Primerica, Inc. (NYSE:PRI) – Equities research analysts at SunTrust Banks increased their Q3 2018 earnings per share estimates for shares of Primerica in a research note issued on Thursday. SunTrust Banks analyst M. Hughes now anticipates that the financial services provider will post earnings of $1.92 per share for the quarter, up from their prior forecast of $1.87. SunTrust Banks has a “Hold” rating and a $112.00 price target on the stock. SunTrust Banks also issued estimates for Primerica’s Q4 2018 earnings at $1.95 EPS, Q1 2019 earnings at $1.69 EPS, Q2 2019 earnings at $2.09 EPS, Q3 2019 earnings at $2.17 EPS, Q4 2019 earnings at $2.19 EPS and FY2019 earnings at $8.15 EPS.
A number of other research analysts have also commented on the company. ValuEngine upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Wells Fargo & Co restated a “market perform” rating and issued a $100.00 target price (up from $95.00) on shares of Primerica in a research note on Tuesday, January 9th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $95.00 target price on shares of Primerica in a research note on Friday, November 10th. Finally, Zacks Investment Research lowered Primerica from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $101.25.
Primerica (NYSE:PRI) last issued its earnings results on Wednesday, February 7th. The financial services provider reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.17. The business had revenue of $442.94 million during the quarter, compared to analyst estimates of $435.87 million. Primerica had a return on equity of 19.47% and a net margin of 20.74%. Primerica’s revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.19 earnings per share.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 16th. Shareholders of record on Thursday, February 15th will be paid a dividend of $0.25 per share. This is a positive change from Primerica’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend is Wednesday, February 14th. Primerica’s dividend payout ratio is currently 10.50%.
Primerica announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 7th that allows the company to buyback $225.00 million in outstanding shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
A number of institutional investors have recently added to or reduced their stakes in PRI. New York State Common Retirement Fund grew its holdings in shares of Primerica by 9.5% during the second quarter. New York State Common Retirement Fund now owns 68,266 shares of the financial services provider’s stock worth $5,171,000 after purchasing an additional 5,949 shares during the last quarter. Suntrust Banks Inc. bought a new stake in shares of Primerica during the second quarter worth $293,000. OxFORD Asset Management LLP bought a new stake in shares of Primerica during the second quarter worth $567,000. Balyasny Asset Management LLC grew its holdings in shares of Primerica by 0.8% during the second quarter. Balyasny Asset Management LLC now owns 12,712 shares of the financial services provider’s stock worth $963,000 after purchasing an additional 100 shares during the last quarter. Finally, Flinton Capital Management LLC grew its holdings in shares of Primerica by 69.5% during the second quarter. Flinton Capital Management LLC now owns 2,224 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 912 shares during the last quarter. Hedge funds and other institutional investors own 96.27% of the company’s stock.
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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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