Primerica (NYSE:PRI) Given New $345.00 Price Target at TD Cowen

Primerica (NYSE:PRI) had its target price raised by TD Cowen from $314.00 to $345.00 in a research note issued to investors on Tuesday,Benzinga reports. TD Cowen currently has a buy rating on the financial services provider’s stock.

Several other research analysts have also commented on PRI. Truist Financial raised their price objective on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Piper Sandler started coverage on Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target for the company. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Finally, Morgan Stanley raised their price target on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $293.50.

Primerica Price Performance

Primerica stock opened at $304.27 on Tuesday. The company has a market cap of $10.15 billion, a price-to-earnings ratio of 23.24 and a beta of 1.08. Primerica has a 12 month low of $184.76 and a 12 month high of $307.91. The stock’s 50-day moving average is $281.96 and its 200-day moving average is $256.28.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. During the same period in the previous year, the company posted $4.28 earnings per share. Primerica’s revenue was up 11.0% compared to the same quarter last year. Research analysts anticipate that Primerica will post 19.12 EPS for the current year.

Primerica declared that its board has approved a share repurchase program on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Primerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be issued a $0.90 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.18%. Primerica’s dividend payout ratio (DPR) is 27.50%.

Insider Activity

In related news, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the transaction, the director now directly owns 15,151 shares of the company’s stock, valued at $3,846,081.35. This represents a 11.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the transaction, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On Primerica

Hedge funds have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. lifted its holdings in Primerica by 55.0% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 2,648 shares of the financial services provider’s stock valued at $670,000 after acquiring an additional 940 shares during the last quarter. HM Payson & Co. lifted its stake in Primerica by 52.5% during the first quarter. HM Payson & Co. now owns 805 shares of the financial services provider’s stock valued at $204,000 after purchasing an additional 277 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in Primerica by 456.8% during the second quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock worth $2,164,000 after buying an additional 7,506 shares in the last quarter. NBC Securities Inc. grew its position in Primerica by 28.1% in the second quarter. NBC Securities Inc. now owns 6,285 shares of the financial services provider’s stock worth $1,486,000 after buying an additional 1,378 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in Primerica in the second quarter worth approximately $893,000. 90.88% of the stock is currently owned by institutional investors and hedge funds.

About Primerica

Primerica, Inc, together with its subsidiaries, provides financial products and services to middle-income households in the United States and Canada. The company operates in four segments: Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products.