Primerica (NYSE: PRI) has been improved by Zacks investment research from a “keep” note to a “buy” note in a report published on Wednesday, Zacks.com reports. The company currently has a target price of $ 173.00 on shares of the financial services provider. Zacks investment researchThe price target for s suggests a potential rise of 11.03% from the stock’s previous close.
According to Zacks, “Primerica, Inc. provides financial products and services. It helps clients meet their needs for term life insurance, which it purchases, 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 the means to achieve financial independence. The Company’s sales representatives use its proprietary Financial Needs Analysis Tool, or FNA, and an educational tool approach to demonstrate how its products can help customers provide financial protection for their families, save for retirement and manage their debts. The Company’s customers are generally middle-income consumers. Primerica also provides a business opportunity for individuals to distribute its financial products. The company is based in Duluth, Georgia. “
Several other equity research analysts have also published reports on the stock. Morgan Stanley raised its target price on Primerica shares from $ 175.00 to $ 180.00 and rated the stock “overweight” in a report released on Friday, January 7. William Blair reaffirmed an “outperformance” rating on Primerica stocks in a research note on Monday, September 20. One analyst rated the stock with a sell rating and four gave the stock a buy rating. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $ 168.83.
Actions of NYSE: PRI open at $ 155.82 Wednesday. The company has a fifty-day moving average price of $ 155.21 and a 200-day moving average price of $ 153.69. The company has a debt ratio of 0.06, a current ratio of 0.53, and a rapid ratio of 0.53. The company has a market cap of $ 6.15 billion, a PE ratio of 14.14 and a beta of 1.42. Primerica has a one-year minimum of $ 130.70 and a one-year maximum of $ 179.51.
Primerica (NYSE: PRI) last released its quarterly results on Monday, November 8. The financial services provider reported EPS of $ 2.98 for the quarter, hitting Thomson Reuters’ consensus estimate of $ 2.98. Primerica had a net margin of 16.97% and a return on equity of 22.60%. The company posted revenue of $ 693.24 million in the quarter, compared to analysts’ estimates of $ 682.09 million. In the same quarter of the previous year, the company achieved EPS of $ 2.78. The company’s revenue for the quarter increased 22.0% from the same quarter last year. On average, sell-side analysts predict that Primerica will post 11.91 earnings per share for the current fiscal year.
Primerica announced that its board of directors approved a share buyback program on Wednesday, November 17 that authorizes the company to repurchase $ 275.00 million of shares. This buyback authorization authorizes the financial services provider to buy back up to 4.5% of its shares through market purchases. Share buyback programs are usually a sign that company management believes its shares are undervalued.
Meanwhile, Chairman Peter W. Schneider sold 3,500 shares of the company in a trade on Monday, November 29. The shares were sold for an average price of $ 149.11, for a total value of $ 521,885.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Additionally, CFO Alison S. Rand sold 1,500 company shares in a trade on Tuesday, November 30. The stock was sold for an average price of $ 147.56, for a total trade of $ 221,340.00. Disclosure of this sale can be found here. In the past 90 days, insiders have sold 9,000 shares of the company valued at $ 1,390,985. Company insiders own 0.90% of the company’s shares.
Hedge funds have recently changed their positions in the company. Principal Financial Group Inc. increased its position in Primerica shares by 2.8% in the second quarter. Principal Financial Group Inc. now owns 149,584 shares of the financial services provider valued at $ 22,908,000 after acquiring 4,043 additional shares in the last quarter. The New York State Common Retirement Fund increased its position in Primerica by 0.3% in the third quarter. The New York State Pooled Retirement Fund now owns 46,906 shares of the financial services provider valued at $ 7,206,000 after purchasing 137 more shares in the last quarter. Redwood Investment Management LLC acquired a new position in Primerica in the second quarter valued at approximately $ 287,000. Advisory Services Network LLC acquired a new position in Primerica in the second quarter valued at approximately $ 35,000. Finally, Epoch Investment Partners Inc. increased its position in Primerica by 1.0% in the second quarter. Epoch Investment Partners Inc. now owns 58,162 shares of the financial services provider valued at $ 8,907,000 after purchasing an additional 572 shares in the last quarter. 89.40% of the shares are currently held by hedge funds and other institutional investors.
Primerica, Inc is committed to providing financial products to middle income households. It operates in the following segments: term life insurance, investment and savings products and corporate products and other distributed products. The Term Life Insurance segment includes underwriting profits in the in-force term life insurance policy portfolio.
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