Primerica (NYSE:PRI) Raised to “Buy” at StockNews.com

Primerica (NYSE:PRI) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

A number of other equities research analysts have also issued reports on PRI. Truist Financial boosted their price target on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Piper Sandler began coverage on shares of Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 price target on the stock. Morgan Stanley boosted 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. Finally, TD Cowen assumed coverage on shares of Primerica in a research report on Wednesday, October 9th. They set a “buy” rating and a $314.00 price objective on the stock. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $288.33.

Primerica Price Performance

NYSE PRI opened at $297.45 on Friday. The company’s 50 day simple moving average is $276.36 and its 200 day simple moving average is $253.09. Primerica has a 12 month low of $184.76 and a 12 month high of $304.84. The company has a market capitalization of $9.93 billion, a P/E ratio of 22.72 and a beta of 1.08.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) 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 business had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. During the same quarter in the previous year, the business earned $4.28 earnings per share. The firm’s revenue was up 11.0% compared to the same quarter last year. On average, analysts anticipate that Primerica will post 19.12 earnings per share for the current year.

Primerica announced that its board has approved a stock buyback 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 purchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the sale, the director now directly owns 15,151 shares of the company’s stock, valued at $3,846,081.35. The trade was a 11.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the sale, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,500 shares of company stock valued at $1,803,175 over the last ninety days. Corporate insiders own 0.85% of the company’s stock.

Institutional Trading of Primerica

Large investors have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC bought a new stake in Primerica in the third quarter worth approximately $31,000. Prospera Private Wealth LLC acquired a new stake in shares of Primerica in the third quarter worth $31,000. ORG Partners LLC acquired a new stake in shares of Primerica in the second quarter worth $30,000. UMB Bank n.a. lifted its stake in shares of Primerica by 85.9% in the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after buying an additional 67 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in shares of Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after buying an additional 54 shares during the last quarter. 90.88% of the stock is owned by 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.