Primerica (NYSE:PRI) Price Target Lowered to $315.00 at Keefe, Bruyette & Woods

Primerica (NYSE:PRI) had its price objective reduced by Keefe, Bruyette & Woods from $320.00 to $315.00 in a research report sent to investors on Friday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the stock. Truist Financial boosted their target price 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. Piper Sandler dropped their price objective on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a research note on Monday, January 6th. Finally, TD Cowen upped 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. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Primerica currently has an average rating of “Hold” and a consensus target price of $303.00.

Primerica Trading Down 2.6 %

Shares of PRI opened at $271.27 on Friday. The firm’s fifty day simple moving average is $286.14 and its two-hundred day simple moving average is $267.55. Primerica has a 12 month low of $184.76 and a 12 month high of $307.91. The stock has a market capitalization of $9.05 billion, a P/E ratio of 20.72 and a beta of 1.11.

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

Primerica announced that its Board of Directors has approved a stock repurchase program on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase 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 stock is undervalued.

Primerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were paid a dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.33%. Primerica’s dividend payout ratio (DPR) is currently 27.50%.

Insider Activity

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 in the company, valued at $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 is available through this hyperlink. Corporate insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Commonwealth Equity Services LLC lifted its position in shares of Primerica by 26.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 3,540 shares of the financial services provider’s stock worth $838,000 after buying an additional 743 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Primerica during the second quarter valued at approximately $412,000. American Century Companies Inc. lifted its holdings in Primerica by 13.2% during the second quarter. American Century Companies Inc. now owns 66,152 shares of the financial services provider’s stock worth $15,650,000 after acquiring an additional 7,708 shares during the period. Qsemble Capital Management LP purchased a new position in Primerica in the second quarter worth $255,000. Finally, Oppenheimer Asset Management Inc. grew its stake in Primerica by 18.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 3,181 shares of the financial services provider’s stock valued at $753,000 after purchasing an additional 497 shares during the period. 90.88% of the stock is owned by institutional investors.

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.