Primerica (NYSE:PRI) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Primerica (NYSE:PRI) from a hold rating to a buy rating in a report released on Friday.

A number of other equities research analysts have also commented on the company. Morgan Stanley upped their price target on Primerica from $257.00 to $269.00 and gave the company an equal weight rating in a research report on Monday, August 19th. Truist Financial increased their target price on shares of Primerica from $275.00 to $300.00 and gave the company a buy rating in a research report on Friday, August 9th. Jefferies Financial Group raised their price target on shares of Primerica from $239.00 to $249.00 and gave the stock a hold rating in a report on Thursday, July 18th. Piper Sandler initiated coverage on shares of Primerica in a research note on Friday, August 30th. They issued a neutral rating and a $283.00 price objective on the stock. Finally, Keefe, Bruyette & Woods upped their price target on shares of Primerica from $255.00 to $275.00 and gave the company a market perform rating in a research report on Wednesday, July 17th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Primerica presently has an average rating of Hold and an average price target of $275.20.

Primerica Price Performance

Shares of PRI opened at $267.35 on Friday. The firm has a 50 day simple moving average of $257.90 and a two-hundred day simple moving average of $241.33. Primerica has a one year low of $184.76 and a one year high of $274.52. The company has a market cap of $9.04 billion, a P/E ratio of 16.27 and a beta of 1.09.

Primerica (NYSE:PRI) last issued its earnings results on Wednesday, August 7th. The financial services provider reported $4.71 EPS for the quarter, topping the consensus estimate of $4.47 by $0.24. The firm had revenue of $803.38 million during the quarter, compared to the consensus estimate of $748.88 million. Primerica had a return on equity of 27.81% and a net margin of 14.85%. The business’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.99 earnings per share. On average, analysts expect that Primerica will post 18.03 earnings per share for the current fiscal year.

Primerica Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Wednesday, August 21st were paid a dividend of $0.90 per share. This is an increase from Primerica’s previous quarterly dividend of $0.75. The ex-dividend date was Wednesday, August 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.35%. Primerica’s dividend payout ratio is presently 21.91%.

Insider Buying and Selling at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $252.55, for a total value of $757,650.00. Following the completion of the transaction, the chief executive officer now directly owns 45,322 shares in the company, valued at approximately $11,446,071.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $252.55, for a total value of $757,650.00. Following the transaction, the chief executive officer now owns 45,322 shares of the company’s stock, valued at approximately $11,446,071.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 owns 15,151 shares in the company, valued at $3,846,081.35. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock valued at $1,657,015 over the last three months. 0.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Steward Partners Investment Advisory LLC increased its stake in Primerica by 10.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,603 shares of the financial services provider’s stock worth $330,000 after purchasing an additional 149 shares during the period. CIBC Private Wealth Group LLC purchased a new position in shares of Primerica in the fourth quarter worth $676,000. Crossmark Global Holdings Inc. raised its holdings in Primerica by 37.3% during the 4th quarter. Crossmark Global Holdings Inc. now owns 4,082 shares of the financial services provider’s stock valued at $840,000 after buying an additional 1,110 shares during the last quarter. Schroder Investment Management Group raised its holdings in Primerica by 13.6% during the 4th quarter. Schroder Investment Management Group now owns 124,155 shares of the financial services provider’s stock valued at $25,546,000 after buying an additional 14,904 shares during the last quarter. Finally, O Dell Group LLC purchased a new stake in Primerica during the 4th quarter valued at $153,000. 90.88% of the stock is currently owned by institutional investors.

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.