Primerica (NYSE:PRI) Price Target Raised to $313.00

Primerica (NYSE:PRI) had its price objective upped by equities research analysts at Morgan Stanley from $308.00 to $313.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 11.27% from the company’s current price.

Several other research firms have also recently weighed in on PRI. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. BMO Capital Markets began coverage on shares of Primerica in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target on the stock. Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Piper Sandler reduced their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. Finally, Keefe, Bruyette & Woods lowered their price target on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research note on Friday, January 10th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $310.43.

Primerica Price Performance

Primerica stock opened at $281.29 on Friday. Primerica has a fifty-two week low of $184.76 and a fifty-two week high of $307.91. The firm has a fifty day moving average price of $282.17 and a two-hundred day moving average price of $275.91. The firm has a market cap of $9.39 billion, a price-to-earnings ratio of 21.49 and a beta of 1.11.

Primerica (NYSE:PRI) last posted 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, sell-side analysts expect that Primerica will post 19.79 earnings per share for the current year.

Primerica announced that its board has authorized a share repurchase plan on Thursday, November 14th that authorizes the company to buyback $450.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Primerica

A number of hedge funds have recently modified their holdings of PRI. Mercer Global Advisors Inc. ADV raised its stake in Primerica by 30.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 1,164 shares of the financial services provider’s stock worth $316,000 after acquiring an additional 269 shares in the last quarter. Comerica Bank increased its position in shares of Primerica by 4.4% during the 4th quarter. Comerica Bank now owns 30,606 shares of the financial services provider’s stock worth $8,307,000 after purchasing an additional 1,303 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its holdings in Primerica by 129.6% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 6,182 shares of the financial services provider’s stock valued at $1,678,000 after purchasing an additional 3,490 shares during the last quarter. AQR Capital Management LLC boosted its position in Primerica by 254.5% in the fourth quarter. AQR Capital Management LLC now owns 116,271 shares of the financial services provider’s stock valued at $31,558,000 after buying an additional 83,477 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Primerica by 15.6% during the fourth quarter. Northern Trust Corp now owns 347,040 shares of the financial services provider’s stock worth $94,194,000 after buying an additional 46,935 shares during the last quarter. 90.88% of the stock is owned by institutional investors and hedge funds.

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.