Primerica (NYSE:PRI) Shares Down 0.6% – What’s Next?

Primerica, Inc. (NYSE:PRI) traded down 0.6% on Friday . The company traded as low as $290.03 and last traded at $289.87. 12,757 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 127,482 shares. The stock had previously closed at $291.76.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PRI shares. Truist Financial increased their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. BMO Capital Markets began coverage on shares of Primerica in a research report on Thursday. They set a “market perform” rating and a $311.00 target price on the stock. TD Cowen upped their price target on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, 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 report on Wednesday, December 18th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $304.14.

Primerica Price Performance

The company’s 50 day moving average is $285.42 and its two-hundred day moving average is $270.64. The firm has a market cap of $9.71 billion, a P/E ratio of 22.21 and a beta of 1.11.

Primerica (NYSE:PRI) last released its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating the consensus estimate of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter last year, the company earned $4.28 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. Research analysts predict that Primerica, Inc. will post 19.79 EPS for the current year.

Primerica Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.24%. The ex-dividend date was Thursday, November 21st. Primerica’s payout ratio is presently 27.50%.

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

Insiders Place Their Bets

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction 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 trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRI. Millennium Management LLC increased its holdings in shares of Primerica by 30,726.7% during the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after buying an additional 678,752 shares in the last quarter. Squarepoint Ops LLC increased its holdings in shares of Primerica by 2,986.9% during the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock worth $7,595,000 after buying an additional 31,064 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Primerica by 3.9% during the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after buying an additional 25,951 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Primerica by 359,742.9% during the third quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock worth $6,679,000 after buying an additional 25,182 shares in the last quarter. Finally, Artemis Investment Management LLP acquired a new stake in shares of Primerica during the fourth quarter worth approximately $5,236,000. 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.