Primerica (NYSE:PRI) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Primerica (NYSE:PRI) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. They currently have $128.00 target price on the financial services provider’s stock.

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. “

Separately, Citigroup set a $108.00 target price on Primerica and gave the stock a sell rating in a research note on Thursday, May 23rd.

Shares of NYSE PRI opened at $115.57 on Tuesday. The company has a current ratio of 0.55, a quick ratio of 0.57 and a debt-to-equity ratio of 0.04. The company has a market cap of $4.59 billion, a price-to-earnings ratio of 13.89 and a beta of 1.39. Primerica has a 12 month low of $90.28 and a 12 month high of $132.17. The stock has a 50-day moving average price of $120.40 and a two-hundred day moving average price of $122.01.

Primerica (NYSE:PRI) last issued its earnings results on Wednesday, August 7th. The financial services provider reported $2.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.14 by $0.07. The firm had revenue of $504.90 million during the quarter, compared to the consensus estimate of $503.84 million. Primerica had a return on equity of 22.77% and a net margin of 17.66%. The business’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.93 earnings per share. On average, sell-side analysts predict that Primerica will post 8.2 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Wednesday, August 21st will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend is Tuesday, August 20th. Primerica’s dividend payout ratio (DPR) is currently 18.55%.

In other news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $110.83, for a total transaction of $332,490.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Peter W. Schneider sold 2,000 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $115.02, for a total value of $230,040.00. Following the sale, the president now owns 32,790 shares in the company, valued at $3,771,505.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,000 shares of company stock worth $801,910. Company insiders own 0.84% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Eaton Vance Management bought a new position in shares of Primerica during the 2nd quarter worth approximately $1,012,000. Doyle Wealth Management bought a new position in shares of Primerica during the 2nd quarter worth approximately $54,000. Nuveen Asset Management LLC boosted its holdings in shares of Primerica by 2,727.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 112,304 shares of the financial services provider’s stock worth $13,470,000 after buying an additional 108,332 shares in the last quarter. UBS Asset Management Americas Inc. boosted its holdings in shares of Primerica by 100.8% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 79,448 shares of the financial services provider’s stock worth $9,530,000 after buying an additional 39,877 shares in the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of Primerica by 4,405.5% during the 2nd quarter. Jane Street Group LLC now owns 75,287 shares of the financial services provider’s stock worth $9,031,000 after buying an additional 73,616 shares in the last quarter. Institutional investors own 91.54% of the company’s stock.

About Primerica

Primerica, Inc, together with its subsidiaries, provides financial products to middle income households in the United States and Canada. The company operates in three segments: Term Life Insurance; Investment and Savings Products; and Corporate and Other Distributed Products. It underwrites individual term life insurance products.

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