Piper Sandler Lowers Primerica (NYSE:PRI) Price Target to $300.00

Primerica (NYSE:PRI) had its price objective cut by research analysts at Piper Sandler from $313.00 to $300.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target indicates a potential upside of 12.43% from the company’s previous close.

Several other research firms also recently weighed in on PRI. Truist Financial upped their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. TD Cowen upped their target price on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $296.33.

Primerica Stock Down 0.1 %

Shares of NYSE PRI opened at $266.84 on Wednesday. The firm has a market cap of $8.90 billion, a PE ratio of 20.39 and a beta of 1.09. The company’s fifty day simple moving average is $287.74 and its 200 day simple moving average is $262.59. Primerica has a 12-month low of $184.76 and a 12-month high of $307.91.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $745.25 million. During the same quarter in the prior year, the business earned $4.28 earnings per share. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, equities analysts predict that Primerica will post 19.32 earnings per share for the current year.

Primerica announced that its Board of Directors has initiated a share buyback program on Thursday, November 14th that permits the company to repurchase $450.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling 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 stock was 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 directly owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

Institutional investors have recently added to or reduced their stakes in the stock. Millennium Management LLC increased its position in 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. Los Angeles Capital Management LLC grew its stake in shares of Primerica by 66.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock worth $23,601,000 after acquiring an additional 39,761 shares during the period. Squarepoint Ops LLC increased its holdings in Primerica by 2,986.9% in the 2nd quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock worth $7,595,000 after acquiring an additional 31,064 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in Primerica in the 2nd quarter valued at about $71,000. Finally, Geode Capital Management LLC lifted its holdings in Primerica by 3.9% during the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after purchasing an additional 25,951 shares during the last quarter. 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.