Primerica (NYSE:PRI) Given New $315.00 Price Target at Keefe, Bruyette & Woods

Primerica (NYSE:PRI) had its price objective cut by equities research analysts at Keefe, Bruyette & Woods from $320.00 to $315.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 15.67% from the stock’s previous close.

Several other research analysts also recently weighed in on PRI. TD Cowen upped their price target on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a research note on Monday. Truist Financial raised their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Piper Sandler dropped 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 equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Primerica currently has a consensus rating of “Hold” and a consensus price target of $303.00.

Primerica Price Performance

Primerica stock traded down $6.12 during mid-day trading on Friday, reaching $272.33. 23,832 shares of the company traded hands, compared to its average volume of 132,858. The firm’s 50 day moving average price is $286.20 and its 200 day moving average price is $267.30. The firm has a market capitalization of $9.09 billion, a price-to-earnings ratio of 20.80 and a beta of 1.11. Primerica has a 52-week low of $184.76 and a 52-week high of $307.91.

Primerica (NYSE:PRI) last issued its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. During the same quarter in the previous year, the firm earned $4.28 EPS. Primerica’s revenue was up 11.0% on a year-over-year basis. On average, sell-side analysts anticipate that Primerica will post 19.32 EPS for the current year.

Primerica announced that its Board of Directors has authorized a stock buyback program on Thursday, November 14th that authorizes the company to buyback $450.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Glenn J. Williams sold 3,000 shares of the company’s 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 completion of the sale, the chief executive officer now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.61% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Everence Capital Management Inc. purchased a new position in Primerica during the fourth quarter worth about $228,000. GAMMA Investing LLC grew its stake in Primerica by 14.9% during the 4th quarter. GAMMA Investing LLC now owns 1,128 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 146 shares in the last quarter. Forthright Family Wealth Advisory LLC acquired a new stake in Primerica during the 3rd quarter valued at approximately $202,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Primerica in the 3rd quarter worth approximately $336,000. Finally, Sanctuary Advisors LLC grew its position in shares of Primerica by 21.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 5,632 shares of the financial services provider’s stock worth $1,493,000 after acquiring an additional 990 shares in the last quarter. Institutional investors and hedge funds 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.