Piper Sandler Has Lowered Expectations for Primerica (NYSE:PRI) Stock Price

Primerica (NYSE:PRI) had its target price reduced by equities researchers at Piper Sandler from $313.00 to $300.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective suggests a potential upside of 9.46% from the company’s previous close.

PRI has been the topic of a number of other research reports. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. TD Cowen boosted their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Truist Financial raised their price target on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $296.33.

Primerica Price Performance

PRI stock traded down $1.57 during mid-day trading on Wednesday, hitting $274.07. 73,052 shares of the stock were exchanged, compared to its average volume of 152,500. The stock has a market capitalization of $9.15 billion, a price-to-earnings ratio of 20.94 and a beta of 1.09. Primerica has a 12 month low of $184.76 and a 12 month high of $307.91. The business has a fifty day moving average price of $288.12 and a 200 day moving average price of $262.53.

Primerica (NYSE:PRI) last posted its quarterly 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. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. During the same period in the prior year, the business posted $4.28 earnings per share. The company’s revenue was up 11.0% on a year-over-year basis. As a group, equities analysts forecast that Primerica will post 19.32 EPS for the current fiscal year.

Primerica announced that its board has approved a share repurchase program on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Primerica

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 acquiring an additional 25,951 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Primerica in the third quarter valued at $3,710,000. BNP Paribas Financial Markets raised its position in shares of Primerica by 320.6% during 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 buying an additional 4,383 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Primerica in the 3rd quarter valued at about $646,000. Finally, Quantinno Capital Management LP grew its position in Primerica by 66.9% in the third quarter. Quantinno Capital Management LP now owns 5,150 shares of the financial services provider’s stock worth $1,366,000 after acquiring an additional 2,065 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

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.