Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Primerica (NYSE:PRI) Stock

Primerica (NYSE:PRI) had its price target raised by Keefe, Bruyette & Woods from $315.00 to $320.00 in a research note published on Tuesday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Several other brokerages also recently weighed in on PRI. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. 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. TD Cowen upped their price objective on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. BMO Capital Markets began coverage on shares of Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price objective for the company. Finally, Morgan Stanley upped their price objective on shares of Primerica from $308.00 to $313.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $311.14.

Primerica Stock Up 0.4 %

Primerica stock opened at $282.30 on Tuesday. Primerica has a twelve month low of $184.76 and a twelve month high of $307.91. The business has a fifty day moving average of $282.05 and a two-hundred day moving average of $276.28. The firm has a market cap of $9.42 billion, a P/E ratio of 21.57 and a beta of 1.11.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 30.93% and a net margin of 14.95%. Equities analysts expect that Primerica will post 19.79 earnings per share for the current year.

Primerica Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be given a dividend of $1.04 per share. The ex-dividend date is Friday, February 21st. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.47%. This is a positive change from Primerica’s previous quarterly dividend of $0.90. Primerica’s dividend payout ratio is currently 27.50%.

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

Hedge Funds Weigh In On Primerica

Hedge funds have recently modified their holdings of the business. Burgundy Asset Management Ltd. boosted its stake in Primerica by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 1,288,473 shares of the financial services provider’s stock worth $349,717,000 after purchasing an additional 21,208 shares during the period. Vise Technologies Inc. acquired a new stake in shares of Primerica during the fourth quarter worth about $368,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Primerica by 9.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 142,679 shares of the financial services provider’s stock worth $38,726,000 after buying an additional 11,737 shares during the period. Voloridge Investment Management LLC grew its holdings in shares of Primerica by 527.1% during the fourth quarter. Voloridge Investment Management LLC now owns 42,816 shares of the financial services provider’s stock worth $11,621,000 after buying an additional 35,988 shares during the last quarter. Finally, iSAM Funds UK Ltd increased its position in Primerica by 76.3% in the 4th quarter. iSAM Funds UK Ltd now owns 4,950 shares of the financial services provider’s stock valued at $1,344,000 after acquiring an additional 2,142 shares during the period. 90.88% of the stock is currently owned by hedge funds and other 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.