Primerica (NYSE:PRI) Stock Price Expected to Rise, TD Cowen Analyst Says

Primerica (NYSE:PRI) had its target price lifted by TD Cowen from $314.00 to $345.00 in a research report report published on Tuesday morning,Benzinga reports. TD Cowen currently has a buy rating on the financial services provider’s stock.

Several other equities research analysts have also recently weighed in on the company. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Truist Financial upped their price target on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Morgan Stanley increased 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. Finally, Piper Sandler assumed coverage on Primerica in a research report on Friday, August 30th. They set a “neutral” rating and a $283.00 target price for the company. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Primerica presently has a consensus rating of “Hold” and an average target price of $293.50.

Primerica Trading Up 0.5 %

Shares of PRI stock opened at $304.93 on Tuesday. The firm’s 50 day moving average is $280.07 and its 200 day moving average is $255.60. The stock has a market capitalization of $10.18 billion, a P/E ratio of 23.29 and a beta of 1.08. Primerica has a 12 month low of $184.76 and a 12 month high of $306.48.

Primerica (NYSE:PRI) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.81 by $0.87. The firm 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 quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.28 earnings per share. On average, equities analysts predict that Primerica will post 19.12 EPS for the current year.

Primerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s dividend payout ratio (DPR) is currently 27.50%.

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

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John A. Jr. Addison sold 2,000 shares of Primerica stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the completion of the transaction, the director now owns 15,151 shares in the company, valued at approximately $3,846,081.35. The trade was a 11.66 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

Several institutional investors have recently bought and sold shares of the stock. CIBC Asset Management Inc increased its stake in Primerica by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 36 shares during the period. Creative Planning grew its holdings in shares of Primerica by 0.7% in the third quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock worth $1,613,000 after purchasing an additional 40 shares during the last quarter. Kingsview Wealth Management LLC raised its holdings in Primerica by 0.7% during the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock valued at $1,549,000 after buying an additional 43 shares during the last quarter. Larson Financial Group LLC boosted its position in Primerica by 56.8% during the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after buying an additional 54 shares during the period. Finally, Blue Trust Inc. grew its holdings in Primerica by 45.5% in the 2nd quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 60 shares during the last quarter. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

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.