Primerica (NYSE:PRI) Price Target Raised to $313.00

Primerica (NYSE:PRI) had its price target lifted by Morgan Stanley from $308.00 to $313.00 in a report released on Friday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

Several other brokerages also recently commented on PRI. BMO Capital Markets started coverage on shares of Primerica in a report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 target price for the company. Piper Sandler reduced their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. TD Cowen lifted 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. Keefe, Bruyette & Woods reduced their target price on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Friday, January 10th. Finally, Truist Financial lifted their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Primerica has a consensus rating of “Hold” and a consensus target price of $310.43.

Primerica Price Performance

Shares of PRI opened at $281.29 on Friday. The firm has a 50-day moving average of $282.17 and a 200-day moving average of $276.08. Primerica has a one year low of $184.76 and a one year high of $307.91. The company has a market cap of $9.39 billion, a PE ratio of 21.49 and a beta of 1.11.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a net margin of 14.95% and a return on equity of 30.93%. Analysts expect that Primerica will post 19.79 earnings per share for the current year.

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be issued a $1.04 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $4.16 dividend on an annualized basis and a yield of 1.48%. This is an increase from Primerica’s previous quarterly dividend of $0.90. Primerica’s payout ratio is currently 27.50%.

Primerica announced that its board has initiated a share buyback plan on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Primerica

Institutional investors have recently bought and sold shares of the business. V Square Quantitative Management LLC acquired a new position in shares of Primerica in the 3rd quarter valued at approximately $31,000. Prospera Private Wealth LLC acquired a new position in shares of Primerica in the 3rd quarter valued at approximately $31,000. Golden State Wealth Management LLC acquired a new position in shares of Primerica in the 4th quarter valued at approximately $33,000. EverSource Wealth Advisors LLC raised its position in shares of Primerica by 129.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock valued at $34,000 after buying an additional 71 shares in the last quarter. Finally, Larson Financial Group LLC raised its position in shares of Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after buying an additional 54 shares in 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.