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Principal Financial Group, Inc. (PFG) is a prominent global financial services company headquartered in Des Moines, Iowa. With a market cap of $20.13 billion, Principal Financial provides various services, including retirement solutions, insurance, and investment products, catering to businesses, individuals, and institutional clients. The company is set to announce its Q3 earnings after the market closes on Thursday, Oct. 24.
Ahead of the event, analysts expect PFG to report a profit of $2 per share, up 16.3% from $1.72 in the year-ago quarter. The company has surpassed Wall Street's earnings estimates in two of the last four quarters while missing on two other occasions.
Its adjusted earnings of $1.63 per share for the last quarter missed the consensus estimate by 12.8%. Principal Financial Group's Q2 2024 earnings miss can be attributed to higher expenses.
For fiscal 2024, analysts expect PFG to report EPS of $7.31, up 11.6% from $6.55 in fiscal 2023.
PFG stock is up 9.2% on a YTD basis, significantly underperforming the broader S&P 500 Index's ($SPX) 20.6% gains and the iShares U.S. Financials ETF’s (IYF) 21.7% returns over the same time frame.
PFG reported Q2 earnings on Jul. 25. The company's revenue of $4.31 billion surpassed the analysts’ expectations of $3.78 billion. The stock declined 3.4% the following day.
The consensus opinion on PFG stock is cautious, with an overall “Hold” rating. Of the 14 analysts covering the stock, one advises a “Strong Buy” rating, 11 suggest a “Hold,” and two indicate a “Strong Sell.” PFG's average analyst price target is $86.17, indicating a marginal potential upside from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
