Primerica Inc. (PRI) Downgraded by Zacks Investment Research
Primerica Inc. (NYSE:PRI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
Several other equities research analysts also recently issued reports on PRI. Keefe, Bruyette & Woods downgraded shares of Primerica from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $58.00 to $60.00 in a research report on Tuesday, July 12th. Wells Fargo & Co. initiated coverage on shares of Primerica in a research report on Thursday, September 22nd. They issued a “market perform” rating for the company. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $61.50.
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Primerica (NYSE:PRI) opened at 54.50 on Wednesday. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 13.30 and a beta of 0.93. The firm has a 50-day moving average price of $55.77 and a 200 day moving average price of $53.37. 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 data on Monday, August 8th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.13. Primerica had a net margin of 13.90% and a return on equity of 17.32%. The company earned $379.24 million during the quarter, compared to the consensus estimate of $370.76 million. During the same quarter in the prior year, the firm earned $0.93 earnings per share. The firm’s revenue was up 8.2% compared to the same quarter last year. On average, equities research analysts predict that Primerica will post $4.41 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Wednesday, August 24th were given a $0.18 dividend. The ex-dividend date was Monday, August 22nd. This represents a $0.72 dividend on an annualized basis and a yield of 1.32%. This is an increase from Primerica’s previous quarterly dividend of $0.17. Primerica’s dividend payout ratio (DPR) is 17.56%.
In other news, Director Joel M. Babbit sold 1,406 shares of Primerica stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $57.31, for a total value of $80,577.86. Following the completion of the transaction, the director now owns 1,915 shares of the company’s stock, valued at approximately $109,748.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael C. Adams sold 2,500 shares of Primerica stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $51.99, for a total transaction of $129,975.00. Following the completion of the transaction, the insider now directly owns 40,589 shares of the company’s stock, valued at approximately $2,110,222.11. The disclosure for this sale can be found here. 1.24% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. British Airways Pensions Investment Management Ltd purchased a new position in shares of Primerica during the second quarter worth approximately $15,575,000. RS Investment Management Co. LLC increased its position in shares of Primerica by 23.5% in the second quarter. RS Investment Management Co. LLC now owns 1,247,548 shares of the company’s stock worth $71,410,000 after buying an additional 237,260 shares during the period. BlackRock Group LTD increased its position in shares of Primerica by 68.3% in the first quarter. BlackRock Group LTD now owns 48,512 shares of the company’s stock worth $2,161,000 after buying an additional 19,683 shares during the period. Aperio Group LLC increased its position in shares of Primerica by 11.1% in the first quarter. Aperio Group LLC now owns 26,134 shares of the company’s stock worth $1,164,000 after buying an additional 2,602 shares during the period. Finally, Huntington National Bank increased its position in shares of Primerica by 4.2% in the second quarter. Huntington National Bank now owns 2,969 shares of the company’s stock worth $170,000 after buying an additional 119 shares during the period.
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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