Primerica (NYSE:PRI) Raised to "Buy" at StockNews.com

Primerica (NYSE:PRI - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "hold" rating to a "buy" rating in a report released on Tuesday.

A number of other research firms also recently issued reports on PRI. Keefe, Bruyette & Woods dropped their price target on Primerica from $320.00 to $315.00 and set a "market perform" rating on the stock in a research note on Friday. Truist Financial raised their price objective on Primerica from $300.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, November 8th. TD Cowen upped their target price on shares of Primerica from $314.00 to $345.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. Finally, Piper Sandler lowered their target price on shares of Primerica from $313.00 to $300.00 and set a "neutral" rating for the company in a report on Wednesday, December 18th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $303.00.

Primerica Stock Up 3.0 %

Shares of NYSE:PRI traded up $8.13 during midday trading on Tuesday, reaching $282.06. The company's stock had a trading volume of 174,774 shares, compared to its average volume of 151,059. The firm has a market capitalization of $9.41 billion, a P/E ratio of 21.55 and a beta of 1.11. Primerica has a 12-month low of $184.76 and a 12-month high of $307.91. The firm has a 50 day moving average of $286.23 and a 200-day moving average of $268.58.

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

Primerica declared that its board has initiated a share buyback program on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the business'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 in the company, valued at $10,942,728.94. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.85% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC raised its stake in Primerica by 30,726.7% in the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider's stock valued at $161,102,000 after purchasing an additional 678,752 shares during the last quarter. Squarepoint Ops LLC grew its position in shares of Primerica by 2,986.9% during the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider's stock worth $7,595,000 after buying an additional 31,064 shares in the last quarter. Geode Capital Management LLC raised its stake in Primerica by 3.9% in the third 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. International Assets Investment Management LLC lifted its position in shares of Primerica by 359,742.9% during the 3rd quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider's stock worth $6,679,000 after buying an additional 25,182 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of 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 period. Hedge funds and other institutional investors own 90.88% of the company's stock.

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.