Primerica (NYSE:PRI) Upgraded at StockNews.com

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

Other research analysts have also issued research reports about the company. Truist Financial lifted their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Morgan Stanley increased their target price on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. Piper Sandler initiated coverage on shares of Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target for the company. Finally, TD Cowen started coverage on shares of Primerica in a research report on Wednesday, October 9th. They set a “buy” rating and a $314.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $288.33.

Primerica Trading Up 1.6 %

PRI stock opened at $301.73 on Friday. The firm has a 50 day simple moving average of $278.19 and a 200-day simple moving average of $254.19. The company has a market capitalization of $10.07 billion, a P/E ratio of 23.05 and a beta of 1.08. Primerica has a twelve month low of $184.76 and a twelve month high of $304.84.

Primerica (NYSE:PRI) last released its 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. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. During the same quarter in the previous year, the firm earned $4.28 EPS. The company’s revenue was up 11.0% on a year-over-year basis. On average, research analysts predict that Primerica will post 19.12 EPS for the current year.

Primerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Thursday, November 21st. Primerica’s payout ratio is 27.50%.

Primerica declared that its Board of Directors has initiated a share buyback program on Thursday, November 14th that allows the company to buyback $450.00 million in shares. This buyback authorization allows the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the completion of the sale, the director now owns 15,151 shares in the company, valued at approximately $3,846,081.35. This trade represents a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.85% of the company’s stock.

Institutional Trading of Primerica

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Primerica in the third quarter worth about $3,710,000. Harbor Capital Advisors Inc. lifted its position in shares of Primerica by 456.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock valued at $2,164,000 after acquiring an additional 7,506 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Primerica in the 2nd quarter worth approximately $3,514,000. SG Americas Securities LLC purchased a new position in Primerica during the 2nd quarter worth approximately $893,000. Finally, International Assets Investment Management LLC raised its stake in Primerica by 359,742.9% during the 3rd quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock valued at $6,679,000 after purchasing an additional 25,182 shares during the period. 90.88% of the stock is 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.