Primerica (NYSE:PRI) Price Target Raised to $320.00

Primerica (NYSE:PRI) had its target price increased by Keefe, Bruyette & Woods from $315.00 to $320.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

Other research analysts have also recently issued research reports about the company. BMO Capital Markets began coverage on Primerica in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target for the company. TD Cowen raised their price objective on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Morgan Stanley raised their price objective on shares of Primerica from $308.00 to $313.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. Piper Sandler lowered their price objective on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. Finally, Truist Financial raised their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $311.14.

Primerica Stock Performance

Shares of PRI opened at $280.48 on Tuesday. The firm has a fifty day moving average of $281.95 and a 200-day moving average of $276.58. The company has a market cap of $9.36 billion, a price-to-earnings ratio of 20.40 and a beta of 1.11. Primerica has a 1 year low of $184.76 and a 1 year high of $307.91.

Primerica (NYSE:PRI) last posted its earnings results on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. Analysts predict that Primerica will post 20.6 EPS for the current year.

Primerica declared that its board has approved a share repurchase program on Thursday, November 14th that permits the company to repurchase $450.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Primerica Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 21st will be paid a $1.04 dividend. This is a positive change from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Friday, February 21st. This represents a $4.16 dividend on an annualized basis and a yield of 1.48%. Primerica’s dividend payout ratio (DPR) is currently 26.18%.

Insider Buying and Selling

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total transaction of $845,220.00. Following the completion of the sale, the chief executive officer now owns 33,322 shares of the company’s stock, valued at $9,388,140.28. This trade represents a 8.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

A number of institutional investors have recently modified their holdings of PRI. CIBC Asset Management Inc raised its holdings in Primerica by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after acquiring an additional 36 shares during the period. Mariner LLC raised its holdings in Primerica by 1.4% in the 4th quarter. Mariner LLC now owns 2,611 shares of the financial services provider’s stock worth $709,000 after acquiring an additional 36 shares during the period. Creative Planning raised its holdings in Primerica by 0.7% in the 3rd quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock worth $1,613,000 after acquiring an additional 40 shares during the period. Kingsview Wealth Management LLC raised its holdings in Primerica by 0.7% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock worth $1,549,000 after acquiring an additional 43 shares during the period. Finally, Dana Investment Advisors Inc. raised its holdings in Primerica by 1.2% in the 4th quarter. Dana Investment Advisors Inc. now owns 3,729 shares of the financial services provider’s stock worth $1,012,000 after acquiring an additional 45 shares during the period. Institutional investors and hedge funds 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.