Primerica (NYSE:PRI) Price Target Raised to $308.00

Primerica (NYSE:PRI) had its target price raised by Morgan Stanley from $292.00 to $308.00 in a report released on Monday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

PRI has been the topic of a number of other reports. Jefferies Financial Group dropped their price target on shares of Primerica from $293.00 to $283.00 and set a “hold” rating on the stock in a research report on Monday, August 11th. Keefe, Bruyette & Woods raised their price target on shares of Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a research report on Monday, August 11th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $315.29.

Primerica Price Performance

Shares of NYSE PRI opened at $267.3640 on Monday. The stock has a market capitalization of $8.66 billion, a P/E ratio of 13.21 and a beta of 0.99. The company has a 50-day moving average price of $265.29 and a 200-day moving average price of $270.63. Primerica has a 1 year low of $230.98 and a 1 year high of $307.91.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $5.46 earnings per share for the quarter, beating analysts’ consensus estimates of $5.18 by $0.28. Primerica had a net margin of 21.48% and a return on equity of 32.42%. The company had revenue of $796.02 million for the quarter, compared to analyst estimates of $790.99 million. During the same period last year, the firm earned $4.71 earnings per share. The firm’s revenue was up .3% on a year-over-year basis. As a group, equities research analysts anticipate that Primerica will post 20.6 earnings per share for the current fiscal year.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 22nd will be given a $1.04 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $4.16 annualized dividend and a yield of 1.6%. Primerica’s payout ratio is currently 20.55%.

Insider Buying and Selling at Primerica

In other news, CEO Glenn J. Williams sold 2,500 shares of Primerica stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $262.20, for a total value of $655,500.00. Following the completion of the transaction, the chief executive officer owned 36,392 shares in the company, valued at $9,541,982.40. This trade represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.61% of the stock is owned by insiders.

Hedge Funds Weigh In On Primerica

Large investors have recently modified their holdings of the business. Colonial Trust Co SC purchased a new position in shares of Primerica in the fourth quarter worth about $25,000. True Wealth Design LLC purchased a new position in shares of Primerica in the fourth quarter worth about $27,000. Hilltop National Bank purchased a new position in shares of Primerica in the second quarter worth about $31,000. Cullen Frost Bankers Inc. purchased a new position in shares of Primerica in the second quarter worth about $33,000. Finally, First Horizon Advisors Inc. increased its stake in shares of Primerica by 1,714.3% in the second quarter. First Horizon Advisors Inc. now owns 127 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 120 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

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.