Zacks Research Research Analysts Decrease Earnings Estimates for Principal Financial Group, Inc. (NASDAQ:PFG)

Principal Financial Group, Inc. (NASDAQ:PFG – Get Rating) – Equities research analysts at Zacks Research lowered their Q2 2023 earnings per share estimates for Principal Financial Group in a research note issued to investors on Thursday, May 11th. Zacks Research analyst T. De now anticipates that the company will earn $1.55 per share for the quarter, down from their prior forecast of $1.74. The consensus estimate for Principal Financial Group’s current full-year earnings is $6.65 per share. Zacks Research also issued estimates for Principal Financial Group’s Q4 2023 earnings at $1.77 EPS, FY2023 earnings at $6.51 EPS, Q4 2024 earnings at $1.67 EPS, FY2024 earnings at $7.26 EPS, Q1 2025 earnings at $1.27 EPS and FY2025 earnings at $7.89 EPS.

Several other equities research analysts have also recently commented on the stock. StockNews.com cut shares of Principal Financial Group from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. Royal Bank of Canada dropped their price objective on shares of Principal Financial Group from $88.00 to $83.00 in a research note on Monday, May 1st. Wells Fargo & Company started coverage on shares of Principal Financial Group in a research note on Tuesday, April 25th. They set an “equal weight” rating and a $79.00 price target for the company. Bank of America cut shares of Principal Financial Group from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $81.00 to $78.00 in a report on Monday, May 1st. Finally, Barclays reduced their price target on shares of Principal Financial Group from $92.00 to $75.00 in a report on Wednesday, April 12th. Nine analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $77.31.

Principal Financial Group Stock Performance

NASDAQ:PFG opened at $67.49 on Monday. Principal Financial Group has a 1 year low of $61.05 and a 1 year high of $96.17. The firm has a 50 day moving average of $73.50 and a 200-day moving average of $81.18. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $16.38 billion, a P/E ratio of 4.01, a price-to-earnings-growth ratio of 1.46 and a beta of 1.27.

Principal Financial Group (NASDAQ:PFG – Get Rating) last posted its earnings results on Thursday, April 27th. The company reported $1.48 EPS for the quarter, missing the consensus estimate of $1.54 by ($0.06). Principal Financial Group had a return on equity of 16.04% and a net margin of 24.97%. The business had revenue of $2.82 billion for the quarter, compared to analyst estimates of $3.22 billion. During the same period in the previous year, the company earned $1.63 earnings per share.

Principal Financial Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 1st will be paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date of this dividend is Wednesday, May 31st. Principal Financial Group’s dividend payout ratio (DPR) is presently 15.21%.

Insider Buying and Selling at Principal Financial Group

In other news, SVP Kenneth A. Mccullum sold 3,694 shares of the business’s stock in a transaction that occurred on Saturday, March 18th. The shares were sold at an average price of $69.50, for a total transaction of $256,733.00. Following the completion of the sale, the senior vice president now owns 29,244 shares in the company, valued at approximately $2,032,458. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Principal Financial Group

Several hedge funds have recently added to or reduced their stakes in the business. MinichMacGregor Wealth Management LLC acquired a new stake in shares of Principal Financial Group in the fourth quarter worth approximately $25,000. GPS Wealth Strategies Group LLC acquired a new position in Principal Financial Group during the first quarter valued at approximately $28,000. Steward Financial Group LLC acquired a new position in Principal Financial Group during the fourth quarter valued at approximately $29,000. Align Wealth Management LLC acquired a new position in Principal Financial Group during the fourth quarter valued at approximately $32,000. Finally, Venturi Wealth Management LLC acquired a new position in Principal Financial Group during the first quarter valued at approximately $32,000. 74.21% of the stock is currently owned by hedge funds and other institutional investors.

About Principal Financial Group

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Principal Financial Group, Inc engages in the investment management offering business. It offers financial products and services to businesses, individuals, and institutional clients. It operates its business through following segments: Retirement and Income Solutions, Principal Global Investors, Principal International, U.S.