Morgan Stanley Lowers Primerica (NYSE:PRI) Price Target to $304.00

Primerica (NYSE:PRI) had its price target dropped by equities research analysts at Morgan Stanley from $313.00 to $304.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 4.88% from the company’s previous close.

A number of other research analysts have also commented on the company. BMO Capital Markets began coverage on Primerica in a report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price target for the company. Truist Financial boosted their price objective on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods boosted their price objective on Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a research report on Tuesday, February 18th. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. Finally, Piper Sandler lowered their price objective on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Primerica currently has a consensus rating of “Hold” and a consensus price target of $309.86.

Primerica Stock Up 2.0 %

Shares of PRI stock opened at $289.86 on Friday. Primerica has a 12 month low of $184.76 and a 12 month high of $307.91. The firm has a market cap of $9.67 billion, a PE ratio of 21.08 and a beta of 1.11. The stock has a 50 day moving average of $282.64 and a 200-day moving average of $278.13.

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

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

Insider Buying and Selling at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total value of $845,220.00. Following the transaction, the chief executive officer now owns 33,322 shares of the company’s stock, valued at approximately $9,388,140.28. The trade was a 8.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

A number of institutional investors and hedge funds have recently bought and sold shares of the business. CIBC Asset Management Inc boosted its stake in Primerica by 3.5% in the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 36 shares in the last quarter. Mariner LLC boosted its stake in Primerica by 1.4% in the fourth quarter. Mariner LLC now owns 2,611 shares of the financial services provider’s stock worth $709,000 after purchasing an additional 36 shares in the last quarter. Kingsview Wealth Management LLC boosted its stake in Primerica by 0.7% in the third quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock worth $1,549,000 after purchasing an additional 43 shares in the last quarter. Dana Investment Advisors Inc. boosted its stake in Primerica by 1.2% in the fourth quarter. Dana Investment Advisors Inc. now owns 3,729 shares of the financial services provider’s stock worth $1,012,000 after purchasing an additional 45 shares in the last quarter. Finally, Larson Financial Group LLC boosted its stake in Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 54 shares in the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

Primerica Company Profile

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.