Keefe, Bruyette & Woods Cuts Primerica (NYSE:PRI) Price Target to $315.00

Primerica (NYSE:PRI) had its price objective cut by Keefe, Bruyette & Woods from $320.00 to $315.00 in a report issued on Friday,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Several other brokerages have also recently commented on PRI. TD Cowen boosted their price target on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research note on Monday, January 6th. Piper Sandler reduced their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. Finally, Truist Financial boosted their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Primerica has an average rating of “Hold” and a consensus target price of $303.00.

Primerica Stock Performance

Shares of NYSE PRI opened at $271.27 on Friday. The stock has a market cap of $9.05 billion, a price-to-earnings ratio of 20.72 and a beta of 1.11. The business has a 50 day simple moving average of $286.14 and a 200 day simple moving average of $268.00. Primerica has a 52 week low of $184.76 and a 52 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 EPS for the quarter, beating the consensus estimate of $4.81 by $0.87. The business had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.28 EPS. On average, analysts predict that Primerica will post 19.32 EPS for the current year.

Primerica Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.33%. The ex-dividend date was Thursday, November 21st. Primerica’s payout ratio is 27.50%.

Primerica declared that its board has authorized a stock repurchase plan on Thursday, November 14th that authorizes the company to repurchase $450.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the 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 directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PRI. Commonwealth Equity Services LLC grew its stake in Primerica by 26.6% in the second quarter. Commonwealth Equity Services LLC now owns 3,540 shares of the financial services provider’s stock valued at $838,000 after purchasing an additional 743 shares in the last quarter. Quest Partners LLC bought a new position in Primerica in the second quarter valued at approximately $412,000. American Century Companies Inc. grew its stake in Primerica by 13.2% in the second quarter. American Century Companies Inc. now owns 66,152 shares of the financial services provider’s stock valued at $15,650,000 after purchasing an additional 7,708 shares in the last quarter. Qsemble Capital Management LP bought a new position in Primerica in the second quarter valued at approximately $255,000. Finally, Oppenheimer Asset Management Inc. grew its stake in Primerica by 18.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 3,181 shares of the financial services provider’s stock valued at $753,000 after purchasing an additional 497 shares in the last quarter. 90.88% of the stock is currently 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.