Primerica (NYSE:PRI) Cut to Hold at StockNews.com

by · The Markets Daily

StockNews.com downgraded shares of Primerica (NYSE:PRI – Free Report) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.

Other equities analysts also recently issued research reports about the stock. 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. BMO Capital Markets initiated coverage on Primerica in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target for the company. Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods dropped their target price 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. Finally, TD Cowen upped their price target on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $304.14.

Read Our Latest Research Report on Primerica

Primerica Price Performance

NYSE:PRI opened at $290.14 on Thursday. The firm has a market cap of $9.68 billion, a price-to-earnings ratio of 22.16 and a beta of 1.11. Primerica has a 1-year low of $184.76 and a 1-year high of $307.91. The firm’s fifty day moving average price is $284.35 and its 200 day moving average price is $273.12.

Primerica (NYSE:PRI – Get Free Report) last issued its quarterly 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 business had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business’s revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the business posted $4.28 earnings per share. As a group, analysts expect that Primerica will post 19.79 earnings per share for the current fiscal year.

Primerica announced that its board has initiated a share repurchase plan on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically an indication 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. Stockholders of record on Thursday, November 21st were issued a dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.24%. Primerica’s payout ratio is currently 27.50%.

Insider Buying and Selling

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated 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 directly owns 36,322 shares of the company’s stock, valued at $10,942,728.94. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Strategic Financial Concepts LLC purchased a new stake in shares of Primerica in the fourth quarter worth about $8,767,000. Geode Capital Management LLC lifted its position in Primerica by 3.9% during the 3rd 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 boosted its holdings in Primerica by 359,742.9% in the 3rd 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 period. Artemis Investment Management LLP acquired a new stake in Primerica in the fourth quarter valued at approximately $5,236,000. Finally, Edgestream Partners L.P. purchased a new stake in shares of Primerica during the third quarter valued at approximately $5,073,000. Hedge funds and other institutional investors own 90.88% of the company’s stock.

About Primerica

(Get Free Report)

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.

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