Primerica (NYSE:PRI) Price Target Raised to $345.00

Primerica (NYSE:PRI) had its price objective increased by stock analysts at TD Cowen from $314.00 to $345.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. TD Cowen’s target price points to a potential upside of 13.28% from the stock’s current price.

Several other analysts also recently weighed in on the company. Morgan Stanley lifted their target price on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Piper Sandler assumed coverage on shares of Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $293.50.

Primerica Trading Down 0.1 %

PRI stock opened at $304.55 on Tuesday. Primerica has a 12 month low of $184.76 and a 12 month high of $307.91. The stock has a market cap of $10.16 billion, a PE ratio of 23.27 and a beta of 1.08. The company has a 50-day moving average price of $281.05 and a 200 day moving average price of $255.94.

Primerica (NYSE:PRI) last released its earnings results 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 return on equity of 30.93% and a net margin of 14.95%. The firm had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter in the prior year, the firm posted $4.28 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. Sell-side analysts forecast that Primerica will post 19.12 EPS for the current year.

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

Insider Activity

In related news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction 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 $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total transaction of $507,700.00. Following the sale, the director now directly owns 15,151 shares of the company’s stock, valued at $3,846,081.35. The trade was a 11.66 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On Primerica

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Burgundy Asset Management Ltd. raised its holdings in shares of Primerica by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 1,237,164 shares of the financial services provider’s stock worth $292,688,000 after buying an additional 17,095 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after buying an additional 25,951 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Primerica by 30,726.7% in the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after buying an additional 678,752 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Primerica by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock worth $150,880,000 after buying an additional 21,836 shares during the last quarter. Finally, Raymond James & Associates raised its holdings in shares of Primerica by 4.6% in the third quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock worth $32,176,000 after buying an additional 5,323 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.