Primerica (NYSE:PRI) Shares Down 0.5% – What’s Next?

Primerica, Inc. (NYSE:PRI)’s stock price fell 0.5% on Wednesday . The company traded as low as $296.06 and last traded at $297.11. 5,690 shares were traded during mid-day trading, a decline of 96% from the average session volume of 152,724 shares. The stock had previously closed at $298.57.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PRI. Morgan Stanley boosted their price target on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. Truist Financial boosted their price objective on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. TD Cowen boosted their price objective on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Finally, Piper Sandler began coverage on Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $293.50.

Primerica Price Performance

The company has a market cap of $9.93 billion, a PE ratio of 22.70 and a beta of 1.09. The company has a fifty day moving average price of $284.29 and a 200 day moving average price of $258.31.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping 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 company had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. During the same quarter in the previous year, the firm earned $4.28 earnings per share. Primerica’s revenue was up 11.0% on a year-over-year basis. As a group, sell-side analysts predict that Primerica, Inc. will post 19.32 EPS for the current fiscal year.

Primerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s dividend payout ratio is currently 27.50%.

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

Insiders Place Their Bets

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the transaction, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the completion of the sale, the director now directly owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. This represents a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.61% of the stock is owned by insiders.

Institutional Trading of Primerica

Several institutional investors and hedge funds have recently bought and sold shares of PRI. CIBC Asset Management Inc boosted its position in Primerica by 3.5% during the 3rd quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock valued at $279,000 after acquiring an additional 36 shares in the last quarter. Creative Planning boosted its position in Primerica by 0.7% during the 3rd quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock valued at $1,613,000 after acquiring an additional 40 shares in the last quarter. Kingsview Wealth Management LLC boosted its position in Primerica by 0.7% during 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 acquiring an additional 43 shares in the last quarter. Larson Financial Group LLC boosted its position in Primerica by 56.8% during the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 54 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in Primerica by 45.5% during the 2nd quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 60 shares in the last quarter. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

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.