Primerica (NYSE:PRI) Coverage Initiated at BMO Capital Markets

Research analysts at BMO Capital Markets initiated coverage on shares of Primerica (NYSE:PRI) in a research note issued on Thursday, MarketBeat Ratings reports. The firm set a “market perform” rating and a $311.00 price target on the financial services provider’s stock. BMO Capital Markets’ target price would suggest a potential upside of 7.32% from the stock’s current price.

PRI has been the subject of a number of other research reports. Keefe, Bruyette & Woods decreased their price objective on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research report on Friday, January 10th. TD Cowen lifted their price objective 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. StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a research report on Wednesday. Piper Sandler decreased their price objective on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Finally, Truist Financial lifted their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $304.14.

Primerica Stock Down 0.7 %

Shares of PRI stock opened at $289.80 on Thursday. The firm has a fifty day moving average of $285.15 and a 200-day moving average of $271.18. Primerica has a 12-month low of $184.76 and a 12-month high of $307.91. The company has a market capitalization of $9.67 billion, a price-to-earnings ratio of 22.14 and a beta of 1.11.

Primerica (NYSE:PRI) last released its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. The business had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the firm earned $4.28 earnings per share. On average, equities analysts expect that Primerica will post 19.79 EPS for the current year.

Primerica announced that its Board of Directors has authorized a stock repurchase program on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred 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 approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

Several hedge funds and other institutional investors have recently made changes to their positions in the company. 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 position in shares of 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 buying an additional 678,752 shares in the last quarter. Raymond James & Associates raised its position in shares of Primerica by 4.6% in the 3rd quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock valued at $32,176,000 after buying an additional 5,323 shares in the last quarter. Los Angeles Capital Management LLC raised its position in shares of Primerica by 8.7% in the 3rd quarter. Los Angeles Capital Management LLC now owns 108,399 shares of the financial services provider’s stock valued at $28,742,000 after buying an additional 8,641 shares in the last quarter. Finally, Prospector Partners LLC raised its position in shares of Primerica by 0.3% in the 3rd quarter. Prospector Partners LLC now owns 77,055 shares of the financial services provider’s stock valued at $20,431,000 after buying an additional 210 shares in the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

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.