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
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
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.
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