Primerica (NYSE:PRI) Downgraded to Hold Rating by StockNews.com

Primerica (NYSE:PRI) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Wednesday.

Other analysts have also recently issued research reports about the stock. Truist Financial increased their price target on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Keefe, Bruyette & Woods reduced their target price on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Friday, January 10th. Piper Sandler reduced their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. Finally, TD Cowen lifted their target price on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $303.00.

Primerica Price Performance

Shares of PRI stock opened at $293.94 on Wednesday. The stock has a market cap of $9.81 billion, a P/E ratio of 22.45 and a beta of 1.11. The company has a fifty day moving average price of $285.75 and a two-hundred day moving average price of $270.06. Primerica has a one year low of $184.76 and a one year high of $307.91.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the company posted $4.28 earnings per share. As a group, equities research analysts anticipate that Primerica will post 19.75 EPS for the current fiscal year.

Primerica announced that its board has initiated a share buyback plan on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership 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 dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at $10,942,728.94. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On Primerica

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its position in shares of Primerica by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after buying an additional 25,951 shares in the last quarter. Millennium Management LLC raised its position in shares of Primerica by 30,726.7% in the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after buying an additional 678,752 shares in the last quarter. Raymond James & Associates raised its position in shares of Primerica by 4.6% in the 3rd quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock valued at $32,176,000 after buying an additional 5,323 shares in the last quarter. Los Angeles Capital Management LLC raised its position in shares of Primerica by 8.7% in the 3rd quarter. Los Angeles Capital Management LLC now owns 108,399 shares of the financial services provider’s stock valued at $28,742,000 after buying an additional 8,641 shares in the last quarter. Finally, Prospector Partners LLC raised its position in shares of Primerica by 0.3% in the 3rd quarter. Prospector Partners LLC now owns 77,055 shares of the financial services provider’s stock valued at $20,431,000 after buying an additional 210 shares in the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

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.