Primerica (NYSE:PRI) Price Target Raised to $313.00

Primerica (NYSE:PRI) had its price objective increased by Morgan Stanley from $308.00 to $313.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on the stock. Keefe, Bruyette & Woods lowered their price objective 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. BMO Capital Markets initiated coverage on shares of Primerica in a research report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price objective for the company. TD Cowen boosted their price objective 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. StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. Finally, Piper Sandler lowered their price objective 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. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Primerica has a consensus rating of “Hold” and a consensus price target of $310.43.

Primerica Stock Performance

Shares of Primerica stock opened at $281.29 on Friday. The firm has a market cap of $9.39 billion, a PE ratio of 21.49 and a beta of 1.11. The firm’s 50-day simple moving average is $282.45 and its 200-day simple moving average is $275.52. Primerica has a 1 year low of $184.76 and a 1 year high of $307.91.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a net margin of 14.95% and a return on equity of 30.93%. On average, equities analysts predict that Primerica will post 19.79 earnings per share for the current year.

Primerica Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be paid a $1.04 dividend. This is a positive change from Primerica’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date is Friday, February 21st. Primerica’s dividend payout ratio is currently 27.50%.

Primerica announced that its Board of Directors has authorized 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 repurchase 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.

Institutional Trading of Primerica

Institutional investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new stake in shares of Primerica in the 3rd quarter worth approximately $31,000. Prospera Private Wealth LLC acquired a new stake in shares of Primerica in the 3rd quarter worth approximately $31,000. Golden State Wealth Management LLC acquired a new stake in shares of Primerica in the 4th quarter worth approximately $33,000. EverSource Wealth Advisors LLC lifted its stake in shares of Primerica by 129.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 71 shares during the period. Finally, Larson Financial Group LLC lifted its stake 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 worth $39,000 after acquiring an additional 54 shares during the period. 90.88% of the stock is owned by institutional investors and hedge funds.

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.