Primerica, Inc. (NYSE:PRI – Get Rating) – Research analysts at Jefferies Financial Group upped their Q1 2023 EPS estimates for shares of Primerica in a note issued to investors on Monday, November 21st. Jefferies Financial Group analyst D. Bergman now forecasts that the financial services provider will post earnings of $2.79 per share for the quarter, up from their previous forecast of $2.75. The consensus estimate for Primerica’s current full-year earnings is $10.98 per share. Jefferies Financial Group also issued estimates for Primerica’s Q3 2023 earnings at $3.41 EPS.
A number of other equities research analysts also recently weighed in on PRI. William Blair downgraded shares of Primerica from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 10th. StockNews.com assumed coverage on shares of Primerica in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Morgan Stanley increased their target price on shares of Primerica from $135.00 to $137.00 and gave the company an “equal weight” rating in a research note on Thursday, November 17th. Finally, Truist Financial increased their target price on shares of Primerica from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, August 10th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $161.40.
Primerica Stock Performance
Primerica (NYSE:PRI – Get Rating) last issued its quarterly earnings data on Tuesday, November 8th. The financial services provider reported $3.02 EPS for the quarter, topping analysts’ consensus estimates of $2.94 by $0.08. Primerica had a net margin of 10.01% and a return on equity of 22.96%. The firm had revenue of $673.29 million for the quarter, compared to analyst estimates of $675.99 million. During the same quarter in the previous year, the business posted $2.98 EPS. The firm’s revenue was down 2.9% compared to the same quarter last year.
Hedge Funds Weigh In On Primerica
Several large investors have recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Primerica by 6.2% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,149,476 shares of the financial services provider’s stock valued at $496,651,000 after purchasing an additional 241,400 shares during the period. Burgundy Asset Management Ltd. increased its position in Primerica by 2.1% during the second quarter. Burgundy Asset Management Ltd. now owns 1,286,132 shares of the financial services provider’s stock worth $153,937,000 after acquiring an additional 26,215 shares during the period. State Street Corp increased its position in Primerica by 0.6% during the second quarter. State Street Corp now owns 1,112,658 shares of the financial services provider’s stock worth $133,174,000 after acquiring an additional 6,390 shares during the period. Dimensional Fund Advisors LP increased its position in Primerica by 3.0% during the third quarter. Dimensional Fund Advisors LP now owns 789,714 shares of the financial services provider’s stock worth $97,492,000 after acquiring an additional 23,225 shares during the period. Finally, Fiduciary Management Inc. WI increased its position in Primerica by 24.1% during the third quarter. Fiduciary Management Inc. WI now owns 650,929 shares of the financial services provider’s stock worth $80,357,000 after acquiring an additional 126,492 shares during the period. 91.10% of the stock is owned by institutional investors.
Insider Buying and Selling at Primerica
In other news, CFO Alison S. Rand sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 31st. The shares were sold at an average price of $127.40, for a total value of $191,100.00. Following the completion of the transaction, the chief financial officer now owns 12,433 shares in the company, valued at $1,583,964.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Glenn J. Williams sold 4,000 shares of the stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $142.38, for a total value of $569,520.00. Following the transaction, the chief executive officer now directly owns 54,215 shares of the company’s stock, valued at $7,719,131.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alison S. Rand sold 1,500 shares of the stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $127.40, for a total transaction of $191,100.00. Following the completion of the transaction, the chief financial officer now directly owns 12,433 shares in the company, valued at $1,583,964.20. The disclosure for this sale can be found here. Insiders own 0.85% of the company’s stock.
Primerica declared that its board has approved a share repurchase program on Thursday, August 11th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Primerica Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 14th. Investors of record on Tuesday, November 22nd will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Monday, November 21st. Primerica’s dividend payout ratio (DPR) is 31.03%.
Primerica Company Profile
Primerica, Inc, together with its subsidiaries, provides financial products 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. The Term Life Insurance segment underwrites individual term life insurance products.
- Get a free copy of the StockNews.com research report on Primerica (PRI)
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