Primerica (NYSE:PRI) Price Target Lowered to $315.00 at Keefe, Bruyette & Woods

Primerica (NYSE:PRI) had its price objective trimmed by Keefe, Bruyette & Woods from $320.00 to $315.00 in a report published on Friday,Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

A number of other research analysts have also recently commented on the company. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research report on Monday, January 6th. Truist Financial raised their target price on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Piper Sandler cut 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. Finally, TD Cowen lifted their price objective on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $303.00.

Primerica Stock Down 2.6 %

Shares of Primerica stock opened at $271.27 on Friday. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of 20.72 and a beta of 1.11. Primerica has a twelve month low of $184.76 and a twelve month high of $307.91. The company has a 50-day simple moving average of $286.14 and a two-hundred day simple moving average of $267.55.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 30.93% and a net margin of 14.95%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company posted $4.28 earnings per share. On average, sell-side analysts anticipate that Primerica will post 19.32 earnings per share for the current fiscal year.

Primerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s dividend payout ratio is 27.50%.

Primerica announced that its Board of Directors has authorized a share repurchase plan on Thursday, November 14th that authorizes the company to repurchase $450.00 million in outstanding 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 usually a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the sale, the chief executive officer now owns 36,322 shares in the company, valued at $10,942,728.94. The trade was a 7.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.61% of the company’s stock.

Institutional Trading of Primerica

A number of hedge funds have recently made changes to their positions in PRI. CIBC Asset Management Inc raised its holdings in Primerica by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock valued at $279,000 after buying an additional 36 shares during the last quarter. Creative Planning raised its stake in shares of Primerica by 0.7% during the third 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 last quarter. Kingsview Wealth Management LLC lifted its holdings in shares of Primerica by 0.7% during the third quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock worth $1,549,000 after purchasing an additional 43 shares during the period. Larson Financial Group LLC grew 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 purchasing an additional 54 shares during the last quarter. Finally, SkyView Investment Advisors LLC increased its holdings in Primerica by 1.0% in the second quarter. SkyView Investment Advisors LLC now owns 6,271 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 62 shares during the period. 90.88% of the stock is owned by institutional investors and hedge funds.

Primerica Company Profile

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.