Primerica (NYSE:PRI) Now Covered by Analysts at BMO Capital Markets

Stock analysts at BMO Capital Markets initiated coverage on shares of Primerica (NYSE:PRI) in a report issued on Thursday,Benzinga reports. The firm set a “market perform” rating and a $311.00 price target on the financial services provider’s stock. BMO Capital Markets’ price objective suggests a potential upside of 6.18% from the company’s previous close.

PRI has been the subject of a number of other reports. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a research note on Wednesday. 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 research report on Wednesday, December 18th. Truist Financial lifted their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods decreased their target price on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research report on Friday, January 10th. Finally, TD Cowen lifted their price target on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Primerica currently has an average rating of “Hold” and an average price target of $304.14.

Primerica Stock Performance

Primerica stock opened at $292.90 on Thursday. Primerica has a 1 year low of $184.76 and a 1 year high of $307.91. The firm’s 50-day moving average is $285.57 and its 200-day moving average is $270.49. The company has a market cap of $9.77 billion, a P/E ratio of 22.38 and a beta of 1.11.

Primerica (NYSE:PRI) last issued its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. Primerica’s revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the company posted $4.28 earnings per share. As a group, sell-side analysts predict that Primerica will post 19.75 earnings per share for the current year.

Primerica announced that its Board of Directors has authorized a share buyback plan on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

Several hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC increased its stake in Primerica by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after purchasing an additional 25,951 shares in the last quarter. Barclays PLC increased its position in shares of Primerica by 108.1% in the third quarter. Barclays PLC now owns 20,471 shares of the financial services provider’s stock worth $5,428,000 after acquiring an additional 10,635 shares in the last quarter. Oak Thistle LLC raised its holdings in shares of Primerica by 64.9% during the fourth quarter. Oak Thistle LLC now owns 4,936 shares of the financial services provider’s stock valued at $1,340,000 after acquiring an additional 1,943 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Primerica in the 3rd quarter valued at approximately $3,710,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Primerica by 320.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,750 shares of the financial services provider’s stock valued at $1,525,000 after acquiring an additional 4,383 shares in the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

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.