Primerica Reports Strong Earnings Results

Primerica (NYSE:PRI - Get Free Report) announced its earnings for the quarter on Tuesday, revealing a remarkable $5.03 EPS, which exceeded analysts' expectations of $4.81 by $0.22. The financial services firm showcased a solid return on equity of 30.93% and maintained a net margin of 14.95%.

Stock Market Performance of Primerica

During the trading session on Tuesday, Primerica's stock, symbol PRI, fell by $2.42, closing at $290.74. Approximately 189,285 shares changed hands, compared to its typical volume of 138,385 shares. The company possesses a market capitalization of $9.70 billion, a price-to-earnings ratio of 22.21, and a beta of 1.11. Its 50-day moving average stands at $283.22, while the 200-day moving average is $275.15. Over the past year, Primerica's stock has experienced a low of $184.76 and a high of $307.91.

On Thursday, November 14th, Primerica's Board of Directors unveiled a share buyback program, authorizing the company to repurchase up to $450 million of its shares. This initiative allows Primerica to buy back roughly 4.5% of its outstanding shares through open market transactions. Generally, a share buyback program indicates that the board believes the company's stock is undervalued.

Comments from Analysts

Several research analysts have provided insight on Primerica following its earnings report. Notably, TD Cowen raised its price target for the stock from $314.00 to $345.00 and maintained a 'buy' rating. Conversely, Piper Sandler reduced their target from $313.00 to $300.00 and assigned a 'neutral' rating in their analysis. Additionally, Keefe, Bruyette & Woods lowered their target from $320.00 to $315.00, while BMO Capital Markets initiated coverage with a target of $311.00, also giving it a 'market perform' rating. Truist Financial increased their target price from $300.00 to $340.00 and rated it as 'buy'. Overall, seven analysts suggest holding the stock, while two have issued a buy rating, resulting in an average rating of 'Hold' with an anticipated target price of $304.14.

About Primerica, Inc.

Primerica, Inc., along with its subsidiaries, offers a range of financial products and services aimed primarily at middle-income households in the United States and Canada. The company operates in four key segments: Term Life Insurance, Investment and Savings Products, Senior Health, and Corporate and Other Distributed Products.

earnings, stock, finance