Primerica (NYSE:PRI) Coverage Initiated by Analysts at BMO Capital Markets

BMO Capital Markets assumed coverage on shares of Primerica (NYSE:PRI) in a research report sent to investors on Thursday morning, MarketBeat reports. The firm issued a market perform rating and a $311.00 price target on the financial services provider’s stock.

Other research analysts have also recently issued reports about the company. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research note on Wednesday. Truist Financial increased their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Keefe, Bruyette & Woods dropped their target price on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research report on Friday, January 10th. TD Cowen increased their price target on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler dropped their price objective on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $304.14.

Primerica Trading Down 0.5 %

Shares of NYSE:PRI opened at $291.61 on Thursday. The company has a market capitalization of $9.73 billion, a price-to-earnings ratio of 22.28 and a beta of 1.11. Primerica has a 12-month low of $184.76 and a 12-month high of $307.91. The business has a 50-day moving average price of $285.42 and a 200 day moving average price of $270.64.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $745.25 million. During the same period last year, the business earned $4.28 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, equities research analysts predict that Primerica will post 19.75 earnings per share for the current fiscal year.

Primerica announced that its Board of Directors has approved a share buyback plan 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 repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Primerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were issued a $0.90 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.60 annualized dividend and a yield of 1.23%. Primerica’s dividend payout ratio (DPR) is 27.50%.

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s 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 transaction, the chief executive officer now directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

Several institutional investors have recently added to or reduced their stakes in PRI. V Square Quantitative Management LLC purchased a new position in Primerica in the third quarter valued at approximately $31,000. Prospera Private Wealth LLC acquired a new position in shares of Primerica in the 3rd quarter valued at $31,000. UMB Bank n.a. grew its position in shares of Primerica by 85.9% in the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after buying an additional 67 shares during the last quarter. Larson Financial Group LLC raised its stake in Primerica by 56.8% during 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 in the last quarter. Finally, Quarry LP lifted its position in Primerica by 629.2% in the third quarter. Quarry LP now owns 350 shares of the financial services provider’s stock valued at $93,000 after acquiring an additional 302 shares during 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.