BMO Capital Markets Initiates Coverage on Primerica (NYSE:PRI)

BMO Capital Markets started coverage on shares of Primerica (NYSE:PRI) in a report released on Thursday, Marketbeat.com reports. The brokerage set a “market perform” rating and a $311.00 price target on the financial services provider’s stock. BMO Capital Markets’ price objective indicates a potential upside of 7.32% from the stock’s current price.

A number of other equities research analysts have also weighed in on PRI. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a report on Wednesday. Truist Financial boosted their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. TD Cowen boosted 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. Piper Sandler reduced their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research report on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $304.14.

Primerica Trading Down 0.7 %

Shares of Primerica stock opened at $289.80 on Thursday. The firm has a market capitalization of $9.67 billion, a PE ratio of 22.14 and a beta of 1.11. The firm’s 50 day moving average is $285.15 and its 200 day moving average is $271.18. Primerica has a 1 year low of $184.76 and a 1 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. During the same period in the previous year, the firm posted $4.28 EPS. The firm’s revenue was up 11.0% on a year-over-year basis. As a group, research analysts anticipate that Primerica will post 19.79 earnings per share for the current year.

Primerica declared that its board has initiated a share buyback plan 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 plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the transaction, the chief executive officer now owns 36,322 shares in the company, valued at $10,942,728.94. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PRI. V Square Quantitative Management LLC acquired a new position in Primerica during the third quarter worth $31,000. Prospera Private Wealth LLC acquired a new position in Primerica during the third quarter worth $31,000. UMB Bank n.a. raised its holdings 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 buying an additional 67 shares during the last quarter. Larson Financial Group LLC raised its holdings in Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after buying an additional 54 shares during the last quarter. Finally, Quarry LP raised its holdings in Primerica by 629.2% during the third quarter. Quarry LP now owns 350 shares of the financial services provider’s stock worth $93,000 after buying an additional 302 shares during the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

Primerica Company Profile

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.