Primerica (NYSE:PRI) Shares Up 0.2% – Here’s Why

Primerica, Inc. (NYSE:PRI) shares were up 0.2% on Wednesday . The stock traded as high as $276.56 and last traded at $276.55. Approximately 15,758 shares were traded during trading, a decline of 88% from the average daily volume of 128,478 shares. The stock had previously closed at $275.97.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PRI. TD Cowen increased their price target on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a research note on Monday. Truist Financial upped their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Piper Sandler cut their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. Finally, Keefe, Bruyette & Woods reduced 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 report on Friday. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Primerica has an average rating of “Hold” and an average target price of $303.00.

Primerica Stock Down 2.6 %

The company has a fifty day moving average price of $286.20 and a 200-day moving average price of $267.30. The stock has a market capitalization of $9.05 billion, a P/E ratio of 20.72 and a beta of 1.11.

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

Primerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were given a $0.90 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.33%. Primerica’s dividend payout ratio (DPR) is currently 27.50%.

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

Insider Transactions at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the business’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 transaction, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.61% of the company’s stock.

Institutional Trading of Primerica

A number of hedge funds have recently added to or reduced their stakes in PRI. V Square Quantitative Management LLC purchased a new stake in shares of Primerica in the third quarter worth about $31,000. Prospera Private Wealth LLC acquired a new stake in shares of Primerica during the 3rd quarter valued at approximately $31,000. UMB Bank n.a. raised its stake in Primerica by 85.9% during the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 67 shares during the period. Larson Financial Group LLC lifted its stake in Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after buying an additional 54 shares during the last quarter. Finally, Quarry LP raised its holdings in shares of Primerica by 629.2% during the third quarter. Quarry LP now owns 350 shares of the financial services provider’s stock valued at $93,000 after buying an additional 302 shares during the last quarter. 90.88% of the stock is owned by institutional investors and hedge funds.

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.