Primerica (NYSE:PRI) Shares Up 1.6% – Here’s Why

Primerica, Inc. (NYSE:PRI) traded up 1.6% during mid-day trading on Tuesday . The stock traded as high as $294.99 and last traded at $294.84. 17,637 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 132,026 shares. The stock had previously closed at $290.27.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Piper Sandler decreased their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. TD Cowen raised their price objective on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. BMO Capital Markets began coverage on shares of Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 target price on the stock. Truist Financial raised their price target on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Keefe, Bruyette & Woods decreased their price objective on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a report on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Primerica has a consensus rating of “Hold” and an average price target of $304.14.

Primerica Stock Up 0.5 %

The business has a 50-day simple moving average of $284.35 and a 200-day simple moving average of $273.28. The company has a market cap of $9.74 billion, a PE ratio of 22.30 and a beta of 1.11.

Primerica (NYSE:PRI) last posted its quarterly earnings data 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 firm had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. During the same quarter in the previous year, the business earned $4.28 EPS. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. As a group, equities research analysts predict that Primerica, Inc. will post 19.79 EPS for the current fiscal year.

Primerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date was Thursday, November 21st. Primerica’s dividend payout ratio is currently 27.50%.

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

Insider Activity at Primerica

In other Primerica 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 owns 36,322 shares in the company, valued at $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.61% of the stock is owned by corporate insiders.

Institutional Trading of Primerica

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC acquired a new position in Primerica during the third quarter worth about $31,000. Prospera Private Wealth LLC purchased a new stake in shares of Primerica during the 3rd quarter worth approximately $31,000. Golden State Wealth Management LLC acquired a new stake in shares of Primerica in the 4th quarter worth approximately $33,000. UMB Bank n.a. increased its stake in Primerica by 85.9% in the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 67 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 54 shares during the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

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.