Zacks Investment Research downgraded shares of Primerica Inc. (NYSE:PRI) from a buy rating to a hold rating in a research report released on Wednesday.
According to Zacks, “Primerica, Inc. provides financial products and services. It assists its clients in meeting their needs for term life insurance, which it underwrites, 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 means to gain financial independence. The Company’s sales representatives use its proprietary financial needs analysis, or FNA, tool and an educational approach to demonstrate how its products can assist clients to provide financial protection for their families, save for their retirement and manage their debt. The Company’s clients are generally middle income consumers. Primerica also provides an entrepreneurial business opportunity for individuals to distribute its financial products. The Company is based in Duluth, Georgia. “
Other equities research analysts have also issued reports about the company. Wells Fargo & Co. initiated coverage on Primerica in a report on Thursday, September 22nd. They set a market perform rating for the company. Keefe, Bruyette & Woods lowered Primerica from an outperform rating to a market perform rating and boosted their target price for the stock from $58.00 to $60.00 in a report on Tuesday, July 12th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $61.50.
Primerica (NYSE:PRI) opened at 55.10 on Wednesday. The firm has a market cap of $2.56 billion, a P/E ratio of 13.45 and a beta of 0.93. Primerica has a 12-month low of $37.09 and a 12-month high of $59.34. The firm has a 50-day moving average of $55.64 and a 200-day moving average of $53.68.
Primerica (NYSE:PRI) last announced its quarterly earnings results on Monday, August 8th. The company reported $1.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.13. The business earned $379.24 million during the quarter, compared to analyst estimates of $370.76 million. Primerica had a return on equity of 17.32% and a net margin of 13.90%. The firm’s revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.93 EPS. On average, analysts expect that Primerica will post $4.41 EPS for the current year.
In other news, Director Joel M. Babbit sold 1,406 shares of the company’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $57.31, for a total transaction of $80,577.86. Following the completion of the transaction, the director now directly owns 1,915 shares in the company, valued at $109,748.65. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider William A. Kelly sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, September 23rd. The stock was sold at an average price of $57.11, for a total value of $85,665.00. Following the transaction, the insider now owns 23,630 shares of the company’s stock, valued at $1,349,509.30. The disclosure for this sale can be found here. 1.24% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. LS Investment Advisors LLC raised its position in shares of Primerica by 72.9% in the second quarter. LS Investment Advisors LLC now owns 2,853 shares of the company’s stock worth $163,000 after buying an additional 1,203 shares during the period. Huntington National Bank raised its position in shares of Primerica by 4.2% in the second quarter. Huntington National Bank now owns 2,969 shares of the company’s stock worth $170,000 after buying an additional 119 shares during the period. Creative Planning raised its position in shares of Primerica by 289.8% in the third quarter. Creative Planning now owns 3,294 shares of the company’s stock worth $175,000 after buying an additional 2,449 shares during the period. Calvert Investment Management Inc. acquired a new position in shares of Primerica during the second quarter worth approximately $200,000. Finally, Bank of Montreal Can acquired a new position in shares of Primerica during the second quarter worth approximately $207,000.
Primerica Company Profile
Primerica Inc (Primerica) distributes financial products to middle-income households. The Company operates through three segments. The Term Life Insurance segment includes underwriting profits on its in-force book of term life insurance policies, net of reinsurance, which are underwritten by its life insurance company subsidiaries.