Primerica (NYSE:PRI – Free Report) had its price target lifted by Morgan Stanley from $292.00 to $308.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.
PRI has been the topic of a number of other research reports. Jefferies Financial Group cut their target price on 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 boosted their price target on shares of Primerica from $315.00 to $320.00 and gave the stock a “market perform” rating in a research note on Monday, August 11th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Primerica presently has a consensus rating of “Hold” and a consensus price target of $315.29.
Check Out Our Latest Stock Report on PRI
Primerica Stock Up 0.2%
Primerica (NYSE:PRI – Get Free Report) last announced its earnings results on Wednesday, August 6th. The financial services provider reported $5.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.18 by $0.28. The company had revenue of $796.02 million for the quarter, compared to analyst estimates of $790.99 million. Primerica had a return on equity of 32.42% and a net margin of 21.48%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.71 earnings per share. Analysts anticipate that Primerica will post 20.6 EPS for the current fiscal year.
Primerica Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 22nd will be paid a $1.04 dividend. The ex-dividend date is Friday, August 22nd. This represents a $4.16 annualized dividend and a dividend yield of 1.6%. Primerica’s payout ratio is 20.55%.
Insider Activity at Primerica
In other Primerica news, CEO Glenn J. Williams sold 2,500 shares of the company’s stock in a transaction on 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 represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.61% of the company’s stock.
Institutional Investors Weigh In On Primerica
Institutional investors and hedge funds have recently made changes to their positions in the business. Colonial Trust Co SC purchased a new position in Primerica during the fourth quarter worth about $25,000. True Wealth Design LLC purchased a new position in Primerica during the fourth quarter worth about $27,000. Hilltop National Bank purchased a new position in Primerica during the second quarter worth about $31,000. Cullen Frost Bankers Inc. purchased a new position in Primerica during the second quarter worth about $33,000. Finally, First Horizon Advisors Inc. raised its holdings in Primerica by 1,714.3% during 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. 90.88% of the stock is 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.
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