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 report released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $128.00 price target 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 price objective on shares of Primerica and gave the company a sell rating in a report on Thursday, May 23rd.

NYSE PRI opened at $115.57 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.55 and a debt-to-equity ratio of 0.04. Primerica has a 12-month low of $90.28 and a 12-month high of $132.17. The company has a market capitalization of $4.59 billion, a PE ratio of 13.89 and a beta of 1.39. The firm’s 50 day moving average is $120.40 and its 200-day moving average is $122.01.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $2.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.14 by $0.07. Primerica had a net margin of 17.66% and a return on equity of 22.77%. The company had revenue of $504.90 million for the quarter, compared to the consensus estimate of $503.84 million. During the same period last year, the company earned $1.93 earnings per share. The firm’s revenue was up 7.9% compared to the same quarter last year. As a group, sell-side analysts expect that Primerica will post 8.2 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Wednesday, August 21st will be paid a $0.34 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $1.36 annualized dividend and a dividend yield of 1.18%. Primerica’s dividend payout ratio is presently 18.55%.

In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $110.83, for a total value of $332,490.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Alison S. Rand sold 2,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $119.69, for a total transaction of $239,380.00. Following the completion of the transaction, the chief financial officer now directly owns 19,337 shares of the company’s stock, valued at $2,314,445.53. The disclosure for this sale can be found here. Insiders sold 7,000 shares of company stock valued at $801,910 over the last three months. 0.84% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. Eaton Vance Management acquired a new stake in shares of Primerica during the second quarter worth $1,012,000. Doyle Wealth Management acquired a new stake in shares of Primerica during the second quarter worth $54,000. Nuveen Asset Management LLC lifted its holdings in shares of Primerica by 2,727.4% during the second 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. lifted its holdings in shares of Primerica by 100.8% during the second 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 lifted its holdings in shares of Primerica by 4,405.5% during the second 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. 91.54% of the stock is owned by institutional investors and hedge funds.

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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