Primerica (NYSE:PRI) Stock Price Up 0.7% – Here’s Why

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PRI shares. Truist Financial lifted their price target 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. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Piper Sandler reduced their price target on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 18th. Finally, TD Cowen upped their price objective on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Primerica currently has an average rating of “Hold” and an average price target of $296.33.

Primerica Trading Up 0.7 %

The firm’s fifty day moving average price is $286.41 and its 200-day moving average price is $265.81. The company has a market cap of $9.12 billion, a price-to-earnings ratio of 20.88 and a beta of 1.09.

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

Primerica Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were issued a dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 annualized dividend and a yield of 1.32%. Primerica’s dividend payout ratio (DPR) is currently 27.50%.

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

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the transaction, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.85% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Commonwealth Equity Services LLC lifted its stake in Primerica by 26.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 3,540 shares of the financial services provider’s stock valued at $838,000 after acquiring an additional 743 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Primerica by 23.6% in the second quarter. Van ECK Associates Corp now owns 15,461 shares of the financial services provider’s stock worth $3,658,000 after purchasing an additional 2,955 shares in the last quarter. Arizona State Retirement System grew its position in Primerica by 1.3% in the second quarter. Arizona State Retirement System now owns 9,755 shares of the financial services provider’s stock valued at $2,308,000 after purchasing an additional 127 shares in the last quarter. Los Angeles Capital Management LLC grew its position in Primerica by 66.3% in the second quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock valued at $23,601,000 after purchasing an additional 39,761 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new stake in Primerica in the 2nd quarter valued at $71,000. 90.88% of the stock is owned by institutional investors and hedge funds.

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.