Primerica (NYSE:PRI – Get Free Report) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
A number of other equities research analysts also recently issued reports on the company. Piper Sandler lowered their price objective on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 18th. Truist Financial lifted their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. BMO Capital Markets assumed coverage on shares of Primerica in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price objective on the stock. TD Cowen lifted their target price on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a report on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $304.14.
Get Our Latest Research Report on Primerica
Primerica Trading Up 0.6 %
Primerica (NYSE:PRI – Get Free Report) 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. The company 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 period in the previous year, the business earned $4.28 earnings per share. On average, equities analysts predict that Primerica will post 19.79 EPS for the current year.
Primerica declared that its Board of Directors has initiated a stock repurchase plan on Thursday, November 14th that authorizes the company to buyback $450.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Insiders Place Their Bets
In other news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction on Monday, November 11th. The stock was 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.61% of the company’s stock.
Institutional Investors Weigh In On Primerica
Institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new position in Primerica during the 2nd quarter valued at about $1,349,000. AQR Capital Management LLC lifted its position in Primerica by 3.8% during the second quarter. AQR Capital Management LLC now owns 27,968 shares of the financial services provider’s stock valued at $6,617,000 after purchasing an additional 1,035 shares during the period. Creative Planning boosted its holdings in Primerica by 2.8% in the second quarter. Creative Planning now owns 6,043 shares of the financial services provider’s stock worth $1,430,000 after purchasing an additional 167 shares during the last quarter. Truist Financial Corp grew its position in Primerica by 8.5% in the 2nd quarter. Truist Financial Corp now owns 8,004 shares of the financial services provider’s stock worth $1,894,000 after purchasing an additional 630 shares during the period. Finally, Dana Investment Advisors Inc. grew its position in Primerica by 13.1% in the 2nd quarter. Dana Investment Advisors Inc. now owns 3,462 shares of the financial services provider’s stock worth $819,000 after purchasing an additional 400 shares during the period. Institutional investors own 90.88% of the company’s stock.
Primerica Company Profile
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.
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