Primerica (NYSE:PRI) Rating Increased to Buy at StockNews.com

Primerica (NYSE:PRI) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Tuesday.

A number of other brokerages have also recently issued reports on PRI. TD Cowen boosted their target price on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Truist Financial raised their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Keefe, Bruyette & Woods lowered their price target on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Friday, January 10th. Finally, Piper Sandler reduced their price objective on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $303.00.

Primerica Stock Up 0.2 %

Shares of NYSE PRI opened at $283.14 on Tuesday. Primerica has a 12-month low of $184.76 and a 12-month high of $307.91. The firm’s 50-day simple moving average is $286.08 and its 200 day simple moving average is $268.69. The company has a market cap of $9.45 billion, a price-to-earnings ratio of 21.63 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. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter last year, the business earned $4.28 earnings per share. The company’s revenue was up 11.0% compared to the same quarter last year. On average, equities analysts expect that Primerica will post 19.32 earnings per share for the current year.

Primerica declared that its Board of Directors has initiated a share repurchase 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 generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the transaction, the chief executive officer now owns 36,322 shares in the company, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRI. CIBC Asset Management Inc lifted its holdings in shares of Primerica by 3.5% during the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 36 shares during the period. Creative Planning lifted its holdings in Primerica by 0.7% during the 3rd quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock worth $1,613,000 after buying an additional 40 shares during the period. Kingsview Wealth Management LLC grew its position in shares of Primerica by 0.7% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock valued at $1,549,000 after buying an additional 43 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after buying an additional 54 shares during the last quarter. Finally, SkyView Investment Advisors LLC raised its position in shares of Primerica by 1.0% during the second quarter. SkyView Investment Advisors LLC now owns 6,271 shares of the financial services provider’s stock worth $1,484,000 after acquiring an additional 62 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

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.