Principal Financial Group (PFG) to Release Quarterly Earnings on Thursday

Principal Financial Group (NYSE:PFG) is scheduled to announce its earnings results after the market closes on Thursday, April 25th. Analysts expect the company to announce earnings of $1.80 per share for the quarter. Principal Financial Group has set its FY24 guidance at $7.14-7.34 EPS.Investors that wish to listen to the company’s conference call can do so using this link.

Principal Financial Group (NYSE:PFG) last issued its quarterly earnings results on Monday, February 12th. The company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.13. The firm had revenue of $2.69 billion for the quarter, compared to analyst estimates of $3.53 billion. Principal Financial Group had a return on equity of 15.14% and a net margin of 4.56%. During the same period in the previous year, the company posted $1.70 earnings per share. On average, analysts expect Principal Financial Group to post $8 EPS for the current fiscal year and $8 EPS for the next fiscal year.

Principal Financial Group Stock Performance

Shares of NYSE:PFG opened at $78.48 on Thursday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.30 and a quick ratio of 0.30. The business’s 50 day moving average price is $81.57 and its 200-day moving average price is $76.95. The firm has a market capitalization of $18.45 billion, a PE ratio of 32.03, a P/E/G ratio of 0.97 and a beta of 1.25. Principal Financial Group has a 1 year low of $65.17 and a 1 year high of $86.79.

Principal Financial Group announced that its board has initiated a stock buyback plan on Monday, February 12th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Principal Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 12th were paid a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, March 11th. This represents a $2.76 dividend on an annualized basis and a yield of 3.52%. This is a positive change from Principal Financial Group’s previous quarterly dividend of $0.67. Principal Financial Group’s payout ratio is 112.65%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PFG. Morgan Stanley grew its holdings in shares of Principal Financial Group by 67.3% during the fourth quarter. Morgan Stanley now owns 4,514,124 shares of the company’s stock valued at $378,825,000 after purchasing an additional 1,816,343 shares during the last quarter. Norges Bank bought a new position in Principal Financial Group in the 4th quarter worth approximately $78,939,000. Royal Bank of Canada grew its holdings in Principal Financial Group by 307.9% in the 1st quarter. Royal Bank of Canada now owns 1,133,674 shares of the company’s stock worth $83,223,000 after buying an additional 855,747 shares in the last quarter. Balyasny Asset Management L.P. bought a new position in Principal Financial Group in the 1st quarter worth approximately $46,453,000. Finally, Barclays PLC lifted its position in Principal Financial Group by 64.6% in the fourth quarter. Barclays PLC now owns 1,058,831 shares of the company’s stock worth $83,299,000 after purchasing an additional 415,633 shares during the period. Institutional investors and hedge funds own 75.08% of the company’s stock.

Analyst Ratings Changes

PFG has been the topic of several recent research reports. Royal Bank of Canada upped their price target on Principal Financial Group from $75.00 to $83.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 14th. Keefe, Bruyette & Woods lifted their price objective on Principal Financial Group from $85.00 to $89.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Piper Sandler lifted their price objective on Principal Financial Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. Evercore ISI raised their price target on Principal Financial Group from $84.00 to $86.00 and gave the stock an “in-line” rating in a research report on Thursday, April 11th. Finally, Wells Fargo & Company lifted their price objective on Principal Financial Group from $86.00 to $91.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $80.64.

About Principal Financial Group

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.