Primerica (NYSE:PRI) Price Target Raised to $345.00

Primerica (NYSE:PRI) had its price target upped by TD Cowen from $314.00 to $345.00 in a research note published on Tuesday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other brokerages also recently commented on PRI. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Piper Sandler assumed coverage on Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target on the stock. Truist Financial upped their price objective on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Morgan Stanley raised their target price on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Primerica currently has a consensus rating of “Hold” and a consensus price target of $293.50.

Primerica Trading Down 0.2 %

Primerica stock opened at $304.27 on Tuesday. The stock has a market cap of $10.15 billion, a P/E ratio of 23.24 and a beta of 1.08. The company has a 50-day moving average price of $281.96 and a 200 day moving average price of $256.28. Primerica has a 12-month low of $184.76 and a 12-month 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 analysts’ consensus estimates 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 net margin of 14.95% and a return on equity of 30.93%. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period last year, the business earned $4.28 earnings per share. As a group, analysts forecast that Primerica will post 19.12 EPS for the current year.

Primerica announced that its Board of Directors has authorized a stock buyback plan 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 buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Primerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.18%. Primerica’s payout ratio is currently 27.50%.

Insider Transactions at Primerica

In related news, Director John A. Jr. Addison sold 2,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the transaction, the director now owns 15,151 shares of the company’s stock, valued at $3,846,081.35. This represents a 11.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of 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 trade represents a 7.63 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On Primerica

Several 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 during the 3rd quarter worth approximately $3,710,000. Harbor Capital Advisors Inc. lifted its position in shares of Primerica by 456.8% in the second 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 stake in shares of Primerica during the second quarter valued at $3,514,000. SG Americas Securities LLC purchased a new stake in Primerica during the 2nd quarter worth about $893,000. Finally, International Assets Investment Management LLC raised its stake in Primerica by 359,742.9% in 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 last quarter. 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.