Morgan Stanley Raises Primerica (NYSE:PRI) Price Target to $308.00

Key Points

• Morgan Stanley raised Primerica's target price from $292.00 to $308.00, indicating an expected potential upside of 18.31% from its previous close.
• Primerica reported a quarterly earnings per share (EPS) of $5.46, exceeding the consensus estimate of $5.18, with a slight year-over-year revenue increase of 0.3%.
• CEO Glenn J. Williams sold 2,500 shares of Primerica stock, representing a 6.43% decrease in his ownership, amid significant institutional investor activity in the company's shares.

Primerica (NYSE:PRI - Get Free Report) had its price objective hoisted by analysts at Morgan Stanley from $292.00 to $308.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an "equal weight" rating on the financial services provider's stock. Morgan Stanley's price target points to a potential upside of 14.08% from the company's current price.

A number of other brokerages have also recently issued reports on PRI. Keefe, Bruyette & Woods upped their target price on Primerica from $315.00 to $320.00 and gave the stock a "market perform" rating in a report on Monday, August 11th. Jefferies Financial Group lowered their target price on Primerica from $293.00 to $283.00 and set a "hold" rating for the company in a report on Monday, August 11th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $315.29.

Primerica Stock Performance

Shares of Primerica stock traded up $4.8760 during trading on Monday, reaching $269.9860. 144,979 shares of the company's stock were exchanged, compared to its average volume of 163,886. Primerica has a 1-year low of $230.98 and a 1-year high of $307.91. The company has a market cap of $8.74 billion, a P/E ratio of 13.34 and a beta of 0.99. The firm's 50-day moving average price is $265.62 and its 200 day moving average price is $270.31.

Primerica (NYSE:PRI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $5.46 EPS for the quarter, topping analysts' consensus estimates of $5.18 by $0.28. Primerica had a return on equity of 32.42% and a net margin of 21.48%.The company had revenue of $796.02 million during the quarter, compared to analysts' expectations of $790.99 million. During the same quarter in the previous year, the firm earned $4.71 EPS. Primerica's revenue was up .3% on a year-over-year basis. As a group, equities research analysts predict that Primerica will post 20.6 EPS for the current year.

Insider Activity at Primerica

In related news, CEO Glenn J. Williams sold 2,500 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $262.20, for a total transaction of $655,500.00. Following the sale, the chief executive officer owned 36,392 shares in the company, valued at $9,541,982.40. This represents a 6.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.61% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Primerica

Institutional investors and hedge funds have recently made changes to their positions in the business. Assetmark Inc. boosted its position in shares of Primerica by 17.1% during the 1st quarter. Assetmark Inc. now owns 1,778 shares of the financial services provider's stock valued at $506,000 after purchasing an additional 260 shares in the last quarter. Cerity Partners LLC boosted its holdings in Primerica by 21.7% in the first quarter. Cerity Partners LLC now owns 5,201 shares of the financial services provider's stock worth $1,480,000 after acquiring an additional 927 shares in the last quarter. Two Sigma Securities LLC bought a new position in Primerica in the fourth quarter worth approximately $391,000. Deutsche Bank AG boosted its holdings in Primerica by 224.3% in the fourth quarter. Deutsche Bank AG now owns 13,367 shares of the financial services provider's stock worth $3,628,000 after acquiring an additional 9,245 shares in the last quarter. Finally, Allianz Asset Management GmbH bought a new position in Primerica in the first quarter worth approximately $2,683,000. Institutional investors own 90.88% of the company's stock.

About Primerica

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.