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Shares of Principal Financial Group, Inc. PFG have gained 0.8% in the past year, underperforming the industry’s growth of 11% and the Zacks S&P 500 composite’s rise of 14.4%.
PFG Lags Industry and S&P
Earnings per share missed the consensus estimate in the last two reported quarters of 2024.
Closing at $79.30 on Tuesday, the stock stands almost 10.1% below its 52-week high of $88.26.
The Zacks Consensus Estimate for PFG’s 2024 and 2025 earnings has moved 0.2% and 0.3% south, respectively, in the past 30 days.
Principal Financial’s expenses have been increasing since 2013 due to a rise in benefits, claims and settlement expenses, as well as operating expenses. An increase in expenses weighs on its margins. Net margin contracted 280 basis points to 8.1% in the second quarter of 2024.
Factors Benefiting PFG Stock
Principal Financial’s revenue growth is expected to improve in the long run, riding on higher premiums and other considerations, fees and other revenues, and improved net investment income across its segments.
The Principal International segment is likely to benefit from higher single-premium annuity sales in Chile. The segment’s operating earnings should gain from foreign currency tailwinds.
The Specialty Benefits Insurance business should continue to gain from record sales, strong retention and employment growth. Growth in the business, favorable claims and disciplined expense management should benefit its pre-tax operating earnings.
Strong institutional flows across equities, real estate and specialty fixed income, highlighting the value of diversified distribution through its institutional, retail and retirement channels, are likely to drive positive net cash flow. Principal Financial’s extensive distribution footprint, strategic buyouts and operational discipline should enhance the assets under management growth.
Principal Financial boasts a strong capital position, with sufficient cash generation capabilities and liquidity. To reflect the business mix and risk profile, PFG lowered the target RBC level from the previous 400% to a range of 375-400%. For 2024, PFG remains well-positioned to deliver on enterprise long-term financial targets, with 9% to 12% growth in earnings per share and 75% to 85% free capital flow conversion.
PFG’s Distribution of Wealth
Principal Financial’s wealth distribution through share buybacks and dividend payment looks impressive. In the third quarter of 2023, PFG raised the dividend by 11% for the fifth consecutive quarter, aligned with the targeted 40% dividend payout ratio, demonstrating confidence in continued growth and overall performance. It also boasts a solid dividend yield of 3.6%, higher than the industry average of 2.4%. The company continues to expect to deliver on the targeted 75-85% free capital flow for 2024.
PFG returned more than $415 million of capital to shareholders in the second quarter of 2024, including $250 million of share repurchases. It remains committed to returning excess capital to shareholders and continues to expect $1.5-$1.8 billion of capital deployment for 2024, including $800 million to $1.1 billion of share repurchases. Based on net income, excluding exited business, the company targets 35-45% share repurchases in 2024.
Estimates for Principal Financial
The Zacks Consensus Estimate for Principal Financial’s 2024 earnings per share indicates a year-over-year increase of 11.6%. The consensus estimate for revenues is pegged at $15.81 billion, implying a year-over-year improvement of 7.8%.
The consensus estimate for 2025 earnings per share and revenues indicates an increase of 15.4% and 4.6%, respectively, from the corresponding 2024 estimates.
PFG’s Favorable Return on Equity
PFG’s return on equity in the trailing 12 months was 14.9%, better than the industry average of 9.7%, reflecting efficiency in utilizing shareholders’ funds.
PFG Shares Are Affordable
Principal Financial is trading at a discount compared with the industry average. It presents a compelling investment opportunity with its attractive forward 12-month price-to-earnings ratio of 9.8X, lower than the industry average of 14.82X. Also, it has a Value Score of A.
Shares of other accident and health insurers like Affiliated Managers Group, Inc. AMG, Ameriprise Financial, Inc. AMP and Apollo Global Management Inc. APO are also trading at a discount to the industry average.
Wrapping Up: Keep On Holding
Principal Financial's financial stability, favorable growth estimates and affordability of shares make it an attractive stock to retain for current investors.
PFG should benefit from strategic buyouts, strong retention, higher single premium annuity sales, effective capital deployment, positive net cash flow and favorable return on capital. It is, therefore, wise to hold on to this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Reporter Name | O'Neill Mitra |
Relationship | Director |
Type | Purchase |
Amount | $100,053 |
SEC Filing | Form 4 |
O'Neill Mitra, a Director at Apollo Global Management, purchased 923 shares of Common Stock on September 6, 2024, at a price of $108.4 per share, totaling $100,053. Following this transaction, Mitra directly owns 27,131 shares and indirectly owns 2,500 shares through an entity controlled by their spouse. The reported amount includes 3,836 vested and unvested restricted stock units.
SEC Filing: Apollo Global Management, Inc. [ APO ] - Form 4 - Sep. 10, 2024
Financial stocks were lower in late Tuesday afternoon trading, with the NYSE Financial Index shedding 0.7% and the Financial Select Sector SPDR Fund (XLF) falling 1%.
