Primerica (NYSE:PRI) Issues Quarterly Earnings Results

Primerica (NYSE:PRI) released its earnings results on Tuesday. The financial services provider reported $5.03 EPS for the quarter, topping analysts’ consensus estimates of $4.81 by $0.22, Zacks reports. Primerica had a return on equity of 30.93% and a net margin of 14.95%.

Primerica Price Performance

Primerica stock traded down $2.42 during mid-day trading on Tuesday, reaching $290.74. 189,285 shares of the stock traded hands, compared to its average volume of 137,784. Primerica has a 12-month low of $184.76 and a 12-month high of $307.91. The business’s 50-day moving average is $283.22 and its 200-day moving average is $275.15. The stock has a market capitalization of $9.70 billion, a PE ratio of 22.21 and a beta of 1.11.

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

Analyst Ratings Changes

A number of analysts have weighed in on the stock. BMO Capital Markets began coverage on shares of Primerica in a research note on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price objective for the company. Keefe, Bruyette & Woods decreased their price objective on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Friday, January 10th. Truist Financial increased their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Piper Sandler decreased their price target on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. Finally, TD Cowen increased 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. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $304.14.

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.