TD Cowen Begins Coverage on Primerica (NYSE:PRI)

TD Cowen started coverage on shares of Primerica (NYSE:PRI) in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage issued a buy rating and a $314.00 price objective on the financial services provider’s stock.

PRI has been the topic of several other reports. Piper Sandler assumed coverage on shares of Primerica in a research report on Friday, August 30th. They set a neutral rating and a $283.00 price target on the stock. Jefferies Financial Group raised their target price on shares of Primerica from $239.00 to $249.00 and gave the company a hold rating in a research note on Thursday, July 18th. StockNews.com raised Primerica from a hold rating to a buy rating in a research report on Friday, October 4th. Keefe, Bruyette & Woods raised their price objective on Primerica from $255.00 to $275.00 and gave the company a market perform rating in a research report on Wednesday, July 17th. Finally, Truist Financial boosted their target price on Primerica from $275.00 to $300.00 and gave the stock a buy rating in a report on Friday, August 9th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Primerica has a consensus rating of Hold and a consensus price target of $281.67.

Primerica Price Performance

Shares of NYSE PRI opened at $277.57 on Wednesday. The business has a 50-day moving average of $259.85 and a 200-day moving average of $242.15. The stock has a market capitalization of $9.55 billion, a price-to-earnings ratio of 16.89 and a beta of 1.09. Primerica has a fifty-two week low of $184.76 and a fifty-two week high of $279.89.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share for the quarter, beating analysts’ consensus estimates of $4.47 by $0.24. Primerica had a return on equity of 27.81% and a net margin of 14.85%. The firm had revenue of $803.38 million during the quarter, compared to the consensus estimate of $748.88 million. During the same period last year, the company earned $3.99 earnings per share. The business’s revenue was up 16.7% compared to the same quarter last year. On average, sell-side analysts expect that Primerica will post 18.05 EPS for the current year.

Primerica Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Wednesday, August 21st were given a dividend of $0.90 per share. This is a boost from Primerica’s previous quarterly dividend of $0.75. The ex-dividend date was Wednesday, August 21st. This represents a $3.60 annualized dividend and a yield of 1.30%. Primerica’s dividend payout ratio (DPR) is presently 21.91%.

Insider Activity

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $252.55, for a total value of $757,650.00. Following the completion of the sale, the chief executive officer now owns 45,322 shares in the company, valued at $11,446,071.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, President Peter W. Schneider sold 1,500 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $261.11, for a total transaction of $391,665.00. Following the sale, the president now owns 10,259 shares of the company’s stock, valued at $2,678,727.49. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $252.55, for a total value of $757,650.00. Following the sale, the chief executive officer now owns 45,322 shares of the company’s stock, valued at approximately $11,446,071.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,500 shares of company stock valued at $1,657,015. 0.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC grew its stake in Primerica by 30,726.7% during the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after buying an additional 678,752 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in shares of Primerica by 66.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock worth $23,601,000 after acquiring an additional 39,761 shares in the last quarter. Squarepoint Ops LLC increased its stake in Primerica by 2,986.9% in the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after acquiring an additional 31,064 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in Primerica during the second quarter valued at approximately $71,000. Finally, Dimensional Fund Advisors LP lifted its stake in Primerica by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock worth $150,880,000 after purchasing an additional 21,836 shares during the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

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.