StockNews.com Downgrades Primerica (NYSE:PRI) to Hold

Primerica (NYSE:PRI) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

PRI has been the subject of several other reports. Truist Financial upped 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. Piper Sandler started coverage on Primerica in a research note on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective on the stock. Jefferies Financial Group raised their target price on Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a research report on Thursday, July 18th. Keefe, Bruyette & Woods raised their price objective on Primerica from $255.00 to $275.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 17th. Finally, Morgan Stanley raised their price objective on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Six equities research 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 currently has a consensus rating of “Hold” and a consensus price target of $288.33.

Primerica Trading Down 1.1 %

NYSE:PRI traded down $3.36 during trading hours on Thursday, hitting $296.82. The company had a trading volume of 121,603 shares, compared to its average volume of 154,726. Primerica has a 1 year low of $184.76 and a 1 year high of $304.84. The company has a 50-day moving average of $272.02 and a 200 day moving average of $250.23. The company has a market cap of $9.90 billion, a P/E ratio of 22.68 and a beta of 1.08.

Primerica (NYSE:PRI) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. The business had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.28 EPS. On average, analysts forecast that Primerica will post 19.12 earnings per share for the current year.

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

Insider Activity at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred on 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 $10,942,728.94. The trade was 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. Also, President Peter W. Schneider sold 1,500 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $261.11, for a total transaction of $391,665.00. Following the sale, the president now owns 10,259 shares of the company’s stock, valued at approximately $2,678,727.49. This represents a 12.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,500 shares of company stock valued at $1,803,175 in the last three months. Corporate insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. ORG Partners LLC purchased a new stake in Primerica in the 2nd quarter worth about $30,000. V Square Quantitative Management LLC purchased a new position in shares of Primerica during the third quarter worth approximately $31,000. Prospera Private Wealth LLC bought a new position in shares of Primerica during the third quarter valued at approximately $31,000. UMB Bank n.a. boosted its stake 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 valued at $38,000 after purchasing an additional 67 shares in the last quarter. Finally, Larson Financial Group LLC boosted its stake in shares of Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after purchasing 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.