Primerica (NYSE:PRI) Lowered to “Hold” Rating by StockNews.com

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

PRI has been the topic of several other research reports. BMO Capital Markets started coverage on shares of Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target on the stock. Piper Sandler lowered their price target on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. TD Cowen lifted their price target on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Truist Financial upped their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Keefe, Bruyette & Woods dropped their target price 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. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Primerica currently has a consensus rating of “Hold” and a consensus target price of $304.14.

Primerica Stock Up 0.2 %

PRI stock opened at $296.91 on Friday. Primerica has a twelve month low of $184.76 and a twelve month high of $307.91. The firm has a market capitalization of $9.91 billion, a PE ratio of 22.68 and a beta of 1.11. The stock has a 50-day simple moving average of $283.49 and a two-hundred day simple moving average of $274.17.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 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 company had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter in the previous year, the company earned $4.28 earnings per share. Primerica’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities research analysts anticipate that Primerica will post 19.79 EPS for the current fiscal year.

Primerica declared that its Board of Directors has approved a share repurchase plan on Thursday, November 14th that allows the company to buyback $450.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

A number of large investors have recently added to or reduced their stakes in PRI. HighTower Advisors LLC grew its stake in shares of Primerica by 13.6% during the fourth quarter. HighTower Advisors LLC now owns 19,578 shares of the financial services provider’s stock valued at $5,314,000 after buying an additional 2,348 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in Primerica during the 4th quarter valued at about $103,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Primerica by 11.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,063 shares of the financial services provider’s stock worth $2,460,000 after acquiring an additional 945 shares during the last quarter. Taika Capital LP purchased a new position in Primerica in the 4th quarter worth approximately $349,000. Finally, OFI Invest Asset Management bought a new stake in Primerica in the fourth quarter valued at approximately $2,097,000. 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.