Primerica (NYSE:PRI) Price Target Raised to $320.00 at Keefe, Bruyette & Woods

Primerica (NYSE:PRI) had its price target boosted by Keefe, Bruyette & Woods from $315.00 to $320.00 in a research note released on Tuesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Several other analysts have also weighed in on the stock. TD Cowen lifted their target price on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. BMO Capital Markets assumed coverage on shares of Primerica in a research report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 target price on the stock. Piper Sandler decreased their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 18th. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. Finally, Truist Financial lifted their target price on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $311.14.

Primerica Price Performance

NYSE PRI opened at $280.48 on Tuesday. The firm has a market capitalization of $9.36 billion, a price-to-earnings ratio of 20.40 and a beta of 1.11. The company’s fifty day moving average is $281.95 and its two-hundred day moving average is $276.58. Primerica has a 52-week low of $184.76 and a 52-week high of $307.91.

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

Primerica Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be given a $1.04 dividend. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from Primerica’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 1.48%. Primerica’s payout ratio is 26.18%.

Primerica declared that its board has approved a share buyback plan on Thursday, November 14th that permits the company to repurchase $450.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are 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 Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total value of $845,220.00. Following the transaction, the chief executive officer now directly owns 33,322 shares in the company, valued at $9,388,140.28. The trade was a 8.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

A number of institutional investors have recently modified their holdings of the stock. Burgundy Asset Management Ltd. raised its stake in shares of Primerica by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 1,288,473 shares of the financial services provider’s stock worth $349,717,000 after acquiring an additional 21,208 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Primerica by 11.9% in the fourth quarter. Geode Capital Management LLC now owns 779,760 shares of the financial services provider’s stock worth $211,691,000 after acquiring an additional 82,921 shares during the last quarter. Northern Trust Corp raised its stake in shares of Primerica by 15.6% in the fourth quarter. Northern Trust Corp now owns 347,040 shares of the financial services provider’s stock worth $94,194,000 after acquiring an additional 46,935 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in shares of Primerica by 1.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 230,736 shares of the financial services provider’s stock worth $62,626,000 after acquiring an additional 2,905 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its stake in shares of Primerica by 0.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 159,774 shares of the financial services provider’s stock worth $43,366,000 after acquiring an additional 1,484 shares during the last quarter. 90.88% of the stock is owned by institutional investors.

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.