Primerica, Inc. (NYSE:PRI) Receives Average Rating of “Hold” from Brokerages

Shares of Primerica, Inc. (NYSE:PRI) have received a consensus rating of “Hold” from the eight research firms that are currently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $304.14.

PRI has been the subject of several recent research reports. TD Cowen boosted their price objective on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler lowered their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. Keefe, Bruyette & Woods cut 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. StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Finally, BMO Capital Markets initiated coverage on Primerica in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 target price on the stock.

Insider Transactions at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were 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 $10,942,728.94. This represents a 7.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Millennium Management LLC lifted its holdings in shares of Primerica by 30,726.7% during the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after purchasing an additional 678,752 shares during the last quarter. Squarepoint Ops LLC raised its stake in Primerica by 2,986.9% during the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after buying an additional 31,064 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after acquiring an additional 25,951 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of Primerica by 359,742.9% in the third quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock worth $6,679,000 after acquiring an additional 25,182 shares during the last quarter. Finally, Artemis Investment Management LLP purchased a new stake in shares of Primerica in the fourth quarter worth $5,236,000. 90.88% of the stock is owned by hedge funds and other institutional investors.

Primerica Stock Performance

PRI stock opened at $290.01 on Tuesday. The firm has a market cap of $9.68 billion, a P/E ratio of 22.15 and a beta of 1.11. The firm’s fifty day moving average is $285.15 and its 200 day moving average is $271.70. 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 data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (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 period last year, the firm earned $4.28 earnings per share. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, analysts forecast that Primerica will post 19.79 EPS for the current year.

Primerica declared that its board has authorized a share repurchase program on Thursday, November 14th that permits the company to buyback $450.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were issued a $0.90 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 annualized dividend and a yield of 1.24%. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

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.