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

StockNews.com cut shares of Primerica (NYSE:PRI) from a buy rating to a hold rating in a research report report published on Thursday.

A number of other research firms have also recently commented on PRI. Morgan Stanley increased their target price on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Piper Sandler began coverage on Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price on the stock. Truist Financial upped their price target on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Jefferies Financial Group increased their target price on Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a research report on Thursday, July 18th. Finally, Keefe, Bruyette & Woods increased their target price on Primerica from $255.00 to $275.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $288.33.

Primerica Stock Performance

Shares of PRI stock opened at $298.61 on Thursday. Primerica has a fifty-two week low of $184.76 and a fifty-two week high of $304.84. The stock has a 50 day moving average price of $273.65 and a two-hundred day moving average price of $251.14. The company has a market capitalization of $9.96 billion, a P/E ratio of 22.81 and a beta of 1.08.

Primerica (NYSE:PRI) last posted its 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 firm had revenue of $774.13 million for 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 business’s revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.28 earnings per share. As a group, equities analysts predict that Primerica will post 19.12 earnings per share for the current year.

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

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s payout ratio is 27.50%.

Insider Activity

In other news, President Peter W. Schneider sold 1,500 shares of the business’s 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 transaction, the president now owns 10,259 shares of the company’s stock, valued at $2,678,727.49. The trade was a 12.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the transaction, the director now directly owns 15,151 shares of the company’s stock, valued at $3,846,081.35. The trade was a 11.66 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,500 shares of company stock worth $1,803,175. 0.85% of the stock is currently owned by company insiders.

Institutional Trading of Primerica

Several hedge funds have recently modified their holdings of PRI. BNP Paribas Financial Markets grew its holdings in shares of Primerica by 75.8% during the first quarter. BNP Paribas Financial Markets now owns 4,167 shares of the financial services provider’s stock worth $1,054,000 after purchasing an additional 1,797 shares during the last quarter. Entropy Technologies LP purchased a new stake in shares of Primerica during the 1st quarter worth approximately $319,000. Blair William & Co. IL lifted its stake in Primerica by 24.5% in the 1st quarter. Blair William & Co. IL now owns 12,159 shares of the financial services provider’s stock valued at $3,076,000 after buying an additional 2,393 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in Primerica by 9.7% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 5,059 shares of the financial services provider’s stock valued at $1,275,000 after buying an additional 449 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new stake in Primerica in the 1st quarter valued at approximately $979,000. 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.