Primerica (NYSE:PRI) Trading 0.7% Higher – Here’s Why

Primerica, Inc. (NYSE:PRI) was up 0.7% on Thursday . The company traded as high as $276.03 and last traded at $273.22. Approximately 16,556 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 155,494 shares. The stock had previously closed at $271.42.

Analysts Set New Price Targets

PRI has been the subject of several research analyst reports. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. TD Cowen increased their target price on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Piper Sandler decreased their price target 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. Finally, Truist Financial boosted their price objective on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $296.33.

Primerica Stock Performance

The firm has a 50-day moving average of $286.27 and a 200-day moving average of $266.19. The firm has a market capitalization of $9.22 billion, a P/E ratio of 21.12 and a beta of 1.11.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. During the same period in the prior year, the firm earned $4.28 earnings per share. Primerica’s revenue was up 11.0% on a year-over-year basis. Equities analysts anticipate that Primerica, Inc. will post 19.32 EPS for the current fiscal year.

Primerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.30%. The ex-dividend date was Thursday, November 21st. Primerica’s dividend payout ratio is presently 27.50%.

Primerica announced that its Board of Directors has authorized a stock buyback plan on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new stake in Primerica in the third quarter worth about $31,000. Prospera Private Wealth LLC purchased a new stake in shares of Primerica in the 3rd quarter worth $31,000. UMB Bank n.a. grew its position in shares of Primerica by 85.9% during the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after buying an additional 67 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of 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 during the period. Finally, Strategic Financial Concepts LLC purchased a new position in Primerica during the 2nd quarter valued at about $71,000. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

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.