Brokerages Set Primerica, Inc. (NYSE:PRI) Target Price at $293.50

Primerica, Inc. (NYSE:PRI) has earned a consensus rating of “Hold” from the seven brokerages that are covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $293.50.

PRI has been the topic of several research reports. TD Cowen lifted their target price on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Morgan Stanley increased their price target on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Truist Financial increased their target price on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Piper Sandler assumed coverage on shares of Primerica in a research note on Friday, August 30th. They set a “neutral” rating and a $283.00 price target for the company.

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John A. Jr. Addison sold 2,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the sale, the director now owns 15,151 shares of the company’s stock, valued at $3,846,081.35. This trade represents a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Primerica

Institutional investors have recently bought and sold shares of the company. ORG Partners LLC purchased a new stake in shares of Primerica during the second quarter worth about $30,000. V Square Quantitative Management LLC purchased a new stake in Primerica during the 3rd quarter worth approximately $31,000. Prospera Private Wealth LLC purchased a new stake in Primerica during the 3rd quarter worth approximately $31,000. UMB Bank n.a. increased its stake in Primerica by 85.9% during the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 67 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after buying an additional 54 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Primerica Price Performance

PRI stock opened at $295.59 on Monday. Primerica has a 1-year low of $184.76 and a 1-year high of $307.91. The business has a 50 day simple moving average of $286.19 and a two-hundred day simple moving average of $259.32. The company has a market capitalization of $9.86 billion, a price-to-earnings ratio of 22.58 and a beta of 1.09.

Primerica (NYSE:PRI) last issued its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. Primerica’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.28 earnings per share. Sell-side analysts anticipate that Primerica will post 19.32 EPS for the current fiscal year.

Primerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Thursday, November 21st. Primerica’s payout ratio is presently 27.50%.

Primerica declared that its Board of Directors has initiated a stock repurchase program on Thursday, November 14th that permits the company to repurchase $450.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.