Primerica, Inc. (PRI) Cut to “Hold” at Zacks Investment Research
Primerica, Inc. (NYSE:PRI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
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 research analysts also recently weighed in on PRI. William Blair downgraded Primerica from an “outperform” rating to a “market perform” rating in a research note on Friday, April 21st. They noted that the move was a valuation call. Keefe, Bruyette & Woods restated a “hold” rating and set a $81.00 target price on shares of Primerica in a research note on Monday, April 10th. SunTrust Banks, Inc. set a $95.00 target price on Primerica and gave the stock a “buy” rating in a research note on Saturday, February 11th. Wells Fargo & Co downgraded Primerica from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 20th. Finally, Citigroup Inc assumed coverage on Primerica in a research note on Thursday, January 26th. They set a “neutral” rating and a $76.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Primerica has a consensus rating of “Hold” and an average price target of $83.25.
Primerica (NYSE:PRI) traded down 0.39% during midday trading on Friday, hitting $76.55. The stock had a trading volume of 409,742 shares. The stock has a market cap of $3.49 billion, a PE ratio of 16.00 and a beta of 1.15. Primerica has a 52-week low of $49.62 and a 52-week high of $86.45. The company’s 50 day moving average price is $82.72 and its 200-day moving average price is $74.94.
Primerica (NYSE:PRI) last released its quarterly earnings results on Tuesday, May 9th. The financial services provider reported $1.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by $0.04. The company had revenue of $405.20 million during the quarter, compared to the consensus estimate of $401.58 million. Primerica had a return on equity of 17.98% and a net margin of 14.44%. The company’s revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.93 earnings per share. Analysts forecast that Primerica will post $5.24 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Friday, May 19th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, May 17th. This represents a $0.76 annualized dividend and a yield of 0.99%. Primerica’s dividend payout ratio (DPR) is 15.72%.
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In related news, Director P George Benson sold 500 shares of the business’s stock in a transaction on Monday, February 13th. The stock was sold at an average price of $81.55, for a total transaction of $40,775.00. Following the transaction, the director now directly owns 14,045 shares in the company, valued at approximately $1,145,369.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Peter W. Schneider sold 1,850 shares of the business’s stock in a transaction on Monday, March 13th. The stock was sold at an average price of $81.30, for a total value of $150,405.00. Following the transaction, the president now owns 29,439 shares in the company, valued at $2,393,390.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,850 shares of company stock worth $806,755. 1.24% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in PRI. Flinton Capital Management LLC acquired a new position in shares of Primerica during the fourth quarter valued at $105,000. O Shaughnessy Asset Management LLC increased its position in shares of Primerica by 1.0% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 1,582 shares of the financial services provider’s stock valued at $109,000 after buying an additional 16 shares during the period. James Investment Research Inc. acquired a new position in shares of Primerica during the first quarter valued at $152,000. Fortaleza Asset Management Inc. increased its position in shares of Primerica by 7.8% in the fourth quarter. Fortaleza Asset Management Inc. now owns 2,275 shares of the financial services provider’s stock valued at $157,000 after buying an additional 165 shares during the period. Finally, World Asset Management Inc acquired a new position in shares of Primerica during the first quarter valued at $233,000.
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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