Primerica Inc. (NYSE:PRI) Given Average Recommendation of “Buy” by Brokerages
Primerica Inc. (NYSE:PRI) has earned a consensus recommendation of “Buy” from the five brokerages that are covering the stock. Two research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $61.50.
A number of analysts have recently issued reports on the company. Keefe, Bruyette & Woods lowered Primerica from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $58.00 to $60.00 in a research note on Tuesday, July 12th. Zacks Investment Research raised Primerica from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Tuesday, July 12th. Finally, Wells Fargo & Co. assumed coverage on Primerica in a research note on Thursday, September 22nd. They issued a “market perform” rating on the stock.
In other Primerica news, insider Michael C. Adams sold 2,500 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $51.99, for a total transaction of $129,975.00. Following the transaction, the insider now owns 40,589 shares of the company’s stock, valued at $2,110,222.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey S. Fendler sold 1,000 shares of the business’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $56.02, for a total value of $56,020.00. Following the transaction, the insider now directly owns 32,988 shares in the company, valued at approximately $1,847,987.76. The disclosure for this sale can be found here. Company insiders own 1.24% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Cantillon Capital Management LLC acquired a new stake in Primerica during the second quarter worth approximately $63,579,000. Ruane Cunniff & Goldfarb Inc. increased its stake in Primerica by 31.2% in the second quarter. Ruane Cunniff & Goldfarb Inc. now owns 3,780,842 shares of the company’s stock worth $216,415,000 after buying an additional 898,291 shares in the last quarter. Vanguard Group Inc. increased its stake in Primerica by 14.4% in the second quarter. Vanguard Group Inc. now owns 4,173,713 shares of the company’s stock worth $238,904,000 after buying an additional 526,902 shares in the last quarter. Norges Bank acquired a new stake in Primerica during the fourth quarter worth approximately $19,727,000. Finally, JPMorgan Chase & Co. increased its stake in Primerica by 85.4% in the first quarter. JPMorgan Chase & Co. now owns 590,793 shares of the company’s stock worth $26,308,000 after buying an additional 272,080 shares in the last quarter.
Primerica (NYSE:PRI) opened at 54.09 on Friday. The company has a market cap of $2.51 billion, a P/E ratio of 13.20 and a beta of 0.80. The stock’s 50 day moving average price is $56.21 and its 200-day moving average price is $52.73. Primerica has a 52-week low of $37.09 and a 52-week high of $59.34.
Primerica (NYSE:PRI) last issued its quarterly earnings results on Monday, August 8th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.13. The firm had revenue of $379.24 million for the quarter, compared to analyst estimates of $370.76 million. Primerica had a return on equity of 17.32% and a net margin of 13.90%. The business’s revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.93 earnings per share. On average, equities analysts predict that Primerica will post $4.41 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Wednesday, August 24th were paid a dividend of $0.18 per share. The ex-dividend date was Monday, August 22nd. This represents a $0.72 dividend on an annualized basis and a yield of 1.33%. This is a positive change from Primerica’s previous quarterly dividend of $0.17. Primerica’s payout ratio is 17.56%.
Primerica Inc (Primerica) distributes financial products to middle-income households. The Company operates through three segments. 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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