Principal Financial Group Inc (NYSE:PFG) – Equities research analysts at Piper Sandler reduced their Q2 2021 earnings estimates for Principal Financial Group in a research note issued on Tuesday, July 28th. Piper Sandler analyst J. Barnidge now expects that the financial services provider will earn $1.39 per share for the quarter, down from their previous estimate of $1.41.
Several other equities research analysts have also recently issued reports on PFG. Goldman Sachs Group cut Principal Financial Group from a “neutral” rating to a “sell” rating and set a $38.00 target price on the stock. in a report on Thursday, June 18th. Bank of America initiated coverage on Principal Financial Group in a report on Monday, June 1st. They issued a “buy” rating on the stock. Royal Bank of Canada reiterated a “hold” rating and issued a $45.00 price target on shares of Principal Financial Group in a research report on Thursday. Morgan Stanley lifted their price target on Principal Financial Group from $42.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 28th. Finally, UBS Group lifted their price target on Principal Financial Group from $35.00 to $36.00 and gave the stock a “neutral” rating in a research report on Friday, May 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $45.50.
Principal Financial Group (NYSE:PFG) last issued its earnings results on Monday, July 27th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.16. The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same period last year, the firm posted $1.52 earnings per share.
Several large investors have recently made changes to their positions in PFG. CX Institutional boosted its position in shares of Principal Financial Group by 414.4% during the first quarter. CX Institutional now owns 787 shares of the financial services provider’s stock valued at $25,000 after buying an additional 634 shares during the period. Westside Investment Management Inc. boosted its position in shares of Principal Financial Group by 133.3% during the second quarter. Westside Investment Management Inc. now owns 700 shares of the financial services provider’s stock valued at $29,000 after buying an additional 400 shares during the period. Capital Square LLC purchased a new position in shares of Principal Financial Group during the first quarter valued at approximately $31,000. Ellevest Inc. boosted its position in shares of Principal Financial Group by 621.4% during the second quarter. Ellevest Inc. now owns 743 shares of the financial services provider’s stock valued at $31,000 after buying an additional 640 shares during the period. Finally, Pearl River Capital LLC purchased a new position in shares of Principal Financial Group during the first quarter valued at approximately $44,000. Institutional investors and hedge funds own 68.64% of the company’s stock.
In other Principal Financial Group news, Director Daniel Gelatt bought 28,148 shares of the company’s stock in a transaction on Friday, June 26th. The stock was acquired at an average price of $35.52 per share, for a total transaction of $999,816.96. Following the completion of the transaction, the director now directly owns 187,741 shares of the company’s stock, valued at $6,668,560.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.50% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Tuesday, September 1st will be given a $0.56 dividend. The ex-dividend date is Monday, August 31st. This represents a $2.24 annualized dividend and a yield of 5.28%.
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 Global Investors, Principal International, and U.S. Insurance Solutions segments.
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