Primerica (NYSE:PRI) Price Target Lowered to $285.00 at Morgan Stanley

Primerica (NYSE:PRI) had its price objective decreased by Morgan Stanley from $292.00 to $285.00 in a research report released on Tuesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

A number of other research firms also recently weighed in on PRI. Zacks Research downgraded shares of Primerica from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 24th. Weiss Ratings raised Primerica from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 6th. Keefe, Bruyette & Woods reduced their target price on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a report on Tuesday, November 11th. Finally, TD Cowen restated a “buy” rating on shares of Primerica in a research note on Wednesday, January 28th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $298.60.

Primerica Trading Up 1.2%

Primerica stock opened at $261.28 on Tuesday. The stock has a fifty day moving average price of $260.64 and a 200 day moving average price of $263.16. Primerica has a 52 week low of $230.09 and a 52 week high of $296.00. The firm has a market capitalization of $8.27 billion, a P/E ratio of 11.39 and a beta of 0.92.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Wednesday, February 11th. The financial services provider reported $6.13 EPS for the quarter, beating the consensus estimate of $5.69 by $0.44. Primerica had a return on equity of 32.30% and a net margin of 22.82%.The company had revenue of $853.51 million during the quarter, compared to analysts’ expectations of $839.65 million. During the same quarter in the previous year, the business earned $5.03 EPS. The firm’s revenue was up 8.3% on a year-over-year basis. As a group, equities analysts predict that Primerica will post 20.6 EPS for the current year.

Primerica Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Monday, February 23rd will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Monday, February 23rd. This is an increase from Primerica’s previous quarterly dividend of $1.04. Primerica’s dividend payout ratio (DPR) is 20.93%.

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

Insiders Place Their Bets

In other Primerica news, CEO Glenn J. Williams sold 2,500 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $256.41, for a total value of $641,025.00. Following the completion of the sale, the chief executive officer owned 27,392 shares of the company’s stock, valued at $7,023,582.72. This trade represents a 8.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.61% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRI. Caitong International Asset Management Co. Ltd lifted its stake in shares of Primerica by 10,300.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 312 shares of the financial services provider’s stock worth $81,000 after buying an additional 309 shares during the last quarter. Kera Capital Partners Inc. acquired a new position in Primerica in the 4th quarter valued at about $394,000. Virtu Financial LLC bought a new position in Primerica in the 4th quarter valued at about $387,000. Invesco Ltd. lifted its position in Primerica by 200.3% during the fourth quarter. Invesco Ltd. now owns 357,696 shares of the financial services provider’s stock worth $92,414,000 after acquiring an additional 238,571 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its holdings in shares of Primerica by 413.6% during the fourth quarter. Corient Private Wealth LLC now owns 48,049 shares of the financial services provider’s stock worth $12,414,000 after acquiring an additional 38,694 shares during the period. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

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.