Primerica (NYSE:PRI) Given New $300.00 Price Target at Piper Sandler

Primerica (NYSE:PRI) had its price target cut by stock analysts at Piper Sandler from $313.00 to $300.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective points to a potential upside of 9.46% from the company’s previous close.

A number of other brokerages have also issued reports on PRI. Truist Financial boosted their target price on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. TD Cowen boosted their price objective 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, StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Primerica currently has a consensus rating of “Hold” and a consensus price target of $296.33.

Primerica Stock Down 0.6 %

NYSE:PRI traded down $1.57 during mid-day trading on Wednesday, hitting $274.07. 73,052 shares of the stock traded hands, compared to its average volume of 152,500. Primerica has a 52 week low of $184.76 and a 52 week high of $307.91. The stock has a market capitalization of $9.15 billion, a price-to-earnings ratio of 20.94 and a beta of 1.09. The firm’s 50 day moving average is $288.12 and its two-hundred day moving average is $262.53.

Primerica (NYSE:PRI) last released its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter in the prior year, the firm posted $4.28 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, research analysts predict that Primerica will post 19.32 EPS for the current year.

Primerica announced that its board has approved a share buyback plan on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Primerica

In other Primerica news, 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 transaction, the chief executive officer now 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primerica

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRI. CIBC Asset Management Inc lifted its holdings in shares of Primerica by 3.5% during the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 36 shares during the period. Creative Planning lifted its stake in Primerica by 0.7% during the 3rd quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock valued at $1,613,000 after acquiring an additional 40 shares during the period. Kingsview Wealth Management LLC boosted its holdings in shares of Primerica by 0.7% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock valued at $1,549,000 after acquiring an additional 43 shares during the last quarter. Larson Financial Group LLC increased its stake in shares of Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 54 shares during the period. Finally, Blue Trust Inc. lifted its position in Primerica by 45.5% during the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 60 shares during the period. Hedge funds and other institutional investors own 90.88% of the company’s stock.

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.