Primerica (NYSE:PRI) Now Covered by BMO Capital Markets

Equities researchers at BMO Capital Markets began coverage on shares of Primerica (NYSE:PRI) in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage set a “market perform” rating and a $311.00 price target on the financial services provider’s stock. BMO Capital Markets’ target price indicates a potential upside of 6.18% from the stock’s previous close.

Several other analysts have also issued reports on PRI. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a report on Wednesday. TD Cowen raised their price target on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Truist Financial boosted their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Piper Sandler cut their price objective on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 18th. Finally, Keefe, Bruyette & Woods decreased 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 research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $304.14.

Primerica Price Performance

Shares of PRI opened at $292.90 on Thursday. The business’s 50-day moving average is $285.57 and its 200-day moving average is $270.49. The company has a market capitalization of $9.77 billion, a price-to-earnings ratio of 22.38 and a beta of 1.11. Primerica has a fifty-two week low of $184.76 and a fifty-two week high of $307.91.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 EPS 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 firm had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. During the same period in the previous year, the firm posted $4.28 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. Equities research analysts expect that Primerica will post 19.75 earnings per share for the current fiscal year.

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

Insider Transactions at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the firm’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 sale, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.85% of the stock is currently owned by corporate insiders.

Institutional Trading of Primerica

Hedge funds have recently bought and sold shares of the stock. V Square Quantitative Management LLC bought a new position in shares of Primerica during the 3rd quarter worth about $31,000. Prospera Private Wealth LLC bought a new position in Primerica during the third quarter valued at about $31,000. UMB Bank n.a. raised its holdings in 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 acquiring an additional 67 shares in the last quarter. Larson Financial Group LLC raised its holdings in Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 54 shares in the last quarter. Finally, Quarry LP lifted its position in shares of Primerica by 629.2% in the 3rd quarter. Quarry LP now owns 350 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 302 shares during the period. 90.88% of the stock is 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.