Primerica Inc. (PRI) Downgraded to Hold at Zacks Investment Research
According to Zacks, “Primerica, Inc. provides financial products and services. It assists its clients in meeting their needs for term life insurance, which it underwrites, and mutual funds, variable annuities and other financial products, which it distributes primarily on behalf of third parties. The Company’s mission is to serve middle income families by helping them make informed financial decisions and providing them with a strategy and means to gain financial independence. The Company’s sales representatives use its proprietary financial needs analysis, or FNA, tool and an educational approach to demonstrate how its products can assist clients to provide financial protection for their families, save for their retirement and manage their debt. The Company’s clients are generally middle income consumers. Primerica also provides an entrepreneurial business opportunity for individuals to distribute its financial products. The Company is based in Duluth, Georgia. “
A number of other analysts also recently issued reports on PRI. Keefe, Bruyette & Woods downgraded shares of Primerica from an outperform rating to a market perform rating and raised their price target for the stock from $58.00 to $60.00 in a report on Tuesday, July 12th. Wells Fargo & Co. initiated coverage on shares of Primerica in a report on Thursday, September 22nd. They set a market perform rating for the company. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $61.50.
Primerica (NYSE:PRI) opened at 55.49 on Wednesday. The company has a market cap of $2.58 billion, a P/E ratio of 13.54 and a beta of 0.93. Primerica has a 52 week low of $37.09 and a 52 week high of $59.34. The company has a 50-day moving average of $55.76 and a 200-day moving average of $53.38.
Primerica (NYSE:PRI) last announced 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 business earned $379.24 million during the quarter, compared to the consensus estimate of $370.76 million. Primerica had a net margin of 13.90% and a return on equity of 17.32%. The business’s revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.93 EPS. On average, equities research analysts predict that Primerica will post $4.41 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Wednesday, August 24th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend was Monday, August 22nd. This is a boost from Primerica’s previous quarterly dividend of $0.17. Primerica’s dividend payout ratio (DPR) is currently 17.56%.
In other Primerica news, insider Michael C. Adams sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $51.99, for a total value of $129,975.00. Following the completion of the transaction, the insider now owns 40,589 shares of the company’s stock, valued at approximately $2,110,222.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider William A. Kelly sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $52.93, for a total transaction of $79,395.00. Following the completion of the transaction, the insider now directly owns 26,630 shares of the company’s stock, valued at approximately $1,409,525.90. The disclosure for this sale can be found here. 1.24% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of PRI. Metropolitan Life Insurance Co. NY raised its stake in shares of Primerica by 1.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 76,838 shares of the company’s stock worth $3,422,000 after buying an additional 981 shares during the last quarter. Clark Capital Management Group Inc. purchased a new stake in shares of Primerica during the first quarter worth $3,760,000. Hancock Holding Co. raised its stake in shares of Primerica by 0.7% in the first quarter. Hancock Holding Co. now owns 179,195 shares of the company’s stock worth $7,980,000 after buying an additional 1,260 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Primerica by 28.0% in the first quarter. UBS Asset Management Americas Inc. now owns 78,151 shares of the company’s stock worth $3,480,000 after buying an additional 17,086 shares during the last quarter. Finally, BB&T Securities LLC raised its stake in shares of Primerica by 5.2% in the first quarter. BB&T Securities LLC now owns 11,755 shares of the company’s stock worth $523,000 after buying an additional 576 shares during the last quarter.
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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