Principal Financial Group Inc (NASDAQ:PFG) reported its assets under management (AUM) as $740.6 billion as of September 30, 2024. This includes $541.0 billion from Principal Global Investors and $185.2 billion from Principal International.
The company emphasized its focus on small and mid-cap U.S. equity and high yield securities within its AUM.
During Q3 2024, Principal Financial’s market performance was 5.4% compared to the beginning AUM. Principal International’s AUM is calculated using end-of-period foreign exchange rates.
For marketing, the AUM measure used is called Principal Asset Management AUM, which was $585.6 billion as of September 30. This excludes certain assets not usable for regulatory reasons and isn’t for investor modeling.
A full financial supplement for Q3 will be available on the investor relations site around October 25, 2024.
In recent news, earnings per share rose 7% to $1.63 in Q2 2024, attributed to a 6% increase in net revenue from business growth and favorable markets. Despite missing some expectations, the company maintains its 2024 earnings growth target of 9% to 12% and appointed Deanna Strable as its new president and COO.
Barclays rated Principal Financial as Underweight with a $74 price target, citing growth concerns, especially in the competitive 401(k) market. RBC Capital raised its target to $87, expecting a stronger second half in 2024 due to solid pension market sales.
InvestingPro Insights
Principal Financial Group shows strong financial health with a market cap of $20.85 billion and a price-to-earnings ratio of 16.96. The company has paid dividends for 23 years and has more liquid assets than short-term liabilities, supporting its $740.6 billion AUM management.
For a detailed analysis, InvestingPro offers additional insights into the company’s financial outlook.
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