Primerica (NYSE:PRI) Upgraded at Zacks Research

Zacks Research upgraded shares of Primerica (NYSE:PRI) from a hold rating to a strong-buy rating in a research report sent to investors on Monday morning,Zacks.com reports.

A number of other brokerages also recently weighed in on PRI. Weiss Ratings downgraded shares of Primerica from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, January 21st. Morgan Stanley set a $292.00 price target on shares of Primerica in a report on Monday, December 15th. Keefe, Bruyette & Woods dropped their price objective on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a report on Tuesday, November 11th. Finally, Piper Sandler set a $292.00 price target on Primerica and gave the stock a “neutral” rating in a research note on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Primerica has an average rating of “Moderate Buy” and an average price target of $300.00.

Primerica Trading Up 1.3%

Shares of PRI stock opened at $259.40 on Monday. The business’s 50-day moving average price is $259.34 and its 200-day moving average price is $263.77. Primerica has a 12 month low of $230.98 and a 12 month high of $298.75. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 11.92 and a beta of 0.90.

Primerica (NYSE:PRI) last posted its earnings results on Wednesday, November 5th. The financial services provider reported $6.33 earnings per share for the quarter, topping analysts’ consensus estimates of $5.52 by $0.81. The firm had revenue of $838.88 million for the quarter, compared to analyst estimates of $817.81 million. Primerica had a net margin of 22.36% and a return on equity of 31.75%. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.83 EPS. On average, sell-side analysts predict that Primerica will post 20.6 earnings per share for the current fiscal year.

Primerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Friday, November 21st were issued a dividend of $1.04 per share. The ex-dividend date was Friday, November 21st. This represents a $4.16 annualized dividend and a yield of 1.6%. Primerica’s payout ratio is 19.12%.

Primerica announced that its Board of Directors has initiated a share buyback program on Wednesday, November 19th that permits the company to repurchase $475.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 5.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Primerica

In related news, Director Joel M. Babbit sold 700 shares of Primerica stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $255.00, for a total value of $178,500.00. Following the sale, the director owned 8,400 shares of the company’s stock, valued at approximately $2,142,000. The trade was a 7.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Peter W. Schneider sold 2,000 shares of the business’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $255.30, for a total value of $510,600.00. Following the completion of the sale, the president owned 7,301 shares in the company, valued at approximately $1,863,945.30. The trade was a 21.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 5,200 shares of company stock worth $1,338,225. Insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On Primerica

Large investors have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC raised its holdings in Primerica by 20.6% during the 1st quarter. Integrated Wealth Concepts LLC now owns 2,142 shares of the financial services provider’s stock valued at $609,000 after acquiring an additional 366 shares during the period. Goldman Sachs Group Inc. increased its holdings in Primerica by 27.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 129,666 shares of the financial services provider’s stock worth $36,894,000 after acquiring an additional 28,129 shares during the period. Empowered Funds LLC purchased a new stake in Primerica in the 1st quarter worth approximately $1,763,000. Focus Partners Wealth boosted its holdings in Primerica by 17.5% in the 1st quarter. Focus Partners Wealth now owns 1,398 shares of the financial services provider’s stock valued at $398,000 after purchasing an additional 208 shares during the period. Finally, Geneos Wealth Management Inc. grew its position in shares of Primerica by 205.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 263 shares of the financial services provider’s stock valued at $75,000 after purchasing an additional 177 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

About Primerica

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica’s core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.