Primerica (NYSE:PRI) Price Target Raised to $296.00

Primerica (NYSE:PRI) had its target price boosted by Morgan Stanley from $274.00 to $296.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on PRI. BMO Capital Markets initiated coverage on shares of Primerica in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target on the stock. Keefe, Bruyette & Woods dropped their price target on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 9th. Finally, StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a research note on Friday, February 7th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Primerica has an average rating of “Hold” and a consensus target price of $308.00.

Primerica Price Performance

NYSE:PRI opened at $272.55 on Monday. The firm’s 50-day moving average price is $268.95 and its 200-day moving average price is $280.04. The company has a market capitalization of $9.02 billion, a PE ratio of 19.82 and a beta of 1.02. Primerica has a 1-year low of $219.52 and a 1-year high of $307.91.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, May 7th. The financial services provider reported $5.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.77 by $0.25. The company had revenue of $803.56 million for the quarter, compared to analysts’ expectations of $783.54 million. Primerica had a net margin of 15.14% and a return on equity of 31.11%. Primerica’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.91 EPS. Equities analysts anticipate that Primerica will post 20.6 EPS for the current fiscal year.

Primerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Thursday, May 22nd will be paid a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Thursday, May 22nd. Primerica’s dividend payout ratio is currently 27.98%.

Insider Buying and Selling at Primerica

In other Primerica news, insider Nicholas Adam Jendusa sold 234 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $280.15, for a total transaction of $65,555.10. Following the transaction, the insider now owns 200 shares in the company, valued at approximately $56,030. This represents a 53.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Peter W. Schneider sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $282.90, for a total transaction of $565,800.00. Following the transaction, the president now owns 13,301 shares in the company, valued at $3,762,852.90. This represents a 13.07% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On Primerica

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. lifted its stake in shares of Primerica by 205.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 263 shares of the financial services provider’s stock worth $75,000 after purchasing an additional 177 shares during the period. Focus Partners Wealth lifted its stake in shares of Primerica by 17.5% in the 1st quarter. Focus Partners Wealth now owns 1,398 shares of the financial services provider’s stock worth $398,000 after purchasing an additional 208 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Primerica by 3.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 147,366 shares of the financial services provider’s stock worth $41,930,000 after purchasing an additional 4,687 shares during the period. Empowered Funds LLC bought a new position in shares of Primerica in the 1st quarter worth approximately $1,763,000. Finally, Ascent Group LLC bought a new position in shares of Primerica in the 1st quarter worth approximately $208,000. 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.