Q2 2024 EPS Estimates for Principal Financial Group, Inc. Decreased by Analyst (NYSE:PFG)

Principal Financial Group, Inc. (NYSE:PFG - Free Report) - Investment analysts at Zacks Research decreased their Q2 2024 earnings estimates for Principal Financial Group in a report issued on Thursday, May 16th. Zacks Research analyst R. Department now forecasts that the company will post earnings of $1.83 per share for the quarter, down from their previous estimate of $1.90. The consensus estimate for Principal Financial Group's current full-year earnings is $7.50 per share. Zacks Research also issued estimates for Principal Financial Group's Q3 2024 earnings at $1.95 EPS, Q4 2024 earnings at $1.93 EPS, FY2024 earnings at $7.37 EPS, Q1 2025 earnings at $1.99 EPS, Q2 2025 earnings at $2.01 EPS, Q3 2025 earnings at $2.09 EPS, Q4 2025 earnings at $2.19 EPS and Q1 2026 earnings at $2.16 EPS.

A number of other equities research analysts have also recently commented on the stock. Wells Fargo & Company dropped their price objective on shares of Principal Financial Group from $91.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Monday, April 29th. Royal Bank of Canada raised their price objective on shares of Principal Financial Group from $75.00 to $83.00 and gave the stock a "sector perform" rating in a research note on Wednesday, February 14th. Piper Sandler raised their price objective on shares of Principal Financial Group from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, April 5th. Keefe, Bruyette & Woods lifted their price target on shares of Principal Financial Group from $85.00 to $89.00 and gave the company a "market perform" rating in a research note on Wednesday, April 10th. Finally, Morgan Stanley lifted their price target on shares of Principal Financial Group from $81.00 to $82.00 and gave the company an "equal weight" rating in a research note on Monday, April 15th. Two analysts have rated the stock with a sell rating and nine have given a hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $80.30.

Principal Financial Group Stock Performance

Shares of NYSE PFG traded down $1.59 during midday trading on Monday, reaching $83.54. 699,984 shares of the stock were exchanged, compared to its average volume of 1,095,640. The firm has a market cap of $19.58 billion, a price-to-earnings ratio of 15.94, a PEG ratio of 0.92 and a beta of 1.24. Principal Financial Group has a twelve month low of $65.17 and a twelve month high of $86.79. The firm has a 50-day simple moving average of $82.46 and a two-hundred day simple moving average of $79.01. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.35.

Principal Financial Group (NYSE:PFG - Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The company reported $1.65 EPS for the quarter, missing the consensus estimate of $1.74 by ($0.09). The firm had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $3.68 billion. Principal Financial Group had a net margin of 8.70% and a return on equity of 15.06%. During the same period in the previous year, the company posted $1.48 earnings per share.

Principal Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Monday, June 3rd will be given a $0.71 dividend. This is an increase from Principal Financial Group's previous quarterly dividend of $0.69. This represents a $2.84 annualized dividend and a yield of 3.40%. The ex-dividend date is Monday, June 3rd. Principal Financial Group's payout ratio is currently 52.67%.

Principal Financial Group declared that its Board of Directors has approved a share buyback program on Monday, February 12th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase up to 7.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Principal Financial Group

Institutional investors have recently bought and sold shares of the company. Spire Wealth Management grew its position in Principal Financial Group by 152.0% in the 4th quarter. Spire Wealth Management now owns 373 shares of the company's stock valued at $29,000 after acquiring an additional 225 shares in the last quarter. Riverview Trust Co acquired a new position in shares of Principal Financial Group during the first quarter worth about $34,000. EdgeRock Capital LLC acquired a new position in shares of Principal Financial Group during the fourth quarter worth about $31,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Principal Financial Group during the fourth quarter worth about $33,000. Finally, Fortis Group Advisors LLC acquired a new position in shares of Principal Financial Group during the third quarter worth about $33,000. 75.08% of the stock is owned by institutional investors and hedge funds.

Principal Financial Group Company Profile

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 Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.