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

StockNews.com lowered shares of Primerica (NYSE:PRI) from a buy rating to a hold rating in a research note published on Monday.

A number of other brokerages have also recently commented on PRI. TD Cowen assumed coverage on Primerica in a research report on Wednesday, October 9th. They issued a “buy” rating and a $314.00 price target for the company. Piper Sandler began coverage on shares of Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price for the company. Truist Financial lifted their price target on shares of Primerica from $275.00 to $300.00 and gave the company a “buy” rating in a report on Friday, August 9th. Keefe, Bruyette & Woods increased their price objective on shares of Primerica from $255.00 to $275.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 17th. Finally, Jefferies Financial Group lifted their target price on shares of Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a research note on Thursday, July 18th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $281.67.

Primerica Stock Performance

Shares of NYSE:PRI opened at $290.65 on Monday. Primerica has a 52-week low of $184.76 and a 52-week high of $295.67. The stock has a market capitalization of $9.83 billion, a price-to-earnings ratio of 23.27 and a beta of 1.08. The stock’s 50-day simple moving average is $268.94 and its two-hundred day simple moving average is $247.72.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.47 by $0.24. Primerica had a net margin of 14.85% and a return on equity of 27.81%. The firm had revenue of $803.38 million during the quarter, compared to the consensus estimate of $748.88 million. During the same quarter in the previous year, the firm posted $3.99 EPS. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, equities analysts forecast that Primerica will post 18.13 earnings per share for the current fiscal year.

Primerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s payout ratio is currently 28.82%.

Insider Activity

In related news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $252.55, for a total transaction of $757,650.00. Following the sale, the chief executive officer now owns 45,322 shares of the company’s stock, valued at $11,446,071.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the sale, the director now directly owns 15,151 shares in the company, valued at $3,846,081.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $252.55, for a total transaction of $757,650.00. Following the completion of the sale, the chief executive officer now owns 45,322 shares of the company’s stock, valued at $11,446,071.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,500 shares of company stock worth $1,657,015 over the last 90 days. Corporate insiders own 0.61% of the company’s stock.

Institutional Trading of Primerica

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ORG Partners LLC purchased a new stake in shares of Primerica in the second quarter worth approximately $30,000. V Square Quantitative Management LLC purchased a new stake in Primerica in the third quarter worth $31,000. UMB Bank n.a. lifted its position in shares of Primerica by 85.9% during the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 67 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Primerica by 45.5% during 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 period. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Primerica during the second quarter valued at $71,000. 90.88% of the stock is owned by hedge funds and other 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.