Piper Sandler Issues Pessimistic Forecast for Primerica (NYSE:PRI) Stock Price

Primerica (NYSE:PRI) had its price objective lowered by Piper Sandler from $313.00 to $300.00 in a research report report published on Wednesday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the stock. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Truist Financial upped their target price on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, TD Cowen lifted their price target on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $296.33.

Primerica Stock Up 1.7 %

Shares of PRI stock opened at $271.50 on Wednesday. Primerica has a 52 week low of $184.76 and a 52 week high of $307.91. The firm has a market capitalization of $9.06 billion, a PE ratio of 20.74 and a beta of 1.09. The company has a 50 day moving average price of $287.63 and a 200-day moving average price of $262.91.

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

Primerica Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.33%. The ex-dividend date was Thursday, November 21st. Primerica’s dividend payout ratio is currently 27.50%.

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

Insider Activity

In related news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

Several institutional investors and hedge funds have recently modified their holdings of PRI. Blue Trust Inc. grew its stake in Primerica by 45.5% during the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 60 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Primerica by 450.9% during the second quarter. Fifth Third Bancorp now owns 1,614 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 1,321 shares in the last quarter. Fifth Third Wealth Advisors LLC bought a new stake in shares of Primerica in the second quarter worth about $267,000. &PARTNERS purchased a new stake in shares of Primerica in the second quarter worth about $399,000. Finally, Everhart Financial Group Inc. boosted its stake in Primerica by 16.2% during the second quarter. Everhart Financial Group Inc. now owns 2,108 shares of the financial services provider’s stock valued at $499,000 after buying an additional 294 shares during the last quarter. Institutional investors 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.