Primerica (NYSE:PRI) has been assigned a $102.00 target price by stock analysts at Wells Fargo & Co in a note issued to investors on Wednesday, February 7th. The firm currently has a “hold” rating on the financial services provider’s stock. Wells Fargo & Co’s price target would indicate a potential upside of 2.51% from the stock’s previous close.
The analysts wrote, “We would peg normalized EPS at around $1.49 after backing out $0.05 per share of associated with a benefit from changing the state of domicile for Primerica Life, $0.03 per share from a deferred acquisition cost (DAC) adjustment in Investment and Savings Products (ISP) and $0.03 per share from lower tax rate. We are maintaining our 2018 adjusted EPS estimate at $7.25 to reflect higher asset levels and lower share count offset by a higher guided tax rate than we were modeling. We are raising our 2019E to $8.00 from $7.85 to reflect higher assets levels and a lower share count. Additionally, we are introducing our 2020 EPS estimate of $8.80. FactSet 2018 consensus of $7.03 does not seem to reflect the impact of tax reform in all estimates. We are raising our price target to $102 per share from $100. We expect PRI shares to react favorably to the beat in the quarter. Please see Figure 1 for more detail. What we liked.””
Several other research firms also recently commented on PRI. SunTrust Banks lifted their price objective on Primerica to $112.00 and gave the stock a “hold” rating in a report on Monday, January 22nd. Zacks Investment Research downgraded Primerica from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. ValuEngine raised Primerica from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $95.00 target price on shares of Primerica in a research report on Friday, November 10th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Primerica currently has an average rating of “Hold” and a consensus target price of $101.25.
Shares of Primerica (PRI) traded up $0.60 during mid-day trading on Wednesday, reaching $99.50. The company had a trading volume of 151,824 shares, compared to its average volume of 210,151. The stock has a market capitalization of $4,400.00, a price-to-earnings ratio of 13.06, a price-to-earnings-growth ratio of 1.37 and a beta of 1.14. Primerica has a 12 month low of $70.00 and a 12 month high of $108.05.
Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, February 7th. The financial services provider reported $1.60 EPS for the quarter, beating the consensus estimate of $1.43 by $0.17. Primerica had a return on equity of 19.47% and a net margin of 20.74%. The business had revenue of $442.94 million during the quarter, compared to analyst estimates of $435.87 million. During the same quarter last year, the firm posted $1.19 earnings per share. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. sell-side analysts forecast that Primerica will post 7.24 EPS for the current fiscal year.
Primerica declared that its board has approved a share buyback program on Wednesday, February 7th that allows the company to repurchase $225.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in Primerica by 0.9% in the 4th quarter. BlackRock Inc. now owns 4,679,499 shares of the financial services provider’s stock worth $475,203,000 after purchasing an additional 39,870 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its stake in Primerica by 2.4% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,508,400 shares of the financial services provider’s stock worth $286,111,000 after acquiring an additional 81,603 shares during the last quarter. Bamco Inc. NY increased its stake in Primerica by 0.3% in the 4th quarter. Bamco Inc. NY now owns 2,683,565 shares of the financial services provider’s stock worth $272,516,000 after acquiring an additional 7,350 shares during the last quarter. State Street Corp increased its stake in Primerica by 1.3% in the 2nd quarter. State Street Corp now owns 1,780,565 shares of the financial services provider’s stock worth $134,879,000 after acquiring an additional 22,430 shares during the last quarter. Finally, Burgundy Asset Management Ltd. increased its stake in Primerica by 2.7% in the 3rd quarter. Burgundy Asset Management Ltd. now owns 1,681,212 shares of the financial services provider’s stock worth $137,103,000 after acquiring an additional 43,558 shares during the last quarter. 94.36% of the stock is currently owned by institutional investors.
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Primerica Inc (Primerica) is a distributor of financial products to middle-income households in the United States and Canada. The Company operates through three segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products. 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.
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