Truist Financial Increases Primerica (NYSE:PRI) Price Target to $300.00

Primerica (NYSE:PRI) had its price target lifted by Truist Financial from $275.00 to $300.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target suggests a potential upside of 19.55% from the company’s previous close.

A number of other research analysts have also recently commented on PRI. Keefe, Bruyette & Woods upped their target price on Primerica from $255.00 to $275.00 and gave the company a “market perform” rating in a research note on Wednesday, July 17th. Morgan Stanley reduced their target price on Primerica from $245.00 to $243.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Finally, Jefferies Financial Group boosted their price objective on shares of Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a research report on Thursday, July 18th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $266.75.

Primerica Stock Performance

NYSE PRI traded up $1.64 on Friday, hitting $250.95. 6,730 shares of the stock were exchanged, compared to its average volume of 165,069. Primerica has a 52-week low of $184.76 and a 52-week high of $256.56. The firm has a market capitalization of $8.64 billion, a P/E ratio of 15.10 and a beta of 1.09. The stock has a fifty day moving average price of $238.19 and a two-hundred day moving average price of $235.94.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.71 EPS for the quarter, topping analysts’ consensus estimates of $4.47 by $0.24. Primerica had a net margin of 20.44% and a return on equity of 27.35%. The firm had revenue of $803.38 million during the quarter, compared to analysts’ expectations of $748.88 million. During the same period in the previous year, the company earned $3.99 EPS. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. Sell-side analysts expect that Primerica will post 17.73 earnings per share for the current fiscal year.

Insider Activity at Primerica

In related news, President Peter W. Schneider sold 1,500 shares of the stock in a transaction on Friday, May 24th. The shares were sold at an average price of $227.44, for a total transaction of $341,160.00. Following the sale, the president now directly owns 11,759 shares of the company’s stock, valued at $2,674,466.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $222.76, for a total value of $668,280.00. Following the completion of the sale, the chief executive officer now owns 48,322 shares in the company, valued at approximately $10,764,208.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Peter W. Schneider sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $227.44, for a total value of $341,160.00. Following the transaction, the president now owns 11,759 shares in the company, valued at $2,674,466.96. The disclosure for this sale can be found here. 0.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On Primerica

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Primerica during the 4th quarter worth $31,194,000. Los Angeles Capital Management LLC raised its stake in Primerica by 47.9% during the fourth quarter. Los Angeles Capital Management LLC now owns 125,585 shares of the financial services provider’s stock worth $25,840,000 after purchasing an additional 40,647 shares during the period. Strategic Financial Concepts LLC acquired a new position in Primerica in the 2nd quarter valued at about $71,000. Schroder Investment Management Group grew its position in Primerica by 13.6% in the 4th quarter. Schroder Investment Management Group now owns 124,155 shares of the financial services provider’s stock valued at $25,546,000 after acquiring an additional 14,904 shares in the last quarter. Finally, Burgundy Asset Management Ltd. boosted its stake in shares of Primerica by 1.2% in the first quarter. Burgundy Asset Management Ltd. now owns 1,220,069 shares of the financial services provider’s stock valued at $308,629,000 after purchasing an additional 14,662 shares during the period. 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.