Primerica (NYSE:PRI) Stock Price Up 1.5% – Here’s What Happened

Shares of Primerica, Inc. (NYSE:PRI) were up 1.5% during mid-day trading on Wednesday . The company traded as high as $295.88 and last traded at $295.53. Approximately 15,824 shares traded hands during trading, a decline of 88% from the average daily volume of 131,767 shares. The stock had previously closed at $291.19.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Truist Financial raised their target price on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Keefe, Bruyette & Woods dropped their target price on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a report on Friday, January 10th. BMO Capital Markets began coverage on shares of Primerica in a report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 target price for the company. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a research report on Thursday, January 30th. Finally, Piper Sandler decreased their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Primerica has a consensus rating of “Hold” and an average price target of $304.14.

Primerica Stock Up 1.4 %

The company has a market cap of $9.85 billion, a P/E ratio of 22.57 and a beta of 1.11. The firm’s 50 day moving average is $283.83 and its two-hundred day moving average is $273.86.

Primerica (NYSE:PRI) last issued 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. The business had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.28 earnings per share. As a group, research analysts forecast that Primerica, Inc. will post 19.79 EPS for the current fiscal year.

Primerica declared that its board has initiated a share buyback program on Thursday, November 14th that authorizes the company to buyback $450.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.61% of the stock is owned by company insiders.

Institutional Trading of Primerica

Several institutional investors have recently made changes to their positions in the company. Creative Planning raised its position in shares of Primerica by 2.8% in the second quarter. Creative Planning now owns 6,043 shares of the financial services provider’s stock valued at $1,430,000 after purchasing an additional 167 shares during the period. Truist Financial Corp raised its position in shares of Primerica by 8.5% in the second quarter. Truist Financial Corp now owns 8,004 shares of the financial services provider’s stock worth $1,894,000 after buying an additional 630 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Primerica in the 2nd quarter valued at about $1,098,000. GAMMA Investing LLC raised its stake in Primerica by 40.1% in the third quarter. GAMMA Investing LLC now owns 982 shares of the financial services provider’s stock valued at $260,000 after purchasing an additional 281 shares in the last quarter. Finally, Callan Family Office LLC increased its holdings in shares of Primerica by 20.0% in the 3rd quarter. Callan Family Office LLC now owns 1,344 shares of the financial services provider’s stock worth $356,000 after buying an additional 224 shares during the last quarter. Institutional investors own 90.88% of the company’s stock.

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.