Primerica (NYSE:PRI) Trading Up 1.5% – Here’s Why

Primerica, Inc. (NYSE:PRI)’s stock price shot up 1.5% on Wednesday . The company traded as high as $295.88 and last traded at $295.53. 15,824 shares were traded during mid-day trading, a decline of 88% from the average session volume of 131,767 shares. The stock had previously closed at $291.19.

Analyst Upgrades and Downgrades

PRI has been the topic of a number of recent research reports. Piper Sandler lowered their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. Keefe, Bruyette & Woods cut their target price on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research note on Friday, January 10th. StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a research report on Thursday, January 30th. TD Cowen boosted their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Truist Financial raised their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $304.14.

Primerica Stock Up 1.4 %

The company has a market cap of $9.85 billion, a price-to-earnings ratio of 22.57 and a beta of 1.11. The business’s fifty day simple moving average is $283.83 and its two-hundred day simple moving average is $273.86.

Primerica (NYSE:PRI) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The company had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. Primerica’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the business earned $4.28 earnings per share. Sell-side analysts predict that Primerica, Inc. will post 19.79 EPS for the current fiscal year.

Primerica announced that its board has authorized a share buyback plan on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the sale, the chief executive officer now directly owns 36,322 shares in the company, valued at $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.61% of the stock is owned by company insiders.

Hedge Funds Weigh In On Primerica

Several hedge funds have recently made changes to their positions in PRI. Geode Capital Management LLC increased its stake in shares of Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after acquiring an additional 25,951 shares during the last quarter. Raymond James & Associates boosted its holdings in Primerica by 4.6% in the 3rd quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock valued at $32,176,000 after purchasing an additional 5,323 shares during the period. Los Angeles Capital Management LLC lifted its stake in shares of 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 buying an additional 11,612 shares during the period. Prospector Partners LLC increased its stake in Primerica by 0.3% during the third quarter. Prospector Partners LLC now owns 77,055 shares of the financial services provider’s stock valued at $20,431,000 after acquiring an additional 210 shares during the period. Finally, Stifel Financial Corp lifted its position in shares of Primerica by 0.5% in the 3rd quarter. Stifel Financial Corp now owns 63,984 shares of the financial services provider’s stock worth $16,965,000 after acquiring an additional 333 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.