Brokerages Set Primerica, Inc. (NYSE:PRI) Target Price at $296.33

Primerica, Inc. (NYSE:PRI - Get Free Report) has been assigned an average rating of "Hold" from the seven analysts that are currently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $296.33.

Several analysts have commented on PRI shares. Truist Financial boosted their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Piper Sandler lowered their target price on shares of Primerica from $313.00 to $300.00 and set a "neutral" rating on the stock in a research note on Wednesday, December 18th. TD Cowen raised their price objective on shares of Primerica from $314.00 to $345.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Finally, StockNews.com upgraded Primerica from a "hold" rating to a "buy" rating in a research note on Friday, November 22nd.

Insiders Place Their Bets

In related 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 transaction, the chief executive officer now directly 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. Company insiders own 0.85% of the company's stock.

Hedge Funds Weigh In On Primerica

A number of institutional investors have recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. grew its holdings in Primerica by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,237,164 shares of the financial services provider's stock valued at $292,688,000 after buying an additional 17,095 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Primerica by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider's stock valued at $184,807,000 after buying an additional 25,951 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Primerica by 30,726.7% during the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider's stock worth $161,102,000 after buying an additional 678,752 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Primerica by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider's stock valued at $150,880,000 after purchasing an additional 21,836 shares during the last quarter. Finally, Raymond James & Associates grew its position in Primerica by 4.6% during the 3rd quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider's stock worth $32,176,000 after acquiring an additional 5,323 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Primerica Stock Performance

PRI traded down $1.92 during trading on Friday, reaching $270.59. The company had a trading volume of 83,631 shares, compared to its average volume of 155,801. Primerica has a 12-month low of $184.76 and a 12-month high of $307.91. The company has a market cap of $9.03 billion, a price-to-earnings ratio of 20.67 and a beta of 1.09. The firm's 50-day simple moving average is $286.82 and its 200 day simple moving average is $264.49.

Primerica (NYSE:PRI - Get Free Report) last issued its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping the consensus estimate of $4.81 by $0.87. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business had revenue of $774.13 million during the quarter, compared to analysts' expectations of $745.25 million. During the same quarter last year, the firm posted $4.28 earnings per share. Primerica's revenue was up 11.0% compared to the same quarter last year. On average, sell-side analysts expect that Primerica will post 19.32 EPS for the current year.

Primerica announced that its Board of Directors has approved a stock repurchase plan on Thursday, November 14th that allows the company to buyback $450.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica's payout ratio is presently 27.50%.

Primerica Company Profile

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.