Morgan Stanley Cuts Primerica (NYSE:PRI) Price Target to $301.00

Primerica (NYSE:PRI) had its price target reduced by Morgan Stanley from $306.00 to $301.00 in a report published on Monday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other equities research analysts have also recently issued research reports about the company. Weiss Ratings restated a “buy (b)” rating on shares of Primerica in a research note on Wednesday, October 8th. Jefferies Financial Group reduced their target price on shares of Primerica from $293.00 to $283.00 and set a “hold” rating for the company in a research note on Monday, August 11th. Piper Sandler set a $292.00 target price on shares of Primerica and gave the company a “neutral” rating in a report on Tuesday, October 7th. Zacks Research upgraded shares of Primerica from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. Finally, Keefe, Bruyette & Woods cut their price target on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Tuesday, November 11th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $309.00.

Primerica Price Performance

PRI stock opened at $256.57 on Monday. The company has a market cap of $8.19 billion, a price-to-earnings ratio of 11.79 and a beta of 0.96. The company has a fifty day moving average price of $266.40 and a 200 day moving average price of $266.99. Primerica has a 12 month low of $230.98 and a 12 month high of $307.91.

Primerica (NYSE:PRI) last posted 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 net margin of 22.36% and a return on equity of 31.75%. The company had revenue of $838.88 million for the quarter, compared to analyst estimates of $817.81 million. During the same period in the previous year, the business posted $4.83 earnings per share. Primerica’s quarterly revenue was up 8.5% on a year-over-year basis. As a group, analysts anticipate that Primerica will post 20.6 earnings per share for the current year.

Primerica declared that its Board of Directors has initiated a share 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 reacquire up to 5.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Primerica Announces Dividend

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

Insider Activity

In other Primerica news, President Peter W. Schneider sold 2,000 shares of the stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $255.30, for a total value of $510,600.00. Following the completion of the transaction, the president directly owned 7,301 shares of the company’s stock, valued at approximately $1,863,945.30. This trade represents a 21.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Glenn J. Williams sold 2,500 shares of Primerica stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $259.65, for a total transaction of $649,125.00. Following the sale, the chief executive officer owned 33,892 shares of the company’s stock, valued at approximately $8,800,057.80. The trade was a 6.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.61% of the company’s stock.

Institutional Trading of Primerica

Several large investors have recently bought and sold shares of the company. Root Financial Partners LLC purchased a new position in Primerica during the 3rd quarter valued at about $27,000. Smartleaf Asset Management LLC grew its position in shares of Primerica by 186.5% in the third quarter. Smartleaf Asset Management LLC now owns 106 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 69 shares during the last quarter. Hilltop National Bank purchased a new position in shares of Primerica during the 2nd quarter worth approximately $31,000. Cullen Frost Bankers Inc. acquired a new position in shares of Primerica during the 2nd quarter worth approximately $33,000. Finally, Quent Capital LLC purchased a new stake in Primerica in the 3rd quarter valued at approximately $33,000. Institutional investors and hedge funds 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.