group Trading Up 0.9 %

NYSE PFG opened at $78.94 on Tuesday. Principal Financial Group has a one year low of $65.17 and a one year high of $93.15. The company’s 50 day moving average price is $78.44 and its 200 day moving average price is $75.22. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a market capitalization of $18.82 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 1.23 and a beta of 1.25.

Principal Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Tuesday, March 12th will be issued a $0.69 dividend. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.67. This represents a $2.76 annualized dividend and a yield of 3.50%. Principal Financial Group’s dividend payout ratio (DPR) is presently 44.15%.

Analyst Ratings Changes

Several research firms have issued reports on PFG. Evercore ISI raised shares of Principal Financial Group from an “underperform” rating to an “inline” rating and raised their price target for the stock from $82.00 to $83.00 in a research note on Thursday, January 4th. Morgan Stanley raised their price target on shares of Principal Financial Group from $71.00 to $72.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 15th. Wells Fargo & Company decreased their price target on shares of Principal Financial Group from $78.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 17th. Citigroup cut their price objective on shares of Principal Financial Group from $64.00 to $62.00 and set a “sell” rating on the stock in a report on Tuesday, October 24th. Finally, Piper Sandler cut their price objective on shares of Principal Financial Group from $80.00 to $74.00 and set a “neutral” rating on the stock in a report on Monday, October 30th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $75.00.

Get Our Latest Stock Analysis on Principal Financial Group

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PFG. IHT Wealth Management LLC grew its position in Principal Financial Group by 6.1% in the second quarter. IHT Wealth Management LLC now owns 2,886 shares of the company’s stock valued at $219,000 after acquiring an additional 167 shares in the last quarter. Bessemer Group Inc. grew its position in Principal Financial Group by 5.0% in the fourth quarter. Bessemer Group Inc. now owns 3,654 shares of the company’s stock valued at $308,000 after acquiring an additional 173 shares in the last quarter. Profund Advisors LLC grew its position in Principal Financial Group by 7.2% in the first quarter. Profund Advisors LLC now owns 2,772 shares of the company’s stock valued at $206,000 after acquiring an additional 186 shares in the last quarter. Kinneret Advisory LLC grew its position in Principal Financial Group by 2.3% in the first quarter. Kinneret Advisory LLC now owns 8,377 shares of the company’s stock valued at $615,000 after acquiring an additional 187 shares in the last quarter. Finally, Townsquare Capital LLC grew its position in shares of Principal Financial Group by 3.0% during the third quarter. Townsquare Capital LLC now owns 6,693 shares of the company’s stock worth $482,000 after buying an additional 194 shares in the last quarter. Hedge funds and other institutional investors own 70.68% of the company’s stock.

Principal Financial Group Company Profile

(Get Free Report)

Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Global Investors, Principal International, and U.S. Insurance Solutions segments.

Further Reading

Earnings History for Principal Financial Group (NYSE:PFG)

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