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Principal Financial Group Inc Up 7.06% To $73.64 After Earnings Beat

Tuesday, August 09, 2022 11:34 AM | InvestorsObserver Analysts
Principal Financial Group Inc Up 7.06% To $73.64 After Earnings Beat

Tuesday, August 9, 2022 - Principal Financial Group Inc (PFG) reported upside earnings and downside revenues.

The consensus among analysts for Principal Financial Group Inc was for an earnings per share (EPS) of $1.41. The firm was able to surpass those projections, reporting an EPS of $1.65, a positive surprise of $0.24 (17%). Profits fell 3% year-over-year after reporting an EPS of $1.70 in its year-ago quarter. The negative growth rate signals that the Financial Services company is struggling to find form amid recent economic conditions.

Revenues were downbeat at $3.1 billion. That represents a 13.09% decrease in revenues from the year-ago report and is 5.96% lower than consensus estimates set at $3.3 billion. Again, keep in mind that the revenues reported were on an adjusted basis, so they may not be directly comparable to estimates and prior periods.

The stock is up 7.06% to $73.64 after the report.

Principal Financial Group Inc's revenues declined at a faster pace than earnings.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

Trading in the five days leading up to the report earned Principal Financial Group Inc a Bullish Sentiment Rank from InvestorsObserver.

Principal Financial Group Inc has performed a little above average during the past few months. Before the report, Principal Financial Group Inc received a Long-Term Technical Rank by InvestorsObserver of 70, putting it in the top half of stocks. The firm set a 52-week high on February 10, 2022 at $80.36 and set a 52-week low on September 20, 2021 at $60.97.

Principal Financial Group Inc is a provider of retirement savings, investment, and insurance products, with approximately $806.6 billion in assets under management and nearly 20 million customers as of the recent quarter. It operates in four business segments that are Retirement and Income Solutions, Principal Global Investors, Principal International, and United States Insurance Solutions. The company receives maximum revenue in the form of premiums.

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