Primerica (NYSE:PRI) Price Target Raised to $345.00 at TD Cowen

Primerica (NYSE:PRI) had its price objective increased by TD Cowen from $314.00 to $345.00 in a research report sent to investors on Tuesday,Benzinga reports. TD Cowen currently has a buy rating on the financial services provider’s stock.

Several other analysts have also weighed in on PRI. Morgan Stanley lifted their price objective on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Piper Sandler initiated coverage on shares of Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective on the stock. Finally, Truist Financial raised their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $293.50.

Primerica Trading Up 0.5 %

Shares of PRI opened at $304.93 on Tuesday. The firm’s fifty day simple moving average is $280.07 and its two-hundred day simple moving average is $255.60. Primerica has a 12 month low of $184.76 and a 12 month high of $306.48. The stock has a market capitalization of $10.18 billion, a P/E ratio of 23.29 and a beta of 1.08.

Primerica (NYSE:PRI) last announced its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating the consensus estimate of $4.81 by $0.87. The company had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.28 EPS. As a group, research analysts predict that Primerica will post 19.12 EPS for the current fiscal year.

Primerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be issued a $0.90 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.18%. Primerica’s dividend payout ratio is presently 27.50%.

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

Insider Transactions at Primerica

In related news, Director John A. Jr. Addison sold 2,000 shares of the business’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 transaction, the director now directly owns 15,151 shares in the company, valued at approximately $3,846,081.35. The trade was a 11.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Monday, November 11th. The shares were 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 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 position. The disclosure for this sale can be found here. Company insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PRI. CIBC Asset Management Inc boosted its holdings in shares of 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 last quarter. Creative Planning grew its position in shares of Primerica by 0.7% during the 3rd 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 increased its stake in shares of Primerica by 0.7% during 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 during the last quarter. Larson Financial Group LLC raised its holdings 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 worth $39,000 after purchasing an additional 54 shares during the period. Finally, Blue Trust Inc. lifted its stake in Primerica by 45.5% in the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 60 shares during the last quarter. Institutional investors own 90.88% of the company’s stock.

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.