Primerica, Inc. (NYSE:PRI – Get Free Report) was up 1.1% during trading on Monday . The company traded as high as $292.84 and last traded at $291.93. Approximately 108,513 shares changed hands during trading, a decline of 35% from the average daily volume of 166,520 shares. The stock had previously closed at $288.74.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the company. Piper Sandler lowered their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. Keefe, Bruyette & Woods dropped their price objective on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research note on Friday, January 10th. Truist Financial increased their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. TD Cowen boosted their price target on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a report on Tuesday, January 14th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $303.00.
Get Our Latest Stock Analysis on PRI
Primerica Stock Performance
Primerica (NYSE:PRI – Get Free Report) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating the consensus estimate of $4.81 by $0.87. The company had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business’s revenue was up 11.0% compared to the same quarter last year. During the same period last year, the company earned $4.28 earnings per share. On average, equities research analysts forecast that Primerica, Inc. will post 19.55 EPS for the current fiscal year.
Primerica Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were given a dividend of $0.90 per share. The ex-dividend date was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.23%. Primerica’s payout ratio is currently 27.50%.
Primerica declared that its board has approved a share buyback plan 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 reacquire up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
Insider Activity
In other news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the sale, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.61% of the company’s stock.
Institutional Trading of Primerica
Several hedge funds have recently added to or reduced their stakes in PRI. Envestnet Asset Management Inc. lifted its holdings in shares of Primerica by 17.6% during the second quarter. Envestnet Asset Management Inc. now owns 72,827 shares of the financial services provider’s stock worth $17,229,000 after buying an additional 10,907 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Primerica by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock valued at $150,880,000 after purchasing an additional 21,836 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Primerica during the 2nd quarter valued at $1,349,000. Vanguard Personalized Indexing Management LLC grew its position in Primerica by 11.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 3,009 shares of the financial services provider’s stock worth $712,000 after purchasing an additional 308 shares during the last quarter. Finally, Blair William & Co. IL grew its position in Primerica by 0.9% in the 2nd quarter. Blair William & Co. IL now owns 12,265 shares of the financial services provider’s stock worth $2,902,000 after purchasing an additional 106 shares during the last quarter. Institutional investors 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.
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