Primerica (NYSE:PRI) Shares Up 0.3% Following Analyst Upgrade

Primerica, Inc. (NYSE:PRI)’s stock price was up 0.3% during mid-day trading on Friday after Morgan Stanley raised their price target on the stock from $308.00 to $313.00. Morgan Stanley currently has an equal weight rating on the stock. Primerica traded as high as $285.19 and last traded at $284.94. Approximately 15,408 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 137,865 shares. The stock had previously closed at $284.14.

Several other research firms also recently weighed in on PRI. 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. TD Cowen raised their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler decreased their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. Keefe, Bruyette & Woods reduced their target price on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Friday, January 10th. Finally, BMO Capital Markets initiated coverage on shares of Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 target price for the company. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Primerica presently has a consensus rating of “Hold” and an average target price of $310.43.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC bought a new position in Primerica in the 3rd quarter worth $31,000. Prospera Private Wealth LLC bought a new stake in Primerica in the 3rd quarter valued at $31,000. Golden State Wealth Management LLC acquired a new stake in Primerica during the fourth quarter valued at approximately $33,000. EverSource Wealth Advisors LLC boosted its stake in Primerica by 129.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock valued at $34,000 after buying an additional 71 shares in the last quarter. Finally, Larson Financial Group LLC grew its holdings in shares of Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 54 shares during the last quarter. 90.88% of the stock is owned by institutional investors.

Primerica Price Performance

The business’s 50 day moving average price is $282.17 and its 200-day moving average price is $275.91. The company has a market cap of $9.39 billion, a P/E ratio of 21.49 and a beta of 1.11.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a return on equity of 30.93% and a net margin of 14.95%. As a group, research analysts forecast that Primerica, Inc. will post 19.79 EPS for the current year.

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.48%. The ex-dividend date is Friday, February 21st. This is a boost from Primerica’s previous quarterly dividend of $0.90. Primerica’s payout ratio is 27.50%.

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

About Primerica

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.