Primerica (NYSE:PRI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
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 analysts have also weighed in on the company. SunTrust Banks lowered Primerica from a “buy” rating to a “hold” rating in a research note on Thursday, October 19th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $95.00 price objective on shares of Primerica in a research note on Friday, November 10th. ValuEngine upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, Wells Fargo & Co reiterated a “market perform” rating and set a $100.00 price objective (up previously from $95.00) on shares of Primerica in a research note on Tuesday. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $92.40.
Primerica (NYSE:PRI) last released its quarterly earnings data on Tuesday, November 7th. The financial services provider reported $1.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.37 by $0.09. The business had revenue of $427.30 million during the quarter, compared to analyst estimates of $425.83 million. Primerica had a return on equity of 18.94% and a net margin of 14.55%. The company’s revenue was up 11.4% on a year-over-year basis. During the same quarter last year, the business posted $1.22 EPS. analysts expect that Primerica will post 5.36 earnings per share for the current year.
In related news, VP Gregory C. Pitts sold 5,000 shares of Primerica stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $92.40, for a total value of $462,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.86% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Primerica by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 5,085,927 shares of the financial services provider’s stock valued at $385,260,000 after purchasing an additional 13,941 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Primerica by 2.4% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,508,400 shares of the financial services provider’s stock valued at $286,111,000 after purchasing an additional 81,603 shares in the last quarter. State Street Corp increased its stake in shares of Primerica by 1.3% in the 2nd quarter. State Street Corp now owns 1,780,565 shares of the financial services provider’s stock valued at $134,879,000 after purchasing an additional 22,430 shares in the last quarter. Burgundy Asset Management Ltd. increased its stake in shares of Primerica by 2.7% in the 3rd quarter. Burgundy Asset Management Ltd. now owns 1,681,212 shares of the financial services provider’s stock valued at $137,103,000 after purchasing an additional 43,558 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Primerica by 8.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 927,674 shares of the financial services provider’s stock valued at $70,272,000 after purchasing an additional 69,063 shares in the last quarter. Hedge funds and other institutional investors own 95.89% of the company’s stock.
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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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