Primerica (NYSE:PRI) Shares Up 0.4% – Here’s Why

Primerica, Inc. (NYSE:PRI)’s share price traded up 0.4% during trading on Monday . The company traded as high as $278.87 and last traded at $277.57. 17,938 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 110,745 shares. The stock had previously closed at $276.40.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PRI. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Piper Sandler decreased their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. TD Cowen upped their price target on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Truist Financial raised their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $296.33.

Primerica Price Performance

The stock has a market cap of $9.25 billion, a P/E ratio of 21.17 and a beta of 1.11. The stock’s 50-day moving average is $286.27 and its two-hundred day moving average is $266.41.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the business posted $4.28 earnings per share. On average, analysts anticipate that Primerica, Inc. will post 19.32 EPS for the current fiscal year.

Primerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were issued a dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.30%. Primerica’s dividend payout ratio (DPR) is 27.50%.

Primerica declared that its board has authorized a share repurchase plan on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company’s 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 sale, the chief executive officer now directly owns 36,322 shares in the company, valued at $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.85% of the stock is currently owned by company insiders.

Institutional Trading of Primerica

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Burgundy Asset Management Ltd. boosted its stake in shares of Primerica by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,237,164 shares of the financial services provider’s stock worth $292,688,000 after purchasing an additional 17,095 shares during the period. Geode Capital Management LLC grew its stake 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 valued at $184,807,000 after buying an additional 25,951 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Primerica by 30,726.7% during the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after acquiring an additional 678,752 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Primerica by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock valued at $150,880,000 after acquiring an additional 21,836 shares during the period. Finally, Raymond James & Associates increased its stake in Primerica by 4.6% in the third quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock worth $32,176,000 after purchasing an additional 5,323 shares during the period. Hedge funds and other 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.