Morgan Stanley Forecasts Strong Price Appreciation for Primerica (NYSE:PRI) Stock

Primerica (NYSE:PRI) had its target price raised by equities researchers at Morgan Stanley from $308.00 to $313.00 in a report released on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target suggests a potential upside of 11.27% from the company’s previous close.

A number of other analysts have also commented on PRI. Piper Sandler reduced their price objective on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. BMO Capital Markets assumed coverage on shares of Primerica in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target for the company. Truist Financial lifted their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods reduced their target price on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Friday, January 10th. Finally, StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a report on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Primerica presently has an average rating of “Hold” and a consensus price target of $310.43.

Primerica Stock Performance

Shares of NYSE:PRI opened at $281.29 on Friday. The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of 21.49 and a beta of 1.11. Primerica has a 1-year low of $184.76 and a 1-year high of $307.91. The company has a 50 day moving average price of $282.17 and a 200 day moving average price of $275.91.

Primerica (NYSE:PRI) last issued its earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 30.93% and a net margin of 14.95%. On average, sell-side analysts expect that Primerica will post 19.79 EPS for the current fiscal year.

Primerica declared that its Board of Directors has authorized a stock repurchase program on Thursday, November 14th that permits the company to repurchase $450.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Primerica

Institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new stake in Primerica in the third quarter valued at approximately $31,000. Prospera Private Wealth LLC acquired a new stake in shares of Primerica in the 3rd quarter valued at $31,000. Golden State Wealth Management LLC bought a new stake in Primerica in the fourth quarter worth $33,000. EverSource Wealth Advisors LLC increased its position in Primerica by 129.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock worth $34,000 after buying an additional 71 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after buying an additional 54 shares in the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Primerica Company Profile

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.