The Philadelphia Housing Index was rising 0.3%, while the Real Estate Select Sector SPDR Fund (XLRE) was climbing 1.6%.
Bitcoin (BTC/USD) was up 0.9% to $57,597, and the yield for 10-year US Treasuries was down 5 basis points to 3.65%.
In economic news, government data are likely to show Wednesday that US consumer inflation rose 0.2% sequentially and 2.6% annually last month, according to a Bloomberg-compiled consensus.
In corporate news, Goldman Sachs , which paid a premium to buy General Motors' (GM) credit card business, will likely receive "less than the outstanding balances" from a potential sale of the business, The Wall Street Journal reported Tuesday. Goldman shares were falling 4.5%.
Apollo Global Management's Apollo Asset Management has 10 products in the semi-liquid category and is "selling about $1 billion a month," a company executive said Tuesday at the Barclays annual financial services conference. Apollo Global Management shares were shedding 0.4%.
JPMorgan Chase shares tumbled 5.2% after Chief Operating Officer Daniel Pinto said that expectations for the bank's 2025 net interest income "are a bit too high," according to a Capital IQ transcript.
UBS has built an artificial intelligence tool to help offer potential M&A deals to its clients, Bloomberg reported Tuesday. UBS shares were retreating 1.3%.
Financial stocks were retreating in Tuesday afternoon trading, with the NYSE Financial Index dropping 1.4% and the Financial Select Sector SPDR Fund (XLF) falling 1.7%.
The Philadelphia Housing Index was easing 0.2%, while the Real Estate Select Sector SPDR Fund (XLRE) was rising 1.1%.
Bitcoin (BTC/USD) was up 0.2% to $57,190, while the yield for 10-year US Treasuries was down 4.4 basis points to 3.66%.
In economic news, Redbook US same-store sales increased by 6.5% from a year earlier in the week ended Sept. 7 after a 6.3% year-over-year increase in the previous week. Redbook reported higher sales due to Labor Day promotions, especially on Sunday and Monday, as the back-to-school season peaked.
The National Federation of Independent Business's monthly Small Business Optimism Index fell to 91.2 in August, more than reversing a gain to 93.7 in July. It was below the 91.3 print a year earlier.
In regulatory news, the US Federal Reserve Vice Chair for Supervision Michael Barr said Tuesday he intends to recommend that the central bank re-propose new rules to reduce the increase in capital requirements under the plan for the biggest banks to 9% from 19%. The reduction would apply to global systemically important banks, or G-SIBs, Barr said in a speech at the Brookings Institution.
In corporate news, JPMorgan Chase shares were down nearly 6% after Chief Operating Officer Daniel Pinto said that expectations for the bank's 2025 net interest income "are a bit too high," according to a Capital IQ transcript.
State Street's unit State Street Global Advisors said Tuesday it's collaborating with Apollo Global Management to expand investor access to private market opportunities. State Street shares were down 0.3%, and Apollo was falling 2.4%.
UBS has built an artificial intelligence tool to help offer potential M&A deals to its clients, Bloomberg reported Tuesday. UBS shares were retreating 1.8%.
For the full text of this story please click the following link: http://www.moodys.com/page/viewresearchdoc.aspx...
NEW YORK, Sep 10 (LPC) - Asset management business State Street Global Advisors has teamed up with Apollo Global Management to form a new exchange-traded fund that will include private-credit investments.
State Street registered the SPDR SSGA Apollo IG Public & Private Credit ETF in a securities filing on Tuesday, saying the fund will invest at least 80% of net assets in a mixture of public credit and private credit sourced by Apollo.
Once it receives regulatory approval, the fund will be able to invest in consumer finance, residential mortgage loans, commercial real estate, hard assets (through securitized loans) and financial assets. It will also be able to invest up to 15% of net assets in private funds, interval funds or business development companies, according to the filing.
Assets in private markets have almost tripled in the past 10 years as institutional investors have sought higher yields and moved to diversify their portfolios. Demand is expected to keep growing in the next decade, and State Street and Apollo set up the ETF to provide a means of entry to a larger group of investors.
"It is our goal to bring these investments to scale and help facilitate the process of making private assets more accessible and liquid over time," Anna Paglia, chief business officer at State Street Global Advisors, said in a press release on Tuesday.
Apollo originated US$145bn in loans in the 12 months that ended in June this year, according to the press release. The asset management firm has US$356bn in its corporate credit portfolio and US$146bn in its asset-backed finance portfolio, according to its website.
State Street Global Advisors is the asset management division of Boston-based financial services company State Street Corp. It had US$1.39bn in ETF assets under management at the end of June this year.
((Michael Bowen: +1 646-794-7474, michael.bowen@lseg.com, Twitter: @LPCLoans))
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