Morgan Stanley Lowers Primerica (NYSE:PRI) Price Target to $304.00

Primerica (NYSE:PRI) had its target price lowered by equities researchers at Morgan Stanley from $313.00 to $304.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective points to a potential upside of 6.11% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Truist Financial increased their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Piper Sandler lowered their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. BMO Capital Markets assumed coverage on Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 target price on the stock. TD Cowen upped their price target on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods upped their price target on Primerica from $315.00 to $320.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 18th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $309.86.

Primerica Trading Up 0.8 %

PRI stock traded up $2.19 during midday trading on Friday, hitting $286.50. The company had a trading volume of 34,198 shares, compared to its average volume of 138,018. Primerica has a 52 week low of $184.76 and a 52 week high of $307.91. The stock has a market cap of $9.56 billion, a price-to-earnings ratio of 20.83 and a beta of 1.11. The stock’s 50 day moving average price is $282.28 and its 200 day moving average price is $277.70.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. Analysts predict that Primerica will post 20.6 earnings per share for the current year.

Primerica declared that its board has approved a stock repurchase program on Thursday, November 14th that permits the company to buyback $450.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total transaction of $845,220.00. Following the transaction, the chief executive officer now directly owns 33,322 shares of the company’s stock, valued at $9,388,140.28. This represents a 8.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PRI. Colonial Trust Co SC purchased a new stake in Primerica during the 4th quarter valued at about $25,000. True Wealth Design LLC purchased a new stake in Primerica during the 4th quarter valued at about $27,000. Prospera Private Wealth LLC purchased a new stake in Primerica during the 3rd quarter valued at about $31,000. Golden State Wealth Management LLC purchased a new stake in Primerica during the 4th quarter valued at about $33,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Primerica by 129.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock worth $34,000 after buying an additional 71 shares during the last quarter. 90.88% of the stock is owned by institutional investors and hedge funds.

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.