Primerica (NYSE:PRI) Downgraded by StockNews.com to Hold

StockNews.com lowered shares of Primerica (NYSE:PRI) from a buy rating to a hold rating in a report released on Thursday.

A number of other brokerages have also issued reports on PRI. Morgan Stanley raised their price target on shares of Primerica from $257.00 to $269.00 and gave the stock an equal weight rating in a report on Monday, August 19th. Keefe, Bruyette & Woods upped their price target on Primerica from $255.00 to $275.00 and gave the company a market perform rating in a research report on Wednesday, July 17th. Piper Sandler started coverage on Primerica in a report on Friday, August 30th. They set a neutral rating and a $283.00 target price for the company. Truist Financial lifted their price target on shares of Primerica from $275.00 to $300.00 and gave the company a buy rating in a report on Friday, August 9th. Finally, Jefferies Financial Group upped their price objective on shares of Primerica from $239.00 to $249.00 and gave the stock a hold rating in a report on Thursday, July 18th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $275.20.

Primerica Stock Performance

Primerica stock opened at $254.62 on Thursday. The stock has a market cap of $8.61 billion, a P/E ratio of 15.50 and a beta of 1.09. Primerica has a fifty-two week low of $184.76 and a fifty-two week high of $265.27. The firm’s fifty day moving average price is $252.18 and its 200-day moving average price is $239.61.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share for the quarter, beating analysts’ consensus estimates of $4.47 by $0.24. The business had revenue of $803.38 million for the quarter, compared to the consensus estimate of $748.88 million. Primerica had a return on equity of 27.81% and a net margin of 14.85%. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter last year, the business posted $3.99 earnings per share. Sell-side analysts predict that Primerica will post 17.94 earnings per share for the current year.

Primerica Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Wednesday, August 21st were given a dividend of $0.90 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.41%. This is a boost from Primerica’s previous quarterly dividend of $0.75. Primerica’s dividend payout ratio (DPR) is presently 21.91%.

Insider Transactions at Primerica

In related news, President Peter W. Schneider sold 1,500 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $261.11, for a total transaction of $391,665.00. Following the completion of the transaction, the president now directly owns 10,259 shares of the company’s stock, valued at $2,678,727.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $252.55, for a total value of $757,650.00. Following the completion of the transaction, the chief executive officer now directly owns 45,322 shares of the company’s stock, valued at $11,446,071.10. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Peter W. Schneider sold 1,500 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $261.11, for a total transaction of $391,665.00. Following the completion of the sale, the president now owns 10,259 shares in the company, valued at approximately $2,678,727.49. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,500 shares of company stock valued at $1,657,015. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primerica

A number of institutional investors and hedge funds have recently made changes to their positions in PRI. Millennium Management LLC boosted its stake 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 purchasing an additional 678,752 shares during the period. Norges Bank purchased a new position in shares of Primerica during the fourth quarter valued at approximately $31,194,000. Los Angeles Capital Management LLC grew its stake in shares of Primerica by 66.3% during the second quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock valued at $23,601,000 after buying an additional 39,761 shares during the last quarter. Squarepoint Ops LLC raised its holdings in shares of Primerica by 2,986.9% in 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 during the period. Finally, Strategic Financial Concepts LLC purchased a new position in Primerica during the 2nd quarter valued at $71,000. 90.88% of the stock is owned by hedge funds and other institutional investors.

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.