Principal Financial Group (NYSE:PFG) Releases Earnings Results, Beats Estimates By $0.19 EPS

Key Points

• Principal Financial Group reported earnings of $2.16 per share for the latest quarter, exceeding expectations by $0.19, with a year-over-year increase from $1.63 EPS.
• The company announced an increase in its quarterly dividend to $0.78, reflecting a yield of 3.88% and marking a rise from the previous dividend of $0.76.
• Analysts have varied views on the stock, with a consensus rating of "Hold" and a price target averaging $86.30, while recent price targets range from $69.00 to $101.00.

Principal Financial Group (NYSE:PFG - Get Free Report) issued its earnings results on Monday. The company reported $2.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.97 by $0.19, Briefing.com reports. Principal Financial Group had a return on equity of 14.68% and a net margin of 9.74%. During the same period in the previous year, the firm posted $1.63 earnings per share.

Principal Financial Group Price Performance

NYSE:PFG traded down $0.66 during trading hours on Monday, hitting $80.39. The company's stock had a trading volume of 1,677,397 shares, compared to its average volume of 1,400,370. The stock has a fifty day simple moving average of $78.63 and a 200-day simple moving average of $79.93. Principal Financial Group has a twelve month low of $68.39 and a twelve month high of $91.97. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30. The company has a market capitalization of $18.02 billion, a P/E ratio of 12.03, a PEG ratio of 0.76 and a beta of 0.99.

Principal Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Thursday, September 4th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 3.88%. This is a boost from Principal Financial Group's previous quarterly dividend of $0.76. Principal Financial Group's dividend payout ratio (DPR) is 65.10%.

Wall Street Analyst Weigh In

Several analysts recently commented on PFG shares. Wells Fargo & Company raised their price objective on Principal Financial Group from $69.00 to $73.00 and gave the stock an "underweight" rating in a research note on Thursday, July 10th. UBS Group dropped their price objective on Principal Financial Group from $93.00 to $80.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 29th. Barclays raised their price objective on Principal Financial Group from $76.00 to $80.00 and gave the stock an "underweight" rating in a research note on Monday, July 7th. Piper Sandler lifted their price target on Principal Financial Group from $88.00 to $89.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Finally, JPMorgan Chase & Co. lifted their price target on Principal Financial Group from $92.00 to $101.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Principal Financial Group presently has a consensus rating of "Hold" and a consensus price target of $86.30.

Institutional Trading of Principal Financial Group

A number of hedge funds and other institutional investors have recently modified their holdings of PFG. Empowered Funds LLC raised its holdings in shares of Principal Financial Group by 11.9% during the first quarter. Empowered Funds LLC now owns 4,678 shares of the company's stock valued at $395,000 after purchasing an additional 497 shares during the period. NewEdge Advisors LLC raised its position in shares of Principal Financial Group by 24.1% in the first quarter. NewEdge Advisors LLC now owns 7,503 shares of the company's stock worth $633,000 after buying an additional 1,455 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in Principal Financial Group in the first quarter valued at approximately $244,000. Institutional investors own 75.08% of the company's stock.

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.

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