Primerica (NYSE:PRI) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Primerica (NYSE:PRI) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning.

A number of other equities analysts have also recently commented on the company. Keefe, Bruyette & Woods raised their target price on Primerica from $255.00 to $275.00 and gave the stock a market perform rating in a report on Wednesday, July 17th. Morgan Stanley lifted their target price on shares of Primerica from $257.00 to $269.00 and gave the company an equal weight rating in a research note on Monday, August 19th. Truist Financial boosted their price objective on Primerica from $275.00 to $300.00 and gave the company a buy rating in a research report on Friday, August 9th. Piper Sandler initiated coverage on Primerica in a research note on Friday, August 30th. They issued a neutral rating and a $283.00 price target for the company. Finally, Jefferies Financial Group upped their target price on shares of Primerica from $239.00 to $249.00 and gave the stock a hold rating in a research report on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $275.20.

Primerica Trading Down 1.3 %

Shares of PRI stock opened at $263.12 on Wednesday. Primerica has a 12-month low of $184.76 and a 12-month high of $267.92. The stock has a market capitalization of $9.05 billion, a P/E ratio of 16.01 and a beta of 1.09. The firm’s 50 day moving average is $255.46 and its 200 day moving average is $240.50.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.71 EPS for the quarter, beating analysts’ consensus estimates of $4.47 by $0.24. Primerica had a return on equity of 27.81% and a net margin of 14.85%. The company had revenue of $803.38 million during the quarter, compared to analysts’ expectations of $748.88 million. During the same quarter in the prior year, the business earned $3.99 earnings per share. Primerica’s revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, equities analysts predict that Primerica will post 17.94 earnings per share for the current year.

Primerica Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Wednesday, August 21st were given a dividend of $0.90 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This is a positive change from Primerica’s previous quarterly dividend of $0.75. This represents a $3.60 dividend on an annualized basis and a yield of 1.37%. Primerica’s payout ratio is 21.91%.

Insider Activity at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $252.55, for a total value of $757,650.00. Following the completion of the transaction, the chief executive officer now owns 45,322 shares of the company’s stock, valued at $11,446,071.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Primerica news, President Peter W. Schneider sold 1,500 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $261.11, for a total value of $391,665.00. Following the completion of the sale, the president now directly owns 10,259 shares in the company, valued at $2,678,727.49. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $252.55, for a total transaction of $757,650.00. Following the completion of the sale, the chief executive officer now owns 45,322 shares of the company’s stock, valued at $11,446,071.10. The disclosure for this sale can be found here. Insiders sold 6,500 shares of company stock worth $1,657,015 over the last three months. 0.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PRI. Millennium Management LLC lifted its position in 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 period. Norges Bank purchased a new stake in Primerica in the 4th quarter worth approximately $31,194,000. Los Angeles Capital Management LLC lifted its stake in shares of Primerica by 66.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock valued at $23,601,000 after purchasing an additional 39,761 shares during the period. Squarepoint Ops LLC increased its holdings in Primerica by 2,986.9% in 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 in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Primerica during the 2nd quarter worth about $71,000. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

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.