Primerica (NYSE:PRI) Given New $300.00 Price Target at Piper Sandler

Primerica (NYSE:PRI) had its target price cut by equities research analysts at Piper Sandler from $313.00 to $300.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 12.43% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Truist Financial raised their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Finally, TD Cowen increased their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $296.33.

Primerica Price Performance

NYSE PRI opened at $266.84 on Wednesday. The company’s 50 day simple moving average is $287.74 and its two-hundred day simple moving average is $262.59. Primerica has a 1 year low of $184.76 and a 1 year high of $307.91. The stock has a market capitalization of $8.90 billion, a PE ratio of 20.39 and a beta of 1.09.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping the consensus estimate of $4.81 by $0.87. The firm had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.28 earnings per share. On average, research analysts anticipate that Primerica will post 19.32 EPS for the current year.

Primerica announced that its board has initiated a stock repurchase plan on Thursday, November 14th that allows the company to buyback $450.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

A number of large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in shares of Primerica by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after buying an additional 25,951 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Primerica in the third quarter worth $3,710,000. BNP Paribas Financial Markets boosted its holdings in Primerica by 320.6% in the third quarter. BNP Paribas Financial Markets now owns 5,750 shares of the financial services provider’s stock valued at $1,525,000 after acquiring an additional 4,383 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Primerica in the third quarter valued at $646,000. Finally, Quantinno Capital Management LP increased its position in Primerica by 66.9% during the 3rd quarter. Quantinno Capital Management LP now owns 5,150 shares of the financial services provider’s stock valued at $1,366,000 after purchasing an additional 2,065 shares during the period. Institutional investors own 90.88% of the company’s stock.

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.