Principal Financial Group (NYSE:PFG) Updates FY24 Earnings Guidance

Principal Financial Group (NYSE:PFGGet Free Report) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $7.14-7.34 for the period, compared to the consensus earnings per share estimate of $7.51.

Principal Financial Group Stock Up 0.9 %

NYSE PFG traded up $0.74 during trading hours on Monday, hitting $78.94. The company had a trading volume of 1,228,612 shares, compared to its average volume of 904,324. Principal Financial Group has a fifty-two week low of $65.17 and a fifty-two week high of $93.15. The company has a market capitalization of $18.82 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 1.23 and a beta of 1.25. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.31 and a quick ratio of 0.31. The firm’s 50 day moving average is $78.37 and its 200 day moving average is $75.19.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Tuesday, March 12th will be paid a dividend of $0.69 per share. This is an increase from Principal Financial Group’s previous quarterly dividend of $0.67. This represents a $2.76 annualized dividend and a dividend yield of 3.50%. Principal Financial Group’s dividend payout ratio (DPR) is currently 44.15%.

Analyst Upgrades and Downgrades

PFG has been the subject of several recent analyst reports. Wells Fargo & Company lowered their target price on Principal Financial Group from $78.00 to $72.00 and set an equal weight rating for the company in a research note on Tuesday, October 17th. Evercore ISI upgraded Principal Financial Group from an underperform rating to an inline rating and lifted their price target for the stock from $82.00 to $83.00 in a research note on Thursday, January 4th. Morgan Stanley lifted their price target on Principal Financial Group from $71.00 to $72.00 and gave the stock an underweight rating in a research note on Wednesday, November 15th. Citigroup cut their target price on shares of Principal Financial Group from $64.00 to $62.00 and set a sell rating on the stock in a report on Tuesday, October 24th. Finally, Piper Sandler cut their target price on shares of Principal Financial Group from $80.00 to $74.00 and set a neutral rating on the stock in a report on Monday, October 30th. Three investment analysts have rated the stock with a sell rating and eight have issued a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and an average price target of $75.00.

View Our Latest Stock Analysis on PFG

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. IHT Wealth Management LLC increased its stake in shares of Principal Financial Group by 6.1% during the second quarter. IHT Wealth Management LLC now owns 2,886 shares of the company’s stock valued at $219,000 after acquiring an additional 167 shares during the period. Bessemer Group Inc. increased its stake in shares of Principal Financial Group by 5.0% during the fourth quarter. Bessemer Group Inc. now owns 3,654 shares of the company’s stock valued at $308,000 after acquiring an additional 173 shares during the period. Profund Advisors LLC increased its stake in shares of Principal Financial Group by 7.2% during the first quarter. Profund Advisors LLC now owns 2,772 shares of the company’s stock valued at $206,000 after acquiring an additional 186 shares during the period. Kinneret Advisory LLC increased its stake in shares of Principal Financial Group by 2.3% during the first quarter. Kinneret Advisory LLC now owns 8,377 shares of the company’s stock valued at $615,000 after acquiring an additional 187 shares during the period. Finally, Townsquare Capital LLC increased its stake in shares of Principal Financial Group by 3.0% during the third quarter. Townsquare Capital LLC now owns 6,693 shares of the company’s stock valued at $482,000 after acquiring an additional 194 shares during the period. Institutional investors and hedge funds own 70.68% of the company’s stock.

Principal Financial Group Company Profile

(Get Free Report)

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 Global Investors, Principal International, and U.S. Insurance Solutions segments.

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Earnings History and Estimates for Principal Financial Group (NYSE:PFG)

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