Primerica (NYSE:PRI) Trading Down 1.4% – What’s Next?

Primerica, Inc. (NYSE:PRI)’s share price dropped 1.4% during mid-day trading on Tuesday . The stock traded as low as $276.55 and last traded at $276.55. Approximately 29,343 shares changed hands during trading, a decline of 81% from the average daily volume of 152,194 shares. The stock had previously closed at $280.53.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PRI. TD Cowen raised their target price on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler reduced their price objective on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday. Truist Financial upped their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $296.33.

Primerica Stock Down 0.1 %

The business has a 50-day moving average price of $287.90 and a 200-day moving average price of $262.56. The firm has a market capitalization of $8.90 billion, a price-to-earnings ratio of 20.39 and a beta of 1.09.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $745.25 million. During the same period last year, the business posted $4.28 earnings per share. The firm’s revenue was up 11.0% compared to the same quarter last year. On average, equities research analysts forecast that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s dividend payout ratio is presently 27.50%.

Primerica declared that its board has initiated a share buyback program on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes 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 management believes its stock is undervalued.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

A number of institutional investors have recently bought and sold shares of PRI. Blue Trust Inc. increased its stake in shares of Primerica by 45.5% in the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 60 shares during the period. Fifth Third Bancorp lifted its position in Primerica by 450.9% during the second quarter. Fifth Third Bancorp now owns 1,614 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 1,321 shares during the period. Fifth Third Wealth Advisors LLC purchased a new stake in Primerica in the second quarter valued at $267,000. &PARTNERS acquired a new stake in Primerica during the 2nd quarter worth about $399,000. Finally, Everhart Financial Group Inc. lifted its holdings in shares of Primerica by 16.2% in the 2nd quarter. Everhart Financial Group Inc. now owns 2,108 shares of the financial services provider’s stock valued at $499,000 after buying an additional 294 shares during the period. 90.88% of the stock is 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.