Primerica (NYSE:PRI) Issues Earnings Results

Primerica (NYSE:PRI) released its quarterly earnings results on Tuesday. The financial services provider reported $5.03 EPS for the quarter, topping analysts’ consensus estimates of $4.81 by $0.22, Zacks reports. Primerica had a return on equity of 30.93% and a net margin of 14.95%.

Primerica Stock Performance

NYSE PRI traded down $2.42 during trading on Tuesday, reaching $290.74. 189,285 shares of the company’s stock were exchanged, compared to its average volume of 138,385. The stock has a market cap of $9.70 billion, a P/E ratio of 22.21 and a beta of 1.11. The company has a 50 day moving average price of $283.22 and a two-hundred day moving average price of $275.15. Primerica has a 1 year low of $184.76 and a 1 year high of $307.91.

Primerica announced that its Board of Directors has initiated a share buyback program on Thursday, November 14th that allows the company to buyback $450.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. 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. Piper Sandler decreased their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. Keefe, Bruyette & Woods decreased their target price on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Friday, January 10th. BMO Capital Markets initiated coverage on Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 target price for the company. Finally, Truist Financial lifted their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $304.14.

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.