Primerica (NYSE:PRI) Price Target Cut to $330.00 by Analysts at Keefe, Bruyette & Woods

Primerica (NYSE:PRI) had its target price reduced by investment analysts at Keefe, Bruyette & Woods from $335.00 to $330.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 19.98% from the company’s current price.

Several other brokerages have also recently weighed in on PRI. Morgan Stanley lifted their price target on Primerica from $291.00 to $316.00 and gave the company an “equal weight” rating in a research report on Monday, August 24th. Jefferies Financial Group upped their price target on Primerica from $266.00 to $268.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Truist Financial reiterated a “hold” rating and set a $320.00 price target (down from $370.00) on shares of Primerica in a research report on Thursday, August 27th. Weiss Ratings cut Primerica from a “buy (b+)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, TD Cowen increased their target price on Primerica from $322.00 to $360.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $318.80.

Primerica Stock Performance

PRI stock traded down $0.34 during midday trading on Friday, reaching $275.05. The stock had a trading volume of 69,018 shares, compared to its average volume of 201,374. Primerica has a 52-week low of $230.09 and a 52-week high of $327.28. The stock has a market cap of $8.47 billion, a PE ratio of 11.04 and a beta of 0.88. The firm has a fifty day simple moving average of $294.46 and a two-hundred day simple moving average of $285.10.

Primerica (NYSE:PRI) last released its earnings results on Wednesday, August 5th. The financial services provider reported $6.41 EPS for the quarter, topping analysts’ consensus estimates of $6.03 by $0.38. Primerica had a return on equity of 32.45% and a net margin of 23.20%.The firm had revenue of $865.07 million during the quarter, compared to the consensus estimate of $881.00 million. During the same quarter in the previous year, the company posted $5.46 earnings per share. The company’s revenue was up 9.0% compared to the same quarter last year. On average, sell-side analysts predict that Primerica will post 25.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Peter Schneider sold 1,800 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $312.65, for a total transaction of $562,770.00. Following the completion of the sale, the president owned 8,011 shares of the company’s stock, valued at $2,504,639.15. This represents a 18.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amber Cottle sold 279 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $313.63, for a total transaction of $87,502.77. Following the completion of the sale, the director owned 3,549 shares of the company’s stock, valued at $1,113,072.87. This trade represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,579 shares of company stock valued at $1,130,573 in the last 90 days. 0.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Primerica during the second quarter worth approximately $848,161,000. Bamco Inc. NY acquired a new position in shares of Primerica in the 2nd quarter valued at $190,827,000. Bank of New York Mellon Corp acquired a new position in shares of Primerica in the 2nd quarter valued at $79,044,000. Academy Capital Management purchased a new position in shares of Primerica in the 2nd quarter valued at $36,879,000. Finally, Bank of America Corp DE purchased a new position in shares of Primerica in the 2nd quarter valued at $26,769,000. Institutional investors and hedge funds own 90.88% of the company’s stock.

Primerica Company Profile

Primerica, Inc is a financial services company that helps middle-income families in the United States and Canada address their insurance, investment and financial planning needs. The company primarily distributes its products through a network of independent representatives who provide educational and financial guidance to clients.

Primerica’s offerings include term life insurance, investment and savings products, retirement solutions, annuities and other financial services. Through its affiliated businesses and representatives, the company also provides access to products and services designed to help clients manage debt and pursue long-term financial goals.

The company was founded in 1977 as A.L.