Morgan Stanley Has Lowered Expectations for Primerica (NYSE:PRI) Stock Price

Primerica (NYSE:PRI) had its target price dropped by investment analysts at Morgan Stanley from $292.00 to $285.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price points to a potential upside of 8.69% from the stock’s previous close.

Several other research analysts have also recently issued reports on the stock. TD Cowen reiterated a “buy” rating on shares of Primerica in a report on Wednesday, January 28th. Weiss Ratings upgraded Primerica from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 6th. Keefe, Bruyette & Woods decreased their price target on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research note on Tuesday, November 11th. Finally, Zacks Research cut Primerica from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 24th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Primerica has an average rating of “Hold” and an average price target of $298.60.

Primerica Stock Performance

Shares of PRI opened at $262.22 on Tuesday. Primerica has a one year low of $230.09 and a one year high of $296.00. The stock’s fifty day moving average is $260.64 and its 200-day moving average is $263.15. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of 11.44 and a beta of 0.92.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Wednesday, February 11th. The financial services provider reported $6.13 earnings per share for the quarter, topping the consensus estimate of $5.69 by $0.44. The business had revenue of $853.51 million during the quarter, compared to the consensus estimate of $839.65 million. Primerica had a net margin of 22.82% and a return on equity of 32.30%. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.03 earnings per share. Analysts forecast that Primerica will post 20.6 EPS for the current fiscal year.

Primerica announced that its Board of Directors has approved a share repurchase plan on Wednesday, November 19th that authorizes the company to buyback $475.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 5.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Primerica

In other news, CEO Glenn J. Williams sold 2,500 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $256.41, for a total transaction of $641,025.00. Following the completion of the sale, the chief executive officer directly owned 27,392 shares of the company’s stock, valued at $7,023,582.72. This trade represents a 8.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.61% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Primerica

Several hedge funds have recently modified their holdings of the stock. Root Financial Partners LLC purchased a new position in Primerica in the 3rd quarter worth about $27,000. Smartleaf Asset Management LLC lifted its stake in Primerica by 186.5% during the third quarter. Smartleaf Asset Management LLC now owns 106 shares of the financial services provider’s stock valued at $29,000 after buying an additional 69 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Primerica in the fourth quarter worth about $30,000. Quent Capital LLC purchased a new position in shares of Primerica in the third quarter worth approximately $33,000. Finally, First Horizon Advisors Inc. increased its position in shares of Primerica by 1,714.3% in the second quarter. First Horizon Advisors Inc. now owns 127 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 120 shares in the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

About Primerica

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica’s core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.