Primerica (NYSE:PRI) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Primerica (NYSE:PRI) from a hold rating to a strong-buy rating in a research report sent to investors on Monday,Zacks.com reports.

PRI has been the topic of several other research reports. Weiss Ratings lowered shares of Primerica from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, January 21st. Piper Sandler set a $292.00 price target on Primerica and gave the company a “neutral” rating in a research note on Tuesday, October 7th. Morgan Stanley set a $292.00 price objective on Primerica in a research note on Monday, December 15th. Finally, Keefe, Bruyette & Woods reduced their target price on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a report on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Primerica has an average rating of “Moderate Buy” and an average target price of $300.00.

Primerica Stock Performance

Shares of NYSE PRI traded up $2.57 during trading on Monday, reaching $258.73. The company had a trading volume of 34,325 shares, compared to its average volume of 185,355. The business’s 50 day moving average price is $259.28 and its 200-day moving average price is $263.80. Primerica has a 52 week low of $230.98 and a 52 week high of $298.75. The stock has a market cap of $8.26 billion, a PE ratio of 11.88 and a beta of 0.90.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, November 5th. The financial services provider reported $6.33 EPS for the quarter, beating analysts’ consensus estimates of $5.52 by $0.81. Primerica had a return on equity of 31.75% and a net margin of 22.36%.The firm had revenue of $838.88 million for the quarter, compared to analyst estimates of $817.81 million. During the same period last year, the company earned $4.83 EPS. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. Equities analysts anticipate that Primerica will post 20.6 earnings per share for the current year.

Primerica declared that its board has authorized a stock buyback plan on Wednesday, November 19th that authorizes the company to repurchase $475.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 5.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Primerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 21st were paid a $1.04 dividend. The ex-dividend date of this dividend was Friday, November 21st. This represents a $4.16 dividend on an annualized basis and a yield of 1.6%. Primerica’s payout ratio is presently 19.12%.

Insider Activity at Primerica

In related news, Director Joel M. Babbit sold 700 shares of the company’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $255.00, for a total value of $178,500.00. Following the completion of the transaction, the director directly owned 8,400 shares of the company’s stock, valued at approximately $2,142,000. This represents a 7.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Glenn J. Williams sold 2,500 shares of Primerica stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $259.65, for a total value of $649,125.00. Following the completion of the sale, the chief executive officer directly owned 33,892 shares in the company, valued at $8,800,057.80. This represents a 6.87% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 5,200 shares of company stock valued at $1,338,225. 0.61% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Olympiad Research LP increased its position in shares of Primerica by 3.9% during the second quarter. Olympiad Research LP now owns 1,061 shares of the financial services provider’s stock valued at $290,000 after acquiring an additional 40 shares during the last quarter. Seeds Investor LLC raised its stake in shares of Primerica by 3.2% during the 4th quarter. Seeds Investor LLC now owns 1,374 shares of the financial services provider’s stock worth $355,000 after purchasing an additional 42 shares during the period. Orion Porfolio Solutions LLC boosted its holdings in shares of Primerica by 1.2% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 3,866 shares of the financial services provider’s stock worth $1,058,000 after buying an additional 45 shares during the last quarter. TD Waterhouse Canada Inc. grew its position in Primerica by 6.6% during the fourth quarter. TD Waterhouse Canada Inc. now owns 757 shares of the financial services provider’s stock valued at $195,000 after buying an additional 47 shares during the period. Finally, Ascent Group LLC lifted its stake in Primerica by 6.5% in the 3rd quarter. Ascent Group LLC now owns 836 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 51 shares in the last quarter. Institutional investors own 90.88% of the company’s stock.

About Primerica

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica’s core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.