Zacks Research Upgrades Primerica (NYSE:PRI) to “Strong-Buy”

Primerica (NYSE:PRI) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

PRI has been the topic of a number of other reports. Weiss Ratings lowered shares of Primerica from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods decreased their target price on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 11th. Piper Sandler set a $292.00 price target on Primerica and gave the stock a “neutral” rating in a research note on Tuesday, October 7th. Finally, Morgan Stanley set a $292.00 price objective on Primerica in a report on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Primerica has an average rating of “Moderate Buy” and an average price target of $300.00.

Primerica Stock Down 0.4%

NYSE:PRI opened at $255.82 on Monday. Primerica has a 52 week low of $230.98 and a 52 week high of $298.75. The stock’s 50-day moving average price is $259.28 and its 200-day moving average price is $263.80. The stock has a market capitalization of $8.17 billion, a PE ratio of 11.76 and a beta of 0.90.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 5th. The financial services provider reported $6.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.52 by $0.81. The firm had revenue of $838.88 million for the quarter, compared to analysts’ expectations of $817.81 million. Primerica had a net margin of 22.36% and a return on equity of 31.75%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter last year, the company earned $4.83 EPS. Sell-side analysts expect that Primerica will post 20.6 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other news, Director Joel M. Babbit sold 700 shares of Primerica stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $255.00, for a total value of $178,500.00. Following the completion of the sale, the director directly owned 8,400 shares of the company’s stock, valued at approximately $2,142,000. The trade was a 7.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Peter W. Schneider sold 2,000 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $255.30, for a total transaction of $510,600.00. Following the sale, the president directly owned 7,301 shares in the company, valued at $1,863,945.30. This represents a 21.50% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 5,200 shares of company stock valued at $1,338,225. Company insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On Primerica

Several large investors have recently bought and sold shares of PRI. Nordea Investment Management AB purchased a new stake in shares of Primerica during the third quarter worth approximately $51,004,000. First Trust Advisors LP lifted its holdings in shares of Primerica by 35.9% in the 2nd quarter. First Trust Advisors LP now owns 437,925 shares of the financial services provider’s stock valued at $119,847,000 after buying an additional 115,754 shares during the period. Danske Bank A S purchased a new stake in shares of Primerica in the third quarter valued at approximately $30,396,000. Copeland Capital Management LLC acquired a new position in Primerica during the second quarter worth $27,425,000. Finally, Alps Advisors Inc. acquired a new stake in Primerica in the third quarter valued at $20,524,000. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Company Profile

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.