Primerica, Inc. (PRI) Upgraded to Buy by Zacks Investment Research
Primerica, Inc. (NYSE:PRI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $96.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.98% from the stock’s previous close.
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 equities research analysts have also issued reports on PRI. Wells Fargo & Company reaffirmed a “hold” rating on shares of Primerica in a research report on Tuesday, August 8th. BidaskClub lowered Primerica from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 18th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $83.00 price target on shares of Primerica in a research report on Friday, June 23rd. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $87.50.
Shares of Primerica (PRI) traded down 0.35% during trading on Wednesday, hitting $86.20. The stock had a trading volume of 49,137 shares. Primerica has a 12 month low of $52.75 and a 12 month high of $86.55. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 17.56 and a beta of 1.17. The company’s 50 day moving average price is $78.08 and its 200 day moving average price is $78.66.
Primerica (NYSE:PRI) last posted its quarterly earnings results on Tuesday, August 8th. The financial services provider reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.01. The company had revenue of $413.70 million for the quarter, compared to analyst estimates of $410.97 million. Primerica had a return on equity of 18.48% and a net margin of 14.41%. Primerica’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.23 EPS. Equities research analysts expect that Primerica will post $5.22 earnings per share for the current fiscal year.
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In other news, President Peter W. Schneider sold 1,301 shares of the stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $76.92, for a total value of $100,072.92. Following the transaction, the president now owns 28,138 shares in the company, valued at approximately $2,164,374.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Alison S. Rand sold 2,000 shares of the stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $76.50, for a total value of $153,000.00. Following the completion of the transaction, the vice president now owns 35,385 shares in the company, valued at approximately $2,706,952.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,301 shares of company stock worth $495,113. Company insiders own 0.86% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PRI. Russell Investments Group Ltd. increased its holdings in shares of Primerica by 46.3% in the 1st quarter. Russell Investments Group Ltd. now owns 26,647 shares of the financial services provider’s stock valued at $2,190,000 after acquiring an additional 8,436 shares during the last quarter. UBS Asset Management Americas Inc. increased its holdings in shares of Primerica by 5.6% in the 1st quarter. UBS Asset Management Americas Inc. now owns 45,681 shares of the financial services provider’s stock valued at $3,755,000 after acquiring an additional 2,424 shares during the last quarter. TD Asset Management Inc. increased its holdings in shares of Primerica by 1.7% in the 1st quarter. TD Asset Management Inc. now owns 3,030 shares of the financial services provider’s stock valued at $249,000 after acquiring an additional 52 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Primerica by 0.4% in the 1st quarter. Ameriprise Financial Inc. now owns 148,289 shares of the financial services provider’s stock valued at $12,190,000 after acquiring an additional 526 shares during the last quarter. Finally, M&T Bank Corp increased its holdings in shares of Primerica by 7.0% in the 1st quarter. M&T Bank Corp now owns 4,451 shares of the financial services provider’s stock valued at $366,000 after acquiring an additional 293 shares during the last quarter. Institutional investors and hedge funds own 94.82% of the company’s stock.
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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