StockNews.com Upgrades Primerica (NYSE:PRI) to “Buy”

Primerica (NYSE:PRI) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

Other equities research analysts have also issued research reports about the stock. Piper Sandler assumed coverage on shares of Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target for the company. Truist Financial boosted their price objective on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Morgan Stanley lifted their price target on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Finally, TD Cowen started coverage on shares of Primerica in a research report on Wednesday, October 9th. They issued a “buy” rating and a $314.00 target price for the company. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $288.33.

Primerica Price Performance

PRI stock opened at $301.73 on Friday. The stock has a market capitalization of $10.07 billion, a P/E ratio of 23.05 and a beta of 1.08. Primerica has a fifty-two week low of $184.76 and a fifty-two week high of $304.84. The business has a 50-day moving average of $278.19 and a 200-day moving average of $253.95.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.81 by $0.87. The firm had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the business posted $4.28 earnings per share. Equities analysts expect that Primerica will post 19.12 EPS for the current year.

Primerica declared that its board has initiated a stock buyback plan 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 reacquire up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at Primerica

In other news, Director John A. Jr. Addison sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total transaction of $507,700.00. Following the completion of the transaction, the director now owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. This represents a 11.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the sale, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders sold 6,500 shares of company stock worth $1,803,175 in the last quarter. 0.85% of the stock is owned by company insiders.

Institutional Trading of Primerica

A number of institutional investors and hedge funds have recently modified their holdings of the company. CIBC Asset Management Inc increased its holdings in Primerica by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after buying an additional 36 shares during the period. Creative Planning boosted its position in shares of Primerica by 0.7% in the third quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock valued at $1,613,000 after acquiring an additional 40 shares during the period. Kingsview Wealth Management LLC lifted its stake in Primerica by 0.7% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock worth $1,549,000 after purchasing an additional 43 shares in the last quarter. Larson Financial Group LLC grew its position in shares of Primerica by 56.8% during the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 54 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in Primerica by 45.5% in the 2nd quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 60 shares during the last quarter. 90.88% of the stock is currently 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.