Principal Financial Group (NASDAQ:PFG) Posts Earnings Results, Beats Estimates By $0.17 EPS

Principal Financial Group (NASDAQ:PFG) announced its quarterly earnings data on Monday. The company reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.17, Zacks reports. Principal Financial Group had a return on equity of 16.25% and a net margin of 10.10%.During the same quarter in the prior year, the firm posted $2.16 earnings per share.

Principal Financial Group Stock Up 1.7%

PFG opened at $111.29 on Tuesday. The firm has a 50-day simple moving average of $108.31 and a two-hundred day simple moving average of $98.57. Principal Financial Group has a 52 week low of $75.00 and a 52 week high of $114.90. The company has a market capitalization of $24.04 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 1.05 and a beta of 0.88. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.33.

Principal Financial Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, September 3rd will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 3.0%. The ex-dividend date is Thursday, September 3rd. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.82. Principal Financial Group’s dividend payout ratio is presently 46.92%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PFG. Evercore set a $108.00 price target on shares of Principal Financial Group in a report on Monday, April 27th. Weiss Ratings cut shares of Principal Financial Group from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, May 1st. Jefferies Financial Group increased their price target on Principal Financial Group from $91.00 to $98.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Atlantic Securities set a $94.00 price target on Principal Financial Group in a report on Wednesday, July 15th. Finally, Piper Sandler upped their price objective on Principal Financial Group from $113.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $105.00.

Insider Activity

In other news, insider Wee Yee Cheong sold 7,534 shares of Principal Financial Group stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $103.16, for a total value of $777,207.44. Following the sale, the insider directly owned 66,443 shares of the company’s stock, valued at approximately $6,854,259.88. The trade was a 10.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 25,746 shares of company stock valued at $2,625,668 over the last quarter. Insiders own 1.13% of the company’s stock.

Hedge Funds Weigh In On Principal Financial Group

Several institutional investors have recently added to or reduced their stakes in the company. Panagora Asset Management Inc. purchased a new position in shares of Principal Financial Group in the fourth quarter valued at $210,000. Auxier Asset Management LLC purchased a new stake in Principal Financial Group during the fourth quarter valued at $205,000. Van ECK Associates Corp raised its stake in Principal Financial Group by 26.8% during the fourth quarter. Van ECK Associates Corp now owns 2,311 shares of the company’s stock valued at $204,000 after purchasing an additional 488 shares in the last quarter. AXA S.A. bought a new position in Principal Financial Group during the second quarter valued at $203,000. Finally, State of Wyoming lifted its position in Principal Financial Group by 11.7% during the second quarter. State of Wyoming now owns 2,415 shares of the company’s stock valued at $192,000 after purchasing an additional 252 shares during the last quarter. Hedge funds and other institutional investors own 75.08% of the company’s stock.

About Principal Financial Group

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.