TD Cowen Issues Positive Forecast for Primerica (NYSE:PRI) Stock Price

Primerica (NYSE:PRI) had its target price increased by equities research analysts at TD Cowen from $314.00 to $345.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. TD Cowen’s price target would suggest a potential upside of 12.91% from the company’s current price.

PRI has been the topic of several other reports. Piper Sandler initiated coverage on shares of Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 target price on the stock. Truist Financial raised their price target 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. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Morgan Stanley boosted their price objective on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $293.50.

Primerica Trading Up 0.7 %

NYSE:PRI traded up $2.16 during mid-day trading on Tuesday, hitting $305.56. The stock had a trading volume of 26,454 shares, compared to its average volume of 153,577. Primerica has a 52 week low of $184.76 and a 52 week high of $305.90. The stock has a market capitalization of $10.20 billion, a price-to-earnings ratio of 23.34 and a beta of 1.08. The company has a 50 day simple moving average of $279.11 and a 200-day simple moving average of $255.03.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company’s revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the business posted $4.28 EPS. As a group, equities research analysts anticipate that Primerica will post 19.12 earnings per share for the current year.

Primerica declared that its Board of Directors has authorized a stock buyback plan on Thursday, November 14th that allows the company to repurchase $450.00 million in 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 generally a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the 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 sale, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This represents a 7.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the sale, the director now directly owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. The trade was a 11.66 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On Primerica

Institutional investors have recently modified their holdings of the business. Millennium Management LLC increased its stake in shares of Primerica by 30,726.7% in the second 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 during the period. Los Angeles Capital Management LLC increased its holdings in Primerica by 66.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock worth $23,601,000 after purchasing an additional 39,761 shares in the last quarter. Squarepoint Ops LLC boosted its holdings in Primerica by 2,986.9% during the 2nd quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock worth $7,595,000 after acquiring an additional 31,064 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in Primerica in the 2nd quarter valued at about $71,000. Finally, Geode Capital Management LLC boosted its position 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 worth $184,807,000 after purchasing an additional 25,951 shares during the last quarter. Institutional investors own 90.88% of the company’s stock.

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.