Primerica (NYSE:PRI) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Primerica (NYSE:PRI) from a hold rating to a buy rating in a report published on Tuesday.

Other equities analysts have also issued research reports about the stock. Piper Sandler cut their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Truist Financial increased their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. TD Cowen increased their target price on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research report on Friday, January 10th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $303.00.

Primerica Stock Performance

PRI opened at $288.96 on Tuesday. The firm has a market cap of $9.64 billion, a P/E ratio of 22.07 and a beta of 1.11. The firm has a 50-day moving average of $286.04 and a 200 day moving average of $268.83. Primerica has a fifty-two week low of $184.76 and a fifty-two week high of $307.91.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating the consensus estimate of $4.81 by $0.87. The company had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.28 earnings per share. Equities research analysts predict that Primerica will post 19.55 earnings per share for the current fiscal year.

Primerica announced that its Board of Directors has initiated a share repurchase program on Thursday, November 14th that permits the company to repurchase $450.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Primerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s payout ratio is 27.50%.

Insider Transactions at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the sale, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

A number of institutional investors and hedge funds have recently bought and sold shares of PRI. V Square Quantitative Management LLC purchased a new stake in Primerica in the third quarter valued at approximately $31,000. Prospera Private Wealth LLC purchased a new stake in Primerica in the third quarter valued at approximately $31,000. UMB Bank n.a. raised its stake in Primerica by 85.9% in the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 67 shares in the last quarter. Larson Financial Group LLC raised its stake in Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 54 shares in the last quarter. Finally, Quarry LP raised its stake in Primerica by 629.2% in the third quarter. Quarry LP now owns 350 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 302 shares in the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

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.