Primerica (NYSE:PRI) Shares Up 0.3% – Here’s What Happened

Primerica, Inc. (NYSE:PRI) shares rose 0.3% on Monday . The stock traded as high as $281.16 and last traded at $281.74. Approximately 24,789 shares traded hands during trading, a decline of 82% from the average daily volume of 139,694 shares. The stock had previously closed at $281.03.

Analyst Upgrades and Downgrades

PRI has been the topic of a number of recent research reports. StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a report on Friday, February 7th. TD Cowen lifted their price target on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Morgan Stanley reduced their price objective on shares of Primerica from $313.00 to $304.00 and set an “equal weight” rating for the company in a research note on Friday, February 28th. BMO Capital Markets started coverage on Primerica in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 target price on the stock. Finally, Piper Sandler reduced their price target on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $309.86.

Primerica Stock Performance

The company has a market capitalization of $9.17 billion, a P/E ratio of 20.05 and a beta of 1.12. The stock’s fifty day moving average price is $283.93 and its 200-day moving average price is $279.17.

Primerica (NYSE:PRI) last released its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, topping analysts’ consensus estimates of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. On average, research analysts predict that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors 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 dividend on an annualized basis and a yield of 1.51%. This is a positive change from Primerica’s previous quarterly dividend of $0.90. Primerica’s dividend payout ratio is 30.25%.

Primerica announced that its Board of Directors has initiated a share repurchase program on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, President Peter W. Schneider sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $282.90, for a total transaction of $565,800.00. Following the transaction, the president now directly owns 13,301 shares of the company’s stock, valued at approximately $3,762,852.90. This trade represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $9,388,140.28. This represents a 8.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,234 shares of company stock valued at $1,476,575. 0.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Primerica

A number of hedge funds have recently added to or reduced their stakes in PRI. CIBC Asset Management Inc grew its holdings in shares of Primerica by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 36 shares in the last quarter. Mariner LLC boosted its holdings in shares of Primerica by 1.4% in the 4th quarter. Mariner LLC now owns 2,611 shares of the financial services provider’s stock valued at $709,000 after purchasing an additional 36 shares in the last quarter. Kingsview Wealth Management LLC increased its stake in shares of Primerica by 0.7% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock valued at $1,549,000 after purchasing an additional 43 shares during the last quarter. Dana Investment Advisors Inc. raised its holdings in shares of Primerica by 1.2% during the 4th quarter. Dana Investment Advisors Inc. now owns 3,729 shares of the financial services provider’s stock worth $1,012,000 after buying an additional 45 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in shares of Primerica by 56.8% during the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after buying an additional 54 shares during the last quarter. Institutional investors own 90.88% of the company’s stock.

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.