Primerica (NYSE:PRI) Shares Down 0.4% – Here’s Why

Shares of Primerica, Inc. (NYSE:PRI) were down 0.4% during mid-day trading on Tuesday . The company traded as low as $279.67 and last traded at $280.11. Approximately 29,369 shares traded hands during trading, a decline of 79% from the average daily volume of 138,271 shares. The stock had previously closed at $281.18.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PRI shares. Keefe, Bruyette & Woods upped their price target on shares of Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a report on Tuesday. Truist Financial upped their price target on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. 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 report on Wednesday, December 18th. Morgan Stanley upped their price objective on shares of Primerica from $308.00 to $313.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, TD Cowen upped their price objective on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $311.14.

Primerica Stock Up 0.4 %

The stock has a market cap of $9.42 billion, a price-to-earnings ratio of 21.57 and a beta of 1.11. The company’s 50-day moving average is $282.05 and its 200-day moving average is $276.28.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a net margin of 14.95% and a return on equity of 30.93%. On average, research analysts forecast that Primerica, Inc. will post 19.79 earnings per share for the current year.

Primerica Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 21st will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 1.47%. The ex-dividend date is Friday, February 21st. This is a positive change from Primerica’s previous quarterly dividend of $0.90. Primerica’s dividend payout ratio is 27.50%.

Primerica declared that its board has initiated a stock buyback program on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Colonial Trust Co SC acquired a new position in Primerica in the fourth quarter worth about $25,000. True Wealth Design LLC acquired a new stake in shares of Primerica during the fourth quarter worth approximately $27,000. V Square Quantitative Management LLC acquired a new stake in shares of Primerica during the third quarter worth approximately $31,000. Prospera Private Wealth LLC acquired a new stake in shares of Primerica during the third quarter worth approximately $31,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Primerica during the fourth quarter worth approximately $33,000. Institutional investors and hedge funds 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.