Primerica (NYSE:PRI) Stock Price Up 1.6% – Here’s What Happened

Shares of Primerica, Inc. (NYSE:PRI) shot up 1.6% on Friday . The stock traded as high as $281.64 and last traded at $281.19. 13,817 shares changed hands during trading, a decline of 90% from the average session volume of 141,266 shares. The stock had previously closed at $276.70.

Analysts Set New Price Targets

Several brokerages recently weighed in on PRI. Keefe, Bruyette & Woods lifted 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. Morgan Stanley reduced their price target on Primerica from $313.00 to $304.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. BMO Capital Markets initiated coverage on Primerica in a research report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price target for the company. Piper Sandler dropped their price objective on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. Finally, StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Primerica presently has a consensus rating of “Hold” and an average target price of $309.86.

Primerica Price Performance

The firm has a fifty day simple moving average of $284.41 and a 200 day simple moving average of $279.37. The company has a market capitalization of $9.47 billion, a price-to-earnings ratio of 20.73 and a beta of 1.12.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. Research analysts predict that Primerica, Inc. will post 20.6 EPS for the current 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. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from Primerica’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.46%. Primerica’s payout ratio is currently 30.25%.

Primerica announced that its Board of Directors has initiated a share buyback program on Thursday, November 14th that permits the company to repurchase $450.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Primerica

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

Hedge Funds Weigh In On Primerica

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRI. Geode Capital Management LLC raised its position in Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after purchasing an additional 25,951 shares during the period. Barclays PLC raised its position in Primerica by 108.1% in the third quarter. Barclays PLC now owns 20,471 shares of the financial services provider’s stock valued at $5,428,000 after purchasing an additional 10,635 shares during the period. Sylvest Advisors LLC purchased a new stake in Primerica in the fourth quarter valued at $543,000. Oak Thistle LLC raised its position in Primerica by 64.9% in the fourth quarter. Oak Thistle LLC now owns 4,936 shares of the financial services provider’s stock valued at $1,340,000 after purchasing an additional 1,943 shares during the period. Finally, Los Angeles Capital Management LLC raised its position in Primerica by 10.7% in the fourth quarter. Los Angeles Capital Management LLC now owns 120,011 shares of the financial services provider’s stock valued at $32,573,000 after purchasing an additional 11,612 shares during the period. Institutional investors and hedge funds own 90.88% of the company’s stock.

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.