Primerica (NYSE:PRI) Price Target Raised to $305.00

Primerica (NYSE:PRI) had its price objective boosted by Keefe, Bruyette & Woods from $290.00 to $305.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has a market perform rating on the financial services provider’s stock.

Several other brokerages have also issued reports on PRI. Morgan Stanley decreased their target price on Primerica from $292.00 to $285.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 3rd. Zacks Research lowered Primerica from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 24th. TD Cowen reaffirmed a “buy” rating on shares of Primerica in a research report on Wednesday, January 28th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Primerica in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Primerica has an average rating of “Hold” and a consensus target price of $296.60.

Primerica Trading Up 1.6%

NYSE PRI opened at $273.65 on Wednesday. The firm has a market capitalization of $8.53 billion, a P/E ratio of 11.47 and a beta of 0.91. The business has a fifty day simple moving average of $263.27 and a 200 day simple moving average of $260.62. Primerica has a 12 month low of $230.09 and a 12 month high of $288.03.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $5.96 EPS for the quarter, beating analysts’ consensus estimates of $5.45 by $0.51. The business had revenue of $872.30 million during the quarter, compared to analyst estimates of $855.36 million. Primerica had a return on equity of 32.32% and a net margin of 22.99%.Primerica’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.02 EPS. As a group, sell-side analysts predict that Primerica will post 24.08 EPS for the current fiscal year.

Primerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Thursday, May 21st will be given a dividend of $1.20 per share. The ex-dividend date of this dividend is Thursday, May 21st. This represents a $4.80 annualized dividend and a dividend yield of 1.8%. Primerica’s dividend payout ratio (DPR) is currently 20.13%.

Insider Buying and Selling at Primerica

In other news, President Peter W. Schneider sold 1,800 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $252.38, for a total transaction of $454,284.00. Following the completion of the sale, the president directly owned 11,611 shares of the company’s stock, valued at $2,930,384.18. This trade represents a 13.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Glenn J. Williams sold 2,500 shares of Primerica stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $256.41, for a total value of $641,025.00. Following the completion of the sale, the chief executive officer directly owned 27,392 shares of the company’s stock, valued at approximately $7,023,582.72. This trade represents a 8.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.63% of the company’s stock.

Institutional Investors Weigh In On Primerica

Several institutional investors have recently added to or reduced their stakes in the business. Entropy Technologies LP lifted its holdings in Primerica by 87.2% during the first quarter. Entropy Technologies LP now owns 3,583 shares of the financial services provider’s stock valued at $897,000 after purchasing an additional 1,669 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Primerica during the first quarter valued at about $13,230,000. Arrowstreet Capital Limited Partnership lifted its holdings in Primerica by 73.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 54,407 shares of the financial services provider’s stock valued at $13,628,000 after purchasing an additional 22,949 shares during the last quarter. Caxton Associates LLP lifted its holdings in Primerica by 23.9% during the first quarter. Caxton Associates LLP now owns 8,472 shares of the financial services provider’s stock valued at $2,122,000 after purchasing an additional 1,632 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in Primerica by 4.7% during the first quarter. First Trust Advisors LP now owns 529,207 shares of the financial services provider’s stock valued at $132,556,000 after purchasing an additional 23,850 shares during the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

About Primerica

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica’s core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.