Primerica (NYSE:PRI) Given New $301.00 Price Target at Morgan Stanley

Primerica (NYSE:PRI) had its price objective decreased by Morgan Stanley from $306.00 to $301.00 in a research note released on Monday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

A number of other equities research analysts have also weighed in on PRI. Piper Sandler set a $292.00 price objective on Primerica and gave the stock a “neutral” rating in a research report on Tuesday, October 7th. Jefferies Financial Group dropped their price target on Primerica from $293.00 to $283.00 and set a “hold” rating for the company in a research note on Monday, August 11th. Keefe, Bruyette & Woods reduced their price objective on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 11th. Zacks Research raised shares of Primerica from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 21st. Finally, BMO Capital Markets upgraded shares of Primerica from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $292.00 to $318.00 in a research report on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $309.00.

Primerica Stock Up 0.4%

Shares of NYSE PRI opened at $254.98 on Monday. The firm’s fifty day moving average is $266.92 and its 200 day moving average is $267.11. Primerica has a 52 week low of $230.98 and a 52 week high of $307.91. The company has a market cap of $8.14 billion, a price-to-earnings ratio of 11.72 and a beta of 0.96.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $6.33 earnings per share for the quarter, beating the consensus estimate of $5.52 by $0.81. Primerica had a net margin of 22.36% and a return on equity of 31.75%. The business had revenue of $838.88 million during the quarter, compared to analysts’ expectations of $817.81 million. During the same quarter in the prior year, the company posted $4.83 EPS. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. Equities research analysts anticipate that Primerica will post 20.6 earnings per share for the current year.

Primerica Dividend Announcement

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

Insider Transactions at Primerica

In other Primerica news, CEO Glenn J. Williams sold 2,500 shares of the firm’s 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 completion of the transaction, the chief executive officer owned 33,892 shares of the company’s stock, valued at approximately $8,800,057.80. This trade represents a 6.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Peter W. Schneider sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $255.30, for a total value of $510,600.00. Following the completion of the sale, the president directly owned 7,301 shares in the company, valued at approximately $1,863,945.30. This represents a 21.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.61% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Primerica

A number of institutional investors have recently modified their holdings of PRI. Nuveen LLC purchased a new position in shares of Primerica in the 1st quarter worth about $156,019,000. AQR Capital Management LLC increased its stake in Primerica by 171.8% during the 1st quarter. AQR Capital Management LLC now owns 315,986 shares of the financial services provider’s stock valued at $89,907,000 after purchasing an additional 199,715 shares in the last quarter. Nordea Investment Management AB purchased a new position in Primerica in the third quarter worth about $51,004,000. First Trust Advisors LP lifted its stake in shares of Primerica by 35.9% in the second quarter. First Trust Advisors LP now owns 437,925 shares of the financial services provider’s stock worth $119,847,000 after buying an additional 115,754 shares in the last quarter. Finally, Copeland Capital Management LLC bought a new position in shares of Primerica in the second quarter worth approximately $27,425,000. 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.