Primerica (NYSE:PRI) Price Target Increased to $250.00 by Analysts at Morgan Stanley

Primerica (NYSE:PRI) had its price objective lifted by Morgan Stanley from $245.00 to $250.00 in a research report sent to investors on Monday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

A number of other brokerages also recently issued reports on PRI. Raymond James downgraded Primerica from a strong-buy rating to a market perform rating in a research report on Monday, February 12th. Keefe, Bruyette & Woods increased their price target on Primerica from $255.00 to $260.00 and gave the company a market perform rating in a research note on Wednesday, April 10th. StockNews.com upgraded Primerica from a hold rating to a buy rating in a research note on Thursday, March 7th. Finally, Truist Financial increased their price objective on shares of Primerica from $260.00 to $275.00 and gave the company a buy rating in a research report on Thursday, February 15th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $245.50.

Primerica Price Performance

PRI opened at $210.20 on Monday. The firm has a market capitalization of $7.29 billion, a PE ratio of 13.24 and a beta of 1.06. The business’s 50-day moving average is $243.69 and its two-hundred day moving average is $221.63. Primerica has a 1 year low of $173.00 and a 1 year high of $256.56.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Tuesday, February 13th. The financial services provider reported $4.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.27 by ($0.02). The firm had revenue of $726.34 million during the quarter, compared to analysts’ expectations of $723.64 million. Primerica had a return on equity of 27.83% and a net margin of 20.37%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm earned $3.49 EPS. As a group, sell-side analysts expect that Primerica will post 17.78 EPS for the current year.

Primerica Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Wednesday, February 21st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend was Tuesday, February 20th. This is an increase from Primerica’s previous quarterly dividend of $0.65. Primerica’s payout ratio is presently 18.89%.

Insider Transactions at Primerica

In related news, COO Gregory C. Pitts sold 3,759 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $245.43, for a total value of $922,571.37. Following the sale, the chief operating officer now owns 3,379 shares in the company, valued at $829,307.97. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Primerica news, COO Gregory C. Pitts sold 3,759 shares of Primerica stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $245.43, for a total transaction of $922,571.37. Following the completion of the sale, the chief operating officer now directly owns 3,379 shares in the company, valued at approximately $829,307.97. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John A. Jr. Addison sold 1,215 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $249.00, for a total transaction of $302,535.00. Following the completion of the sale, the director now directly owns 16,467 shares in the company, valued at $4,100,283. The disclosure for this sale can be found here. Insiders sold a total of 6,708 shares of company stock worth $1,648,677 over the last three months. 0.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Primerica

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRI. State of Michigan Retirement System raised its stake in shares of Primerica by 2.4% during the 1st quarter. State of Michigan Retirement System now owns 8,619 shares of the financial services provider’s stock valued at $2,180,000 after buying an additional 200 shares during the last quarter. Ausbil Investment Management Ltd raised its position in Primerica by 4.6% during the first quarter. Ausbil Investment Management Ltd now owns 3,149 shares of the financial services provider’s stock valued at $794,000 after acquiring an additional 139 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Primerica by 2.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,250 shares of the financial services provider’s stock valued at $2,087,000 after acquiring an additional 221 shares during the period. Riverview Trust Co acquired a new position in Primerica in the first quarter valued at approximately $209,000. Finally, Ballentine Partners LLC purchased a new stake in Primerica in the 1st quarter worth approximately $207,000. 90.88% of the stock is owned by institutional investors and hedge funds.

About Primerica

Primerica, Inc, together with its subsidiaries, provides financial products and services to middle-income households in the United States and Canada. The company operates in four segments: Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products.