Primerica (NYSE:PRI) Trading 0.5% Higher – Time to Buy?

Primerica, Inc. (NYSE:PRI)’s share price was up 0.5% during trading on Tuesday . The stock traded as high as $277.20 and last traded at $276.68. Approximately 13,706 shares were traded during trading, a decline of 90% from the average daily volume of 137,565 shares. The stock had previously closed at $275.22.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PRI shares. Piper Sandler decreased their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. Keefe, Bruyette & Woods upped their target price on shares of Primerica from $315.00 to $320.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 18th. Morgan Stanley boosted 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, February 14th. 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 note on Friday, November 8th. Finally, TD Cowen raised 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. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $311.14.

Primerica Stock Up 0.5 %

The business has a 50 day moving average price of $281.69 and a two-hundred day moving average price of $277.49. The stock has a market cap of $9.23 billion, a P/E ratio of 20.08 and a beta of 1.11.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. On average, research analysts forecast that Primerica, Inc. will post 20.6 earnings per share for the current 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 paid a $1.04 dividend. The ex-dividend date is Friday, February 21st. This represents a $4.16 annualized dividend and a yield of 1.50%. This is an increase from Primerica’s previous quarterly dividend of $0.90. Primerica’s dividend payout ratio (DPR) is presently 30.25%.

Primerica declared that its board has initiated a share buyback plan on Thursday, November 14th that allows the company to buyback $450.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total transaction of $845,220.00. Following the completion of the sale, the chief executive officer now directly owns 33,322 shares in the company, valued at approximately $9,388,140.28. The trade was a 8.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.85% of the stock is currently owned by insiders.

Institutional Trading of Primerica

Institutional investors and hedge funds have recently bought and sold shares of the business. Creative Planning increased its position in shares of Primerica by 0.7% in the third quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock valued at $1,613,000 after buying an additional 40 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Primerica by 359,742.9% in the third quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock valued at $6,679,000 after buying an additional 25,182 shares during the last quarter. Ballentine Partners LLC acquired a new position in shares of Primerica during the 3rd quarter worth approximately $215,000. DekaBank Deutsche Girozentrale grew its holdings in Primerica by 78.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,960 shares of the financial services provider’s stock valued at $512,000 after buying an additional 862 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in shares of Primerica by 0.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 31,613 shares of the financial services provider’s stock valued at $8,381,000 after acquiring an additional 145 shares during the last quarter. 90.88% of the stock is currently 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.