Primerica, Inc. (NYSE:PRI) Given Average Recommendation of “Hold” by Brokerages

Shares of Primerica, Inc. (NYSE:PRI) have received an average rating of “Hold” from the seven research firms that are currently covering the stock, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $303.00.

Several equities analysts recently issued reports on PRI shares. Piper Sandler decreased their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. 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 note on Tuesday, November 26th. Keefe, Bruyette & Woods cut their price target on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research note on Friday, January 10th. Truist Financial increased their price target on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research report on Tuesday, January 14th.

Insider Buying and Selling

In related news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were 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 owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC grew its holdings in shares of Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after purchasing an additional 25,951 shares during the period. Barclays PLC grew its stake in shares of Primerica by 108.1% in the 3rd quarter. Barclays PLC now owns 20,471 shares of the financial services provider’s stock valued at $5,428,000 after buying an additional 10,635 shares during the period. Oak Thistle LLC increased its holdings in shares of Primerica by 64.9% during the 4th quarter. Oak Thistle LLC now owns 4,936 shares of the financial services provider’s stock worth $1,340,000 after buying an additional 1,943 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Primerica during the third quarter worth $3,710,000. Finally, BNP Paribas Financial Markets raised its holdings in Primerica by 320.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,750 shares of the financial services provider’s stock valued at $1,525,000 after buying an additional 4,383 shares during the period. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Primerica Stock Performance

NYSE PRI opened at $291.93 on Tuesday. The firm has a market capitalization of $9.74 billion, a P/E ratio of 22.30 and a beta of 1.11. The stock has a 50-day simple moving average of $285.75 and a two-hundred day simple moving average of $270.06. Primerica has a fifty-two week low of $184.76 and a fifty-two week high of $307.91.

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 the consensus estimate of $4.81 by $0.87. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The company had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. During the same period last year, the business earned $4.28 earnings per share. Primerica’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, analysts forecast that Primerica will post 19.55 earnings per share for the current year.

Primerica announced that its Board of Directors has initiated a share buyback 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 a sign that the company’s board of directors believes its stock is undervalued.

Primerica Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were issued a dividend of $0.90 per share. The ex-dividend date was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.23%. Primerica’s payout ratio is currently 27.50%.

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.