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 sent to investors on Monday,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Separately, Morgan Stanley increased their price target on Primerica from $274.00 to $296.00 and gave the company an “equal weight” rating in a research note on Monday, May 19th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $313.57.

Primerica Stock Down 0.2%

Shares of NYSE PRI opened at $263.73 on Monday. The stock has a market cap of $8.54 billion, a P/E ratio of 13.03 and a beta of 0.99. The firm’s 50-day simple moving average is $265.22 and its 200 day simple moving average is $271.54. Primerica has a fifty-two week low of $230.98 and a fifty-two week high of $307.91.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $5.46 EPS for the quarter, topping analysts’ consensus estimates of $5.18 by $0.28. The company had revenue of $796.02 million for the quarter, compared to the consensus estimate of $790.99 million. Primerica had a net margin of 21.48% and a return on equity of 32.42%. Primerica’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm earned $4.71 EPS. On average, sell-side analysts anticipate that Primerica will post 20.6 earnings per share for the current fiscal year.

Primerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 22nd will be given a $1.04 dividend. The ex-dividend date is Friday, August 22nd. This represents a $4.16 annualized dividend and a yield of 1.6%. Primerica’s payout ratio is 20.55%.

Insider Activity

In other news, CEO Glenn J. Williams sold 2,500 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $262.20, for a total transaction of $655,500.00. Following the completion of the sale, the chief executive officer owned 36,392 shares in the company, valued at approximately $9,541,982.40. This represents a 6.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On Primerica

Several hedge funds have recently made changes to their positions in PRI. Colonial Trust Co SC acquired a new stake in shares of Primerica during the fourth quarter worth approximately $25,000. True Wealth Design LLC acquired a new stake in shares of Primerica during the 4th quarter valued at $27,000. Hilltop National Bank purchased a new position in shares of Primerica during the 2nd quarter valued at $31,000. Cullen Frost Bankers Inc. acquired a new position in shares of Primerica in the second quarter worth $33,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Primerica by 1,714.3% during the second quarter. First Horizon Advisors Inc. now owns 127 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 120 shares in the last quarter. Hedge funds and other 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.