Principal Financial Group (NASDAQ:PFG) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Principal Financial Group (NASDAQ:PFG) announced its quarterly earnings data on Wednesday. The company reported $2.07 EPS for the quarter, beating the consensus estimate of $2.01 by $0.06, Zacks reports. The company had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $4.11 billion. Principal Financial Group had a net margin of 10.10% and a return on equity of 16.25%. During the same period in the prior year, the firm posted $1.81 EPS.

Principal Financial Group Stock Performance

Shares of NASDAQ:PFG traded up $1.35 during trading on Thursday, hitting $100.98. The company’s stock had a trading volume of 456,586 shares, compared to its average volume of 1,636,875. The company has a 50-day moving average of $92.20 and a 200-day moving average of $89.12. Principal Financial Group has a 12 month low of $73.57 and a 12 month high of $101.54. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.24 and a quick ratio of 0.27. The firm has a market cap of $21.88 billion, a price-to-earnings ratio of 14.45, a P/E/G ratio of 0.94 and a beta of 0.87.

Principal Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Monday, June 1st will be paid a $0.82 dividend. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.80. The ex-dividend date is Monday, June 1st. This represents a $3.28 annualized dividend and a dividend yield of 3.2%. Principal Financial Group’s dividend payout ratio (DPR) is currently 45.78%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Evercore set a $108.00 price target on shares of Principal Financial Group in a report on Monday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $92.00 price target on shares of Principal Financial Group in a report on Thursday, March 26th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $103.00 price target on shares of Principal Financial Group in a report on Monday, January 5th. UBS Group raised their price target on shares of Principal Financial Group from $92.00 to $94.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Finally, Bank of America dropped their price target on shares of Principal Financial Group from $96.00 to $92.00 and set a “neutral” rating on the stock in a report on Tuesday, April 14th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Principal Financial Group presently has a consensus rating of “Hold” and an average price target of $95.33.

Insider Buying and Selling

In other Principal Financial Group news, CEO Deanna D. Strable-Soethout sold 7,340 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $95.00, for a total transaction of $697,300.00. Following the sale, the chief executive officer owned 136,828 shares in the company, valued at approximately $12,998,660. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.13% of the company’s stock.

Institutional Investors Weigh In On Principal Financial Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PFG. AQR Capital Management LLC raised its stake in Principal Financial Group by 112.8% during the 4th quarter. AQR Capital Management LLC now owns 2,348,233 shares of the company’s stock worth $207,138,000 after acquiring an additional 1,244,668 shares during the period. Bank of America Corp DE raised its stake in Principal Financial Group by 9.6% during the 2nd quarter. Bank of America Corp DE now owns 12,370,852 shares of the company’s stock worth $982,617,000 after acquiring an additional 1,083,991 shares during the period. UBS Group AG raised its stake in Principal Financial Group by 62.3% during the 3rd quarter. UBS Group AG now owns 2,023,880 shares of the company’s stock worth $167,800,000 after acquiring an additional 776,997 shares during the period. Invesco Ltd. raised its stake in Principal Financial Group by 23.2% during the 3rd quarter. Invesco Ltd. now owns 3,376,797 shares of the company’s stock worth $279,970,000 after acquiring an additional 636,334 shares during the period. Finally, Weiss Asset Management LP raised its stake in Principal Financial Group by 597.5% during the 4th quarter. Weiss Asset Management LP now owns 608,926 shares of the company’s stock worth $53,713,000 after acquiring an additional 521,626 shares during the period. Institutional investors own 75.08% of the company’s stock.

About Principal Financial Group

Principal Financial Group (NASDAQ: PFG) is a global financial services company headquartered in Des Moines, Iowa, that provides a range of retirement, investment and insurance solutions to individuals, employers and institutional clients. The firm’s business is organized around retirement services, asset management, and insurance products designed to help clients plan, invest for, and protect income over the long term.

Principal’s product and service offerings include retirement plan recordkeeping and administration for employer-sponsored plans, individual and group retirement annuities, life and disability insurance, employee benefits solutions, and wealth management services.