Primerica (NYSE:PRI) Shares Down 0.4% – Here’s Why

Primerica, Inc. (NYSE:PRI) was down 0.4% during mid-day trading on Tuesday . The stock traded as low as $279.67 and last traded at $280.11. Approximately 29,369 shares traded hands during trading, a decline of 79% from the average daily volume of 138,271 shares. The stock had previously closed at $281.18.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PRI shares. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a report on Friday, February 7th. BMO Capital Markets assumed coverage on Primerica in a research note on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price target on the stock. Truist Financial increased their price target on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Morgan Stanley increased their target price on Primerica from $308.00 to $313.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods increased their price target on Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a report on Tuesday. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $311.14.

Primerica Stock Up 0.4 %

The stock has a market cap of $9.42 billion, a price-to-earnings ratio of 21.57 and a beta of 1.11. The company’s 50-day simple moving average is $282.05 and its 200-day simple moving average is $276.28.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a net margin of 14.95% and a return on equity of 30.93%. As a group, analysts expect that Primerica, Inc. will post 19.79 EPS for the current fiscal year.

Primerica Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 1.47%. This is a boost from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date is Friday, February 21st. Primerica’s payout ratio is presently 27.50%.

Primerica announced that its Board of Directors has initiated a share repurchase plan on Thursday, November 14th that authorizes the company to buyback $450.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Primerica

A number of institutional investors have recently modified their holdings of the stock. Burgundy Asset Management Ltd. boosted its stake in shares of Primerica by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 1,288,473 shares of the financial services provider’s stock valued at $349,717,000 after buying an additional 21,208 shares during the period. Geode Capital Management LLC boosted its stake in shares of Primerica by 11.9% during the 4th quarter. Geode Capital Management LLC now owns 779,760 shares of the financial services provider’s stock valued at $211,691,000 after buying an additional 82,921 shares during the period. Northern Trust Corp boosted its stake in shares of Primerica by 15.6% during the 4th quarter. Northern Trust Corp now owns 347,040 shares of the financial services provider’s stock valued at $94,194,000 after buying an additional 46,935 shares during the period. Fuller & Thaler Asset Management Inc. boosted its holdings in Primerica by 1.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 230,736 shares of the financial services provider’s stock worth $62,626,000 after purchasing an additional 2,905 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Primerica by 0.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 159,774 shares of the financial services provider’s stock worth $43,366,000 after purchasing an additional 1,484 shares in the last quarter. 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.