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

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

Several other research firms have also commented on PRI. Truist Financial boosted their price objective on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Piper Sandler dropped their price target on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Finally, TD Cowen raised their price objective on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Primerica has an average rating of “Hold” and a consensus target price of $296.33.

Primerica Stock Performance

Shares of NYSE:PRI traded down $1.03 during midday trading on Monday, reaching $275.37. 173,769 shares of the company’s stock traded hands, compared to its average volume of 164,589. The company has a fifty day simple moving average of $286.27 and a two-hundred day simple moving average of $266.62. Primerica has a 1 year low of $184.76 and a 1 year high of $307.91. The company has a market cap of $9.19 billion, a P/E ratio of 21.04 and a beta of 1.11.

Primerica (NYSE:PRI) last posted its quarterly earnings data 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. The business had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company’s revenue was up 11.0% compared to the same quarter last year. During the same period last year, the firm posted $4.28 earnings per share. As a group, research analysts forecast that Primerica will post 19.32 EPS for the current fiscal year.

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

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 36,322 shares in the company, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Everence Capital Management Inc. acquired a new position in Primerica during the fourth quarter worth $228,000. GAMMA Investing LLC increased its stake in shares of Primerica by 14.9% during the fourth quarter. GAMMA Investing LLC now owns 1,128 shares of the financial services provider’s stock worth $306,000 after buying an additional 146 shares during the period. Forthright Family Wealth Advisory LLC purchased a new stake in shares of Primerica during the third quarter worth approximately $202,000. Wilmington Savings Fund Society FSB acquired a new stake in Primerica in the third quarter valued at approximately $336,000. Finally, Sanctuary Advisors LLC lifted its stake in Primerica by 21.3% in the third 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 during 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.