Zacks Investment Research Upgrades Primerica, Inc. (PRI) to “Buy”

Primerica, Inc. (NYSE:PRI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently 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 9.46% from the company’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. “

Several other equities analysts also recently weighed in on PRI. Wells Fargo & Company reiterated a “hold” rating on shares of Primerica in a research report on Tuesday, August 8th. BidaskClub downgraded Primerica from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 18th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $83.00 target price on shares of Primerica in a research report on Friday, June 23rd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $87.50.

Primerica (NYSE:PRI) last released its earnings results on Tuesday, August 8th. The financial services provider reported $1.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.01. Primerica had a return on equity of 18.48% and a net margin of 14.41%. The firm had revenue of $413.70 million for the quarter, compared to the consensus estimate of $410.97 million. During the same period in the prior year, the business posted $1.23 earnings per share. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last 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 completion of the sale, the president now owns 28,138 shares in the company, valued at $2,164,374.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $80.68, for a total value of $242,040.00. Following the completion of the sale, the chief executive officer now owns 77,895 shares of the company’s stock, valued at approximately $6,284,568.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,301 shares of company stock valued at $495,113. Insiders own 0.86% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Prudential Financial Inc. boosted its holdings in Primerica by 5.0% in the first quarter. Prudential Financial Inc. now owns 32,041 shares of the financial services provider’s stock valued at $2,634,000 after purchasing an additional 1,528 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Primerica by 1.2% in the second quarter. JPMorgan Chase & Co. now owns 502,000 shares of the financial services provider’s stock valued at $38,026,000 after purchasing an additional 5,981 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Primerica by 142.0% in the first quarter. Goldman Sachs Group Inc. now owns 858,611 shares of the financial services provider’s stock valued at $70,578,000 after purchasing an additional 503,786 shares during the last quarter. United Services Automobile Association purchased a new position in Primerica in the first quarter valued at about $510,000. Finally, FMR LLC boosted its holdings in Primerica by 10.7% in the first quarter. FMR LLC now owns 1,752,471 shares of the financial services provider’s stock valued at $144,053,000 after purchasing an additional 169,689 shares during the last quarter. Institutional investors and hedge funds own 94.82% of the company’s stock.

About Primerica

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.

Analyst Recommendations for Primerica (NYSE:PRI)

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