Primerica’s (PRI) Market Perform Rating Reiterated at Wells Fargo & Co
Primerica (NYSE:PRI)‘s stock had its “market perform” rating restated by equities research analysts at Wells Fargo & Co in a research note issued on Tuesday, The Fly reports. They currently have a $100.00 price objective on the financial services provider’s stock, up from their previous price objective of $95.00. Wells Fargo & Co’s price target indicates a potential downside of 5.03% from the stock’s previous close.
A number of other research firms also recently weighed in on PRI. SunTrust Banks downgraded Primerica from a “buy” rating to a “hold” rating in a report on Thursday, October 19th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $95.00 price target on shares of Primerica in a research report on Friday, November 10th. ValuEngine raised shares of Primerica from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Zacks Investment Research raised shares of Primerica from a “hold” rating to a “buy” rating and set a $96.00 price target on the stock in a research report on Wednesday, October 11th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $92.40.
Shares of Primerica (NYSE:PRI) traded up $2.90 during trading hours on Tuesday, hitting $105.30. 198,060 shares of the stock traded hands, compared to its average volume of 198,295. The firm has a market capitalization of $4,660.00, a P/E ratio of 20.45, a PEG ratio of 1.71 and a beta of 1.24. Primerica has a 52 week low of $70.00 and a 52 week high of $106.40.
Primerica (NYSE:PRI) last posted its quarterly earnings data on Tuesday, November 7th. The financial services provider reported $1.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.37 by $0.09. The business had revenue of $427.30 million during the quarter, compared to the consensus estimate of $425.83 million. Primerica had a return on equity of 18.94% and a net margin of 14.55%. Primerica’s quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.22 earnings per share. research analysts predict that Primerica will post 5.36 earnings per share for the current year.
In related news, VP Gregory C. Pitts sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $92.40, for a total value of $462,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.86% of the company’s stock.
Large investors have recently bought and sold shares of the business. Prudential Financial Inc. increased its stake in shares of Primerica by 4.7% during the 3rd quarter. Prudential Financial Inc. now owns 35,158 shares of the financial services provider’s stock worth $2,867,000 after purchasing an additional 1,587 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Primerica by 1.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 502,000 shares of the financial services provider’s stock worth $38,026,000 after purchasing an additional 5,981 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Primerica by 0.3% during the 2nd quarter. Vanguard Group Inc. now owns 5,085,927 shares of the financial services provider’s stock worth $385,260,000 after purchasing an additional 13,941 shares during the last quarter. Evanston Investments Inc. dba Evanston Advisors purchased a new stake in shares of Primerica during the 3rd quarter worth approximately $3,243,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Primerica by 51.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 74,929 shares of the financial services provider’s stock worth $6,110,000 after purchasing an additional 25,388 shares during the last quarter. Hedge funds and other institutional investors own 95.89% of the company’s stock.
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Primerica Company Profile
Primerica Inc (Primerica) is a distributor of financial products to middle-income households in the United States and Canada. The Company operates through three segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products. The Term Life Insurance segment includes underwriting profits on its in-force book of term life insurance policies, net of reinsurance, which are underwritten by its life insurance company subsidiaries.
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