Primerica (NYSE:PRI) Lowered to Hold Rating by StockNews.com

StockNews.com downgraded shares of Primerica (NYSE:PRI) from a buy rating to a hold rating in a research report released on Monday morning.

A number of other equities research analysts also recently issued reports on PRI. Truist Financial increased their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Piper Sandler reduced their price objective on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Finally, TD Cowen upped their target price on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $296.33.

Primerica Trading Down 0.4 %

Shares of PRI opened at $275.37 on Monday. The business’s 50-day moving average price is $286.27 and its 200 day moving average price is $266.62. The stock has a market capitalization of $9.19 billion, a P/E ratio of 21.04 and a beta of 1.11. Primerica has a 1-year low of $184.76 and a 1-year high of $307.91.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (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 business had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. During the same quarter in the previous year, the business earned $4.28 earnings per share. The firm’s revenue was up 11.0% compared to the same quarter last year. On average, research analysts predict that Primerica will post 19.32 earnings per share for the current year.

Primerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders 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 annualized dividend and a dividend yield of 1.31%. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

Primerica announced that its board has authorized a stock buyback 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 3,000 shares of the firm’s 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 of the company’s stock, 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 document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Everence Capital Management Inc. bought a new stake in shares of Primerica in the fourth quarter valued at about $228,000. GAMMA Investing LLC grew its holdings in shares of Primerica by 14.9% during the 4th quarter. GAMMA Investing LLC now owns 1,128 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 146 shares in the last quarter. Forthright Family Wealth Advisory LLC bought a new stake in shares of Primerica during the third quarter valued at approximately $202,000. Wilmington Savings Fund Society FSB bought a new position in Primerica in the third quarter worth $336,000. Finally, Sanctuary Advisors LLC boosted its stake in Primerica by 21.3% during the third quarter. Sanctuary Advisors LLC now owns 5,632 shares of the financial services provider’s stock worth $1,493,000 after buying an additional 990 shares in the last quarter. Institutional investors and hedge funds 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.