Principal Financial Group Inc (PFG) Announces Earnings Results

Principal Financial Group Inc (NYSE:PFG) issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $1.31 EPS for the quarter, topping the consensus estimate of $1.22 by $0.09, Bloomberg Earnings reports. Principal Financial Group had a net margin of 10.15% and a return on equity of 13.57%. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the prior year, the business posted $1.15 earnings per share.

Shares of Principal Financial Group (PFG) opened at 65.16 on Thursday. The firm has a market capitalization of $18.83 billion, a PE ratio of 14.81 and a beta of 1.65. The firm’s 50 day moving average is $65.76 and its 200-day moving average is $63.53. Principal Financial Group has a one year low of $46.82 and a one year high of $67.73.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.89%. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Wednesday, August 30th. Principal Financial Group’s dividend payout ratio is 41.82%.

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Principal Financial Group announced that its Board of Directors has authorized a share buyback program on Wednesday, May 17th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

PFG has been the subject of several research analyst reports. Wells Fargo & Company reaffirmed a “buy” rating on shares of Principal Financial Group in a research report on Thursday, June 29th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $68.00 price objective on shares of Principal Financial Group in a research report on Thursday, August 3rd. Barclays PLC increased their price objective on shares of Principal Financial Group from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Friday, August 11th. BidaskClub lowered shares of Principal Financial Group from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $73.00 price objective on shares of Principal Financial Group in a research report on Wednesday, July 12th. Four research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $61.67.

In other news, insider Nora Mary Everett sold 8,700 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $63.52, for a total value of $552,624.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Gregory Bernard Elming sold 30,707 shares of Principal Financial Group stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $64.20, for a total value of $1,971,389.40. The disclosure for this sale can be found here. Insiders have sold 345,538 shares of company stock worth $22,435,450 in the last quarter. Corporate insiders own 1.50% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Principal Financial Group by 2.0% in the second quarter. Vanguard Group Inc. now owns 30,237,096 shares of the financial services provider’s stock valued at $1,937,291,000 after buying an additional 587,221 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Principal Financial Group by 3.3% in the second quarter. BlackRock Inc. now owns 18,306,790 shares of the financial services provider’s stock valued at $1,172,916,000 after buying an additional 592,172 shares in the last quarter. State Street Corp boosted its stake in shares of Principal Financial Group by 0.9% in the first quarter. State Street Corp now owns 13,622,890 shares of the financial services provider’s stock valued at $859,745,000 after buying an additional 123,961 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Principal Financial Group by 2.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,734,915 shares of the financial services provider’s stock valued at $235,703,000 after buying an additional 84,575 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of Principal Financial Group by 6,656.1% in the second quarter. Janus Henderson Group PLC now owns 3,020,597 shares of the financial services provider’s stock valued at $193,529,000 after buying an additional 2,975,888 shares in the last quarter. 70.10% of the stock is owned by hedge funds and other institutional investors.

About Principal Financial Group

Principal Financial Group, Inc is an investment management company. The Company offers a range of financial products and services, including retirement, asset management and insurance. Its segments include Retirement and Income Solutions; Principal Global Investors, Principal International; U.S. Insurance Solutions, and Corporate.

Earnings History for Principal Financial Group (NYSE:PFG)

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