TD Cowen Forecasts Strong Price Appreciation for Primerica (NYSE:PRI) Stock

Primerica (NYSE:PRI) had its price objective boosted by research analysts at TD Cowen from $314.00 to $345.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. TD Cowen’s price target points to a potential upside of 13.28% from the stock’s current price.

A number of other equities analysts also recently commented on PRI. Piper Sandler initiated coverage on Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 target price for the company. Morgan Stanley increased their target price on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Finally, Truist Financial upped their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $293.50.

Primerica Trading Down 0.1 %

Shares of NYSE PRI opened at $304.55 on Tuesday. The business has a 50-day moving average of $281.05 and a 200-day moving average of $255.94. The firm has a market capitalization of $10.16 billion, a price-to-earnings ratio of 23.27 and a beta of 1.08. Primerica has a 12 month low of $184.76 and a 12 month high of $307.91.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating the consensus estimate of $4.81 by $0.87. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. During the same quarter in the previous year, the company posted $4.28 earnings per share. The business’s revenue was up 11.0% on a year-over-year basis. On average, analysts predict that Primerica will post 19.12 earnings per share for the current year.

Primerica declared that its board has approved a stock repurchase program 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 buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Primerica

In other news, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the transaction, the director now owns 15,151 shares of the company’s stock, valued at $3,846,081.35. This trade represents a 11.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This represents a 7.63 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.61% of the company’s stock.

Institutional Trading of Primerica

Institutional investors have recently made changes to their positions in the business. V Square Quantitative Management LLC purchased a new position in shares of Primerica in the 3rd quarter worth $31,000. Prospera Private Wealth LLC purchased a new position in Primerica in the third quarter worth about $31,000. ORG Partners LLC purchased a new position in Primerica in the second quarter worth about $30,000. UMB Bank n.a. increased its stake in Primerica by 85.9% during the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 67 shares during the last quarter. Finally, Larson Financial Group LLC raised its position in Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 54 shares during the period. 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.