Primerica (NYSE:PRI) Trading 0.4% Higher – Time to Buy?

Primerica, Inc. (NYSE:PRI)’s share price rose 0.4% during trading on Thursday . The stock traded as high as $281.00 and last traded at $278.65. Approximately 9,726 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 141,810 shares. The stock had previously closed at $277.55.

Analysts Set New Price Targets

Several brokerages recently weighed in on PRI. BMO Capital Markets initiated coverage on shares of Primerica in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price objective on the stock. Keefe, Bruyette & Woods upped their price target on Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a research report on Tuesday, February 18th. Piper Sandler lowered their price objective on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. TD Cowen upped their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Morgan Stanley lowered their price target on shares of Primerica from $313.00 to $304.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $309.86.

Primerica Stock Performance

The firm has a 50-day moving average price of $284.31 and a 200 day moving average price of $279.39. The stock has a market capitalization of $9.24 billion, a P/E ratio of 20.22 and a beta of 1.12.

Primerica (NYSE:PRI) last posted its earnings results on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. On average, equities analysts anticipate that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be paid a $1.04 dividend. This is an increase from Primerica’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date is Friday, February 21st. Primerica’s dividend payout ratio (DPR) is 30.25%.

Primerica announced that its Board of Directors has approved a stock buyback plan on Thursday, November 14th that permits the company to buyback $450.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Primerica

In related news, President Peter W. Schneider sold 2,000 shares of Primerica stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $282.90, for a total value of $565,800.00. Following the completion of the transaction, the president now owns 13,301 shares in the company, valued at approximately $3,762,852.90. This trade represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total value of $845,220.00. Following the sale, the chief executive officer now directly owns 33,322 shares in the company, valued at $9,388,140.28. The trade was a 8.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,234 shares of company stock valued at $1,476,575 over the last 90 days. Company insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in shares of Primerica in the 4th quarter worth about $34,191,000. AQR Capital Management LLC lifted its stake in Primerica by 254.5% in the fourth quarter. AQR Capital Management LLC now owns 116,271 shares of the financial services provider’s stock worth $31,558,000 after purchasing an additional 83,477 shares during the last quarter. Geode Capital Management LLC lifted its stake in Primerica by 11.9% in the fourth quarter. Geode Capital Management LLC now owns 779,760 shares of the financial services provider’s stock worth $211,691,000 after purchasing an additional 82,921 shares during the last quarter. FIL Ltd boosted its position in shares of Primerica by 85.5% during the fourth quarter. FIL Ltd now owns 131,365 shares of the financial services provider’s stock valued at $35,655,000 after buying an additional 60,565 shares during the period. Finally, Cubist Systematic Strategies LLC grew its stake in shares of Primerica by 2,508.8% during the fourth quarter. Cubist Systematic Strategies LLC now owns 57,499 shares of the financial services provider’s stock valued at $15,606,000 after buying an additional 55,295 shares during the last quarter. 90.88% of the stock is 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.