Primerica (NYSE:PRI) Stock Price Down 1.5% – Here’s Why

Primerica, Inc. (NYSE:PRI) shares dropped 1.5% during mid-day trading on Monday . The company traded as low as $298.20 and last traded at $298.20. Approximately 12,770 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 152,650 shares. The stock had previously closed at $302.75.

Wall Street Analysts Forecast Growth

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

Primerica Price Performance

The company has a 50-day simple moving average of $282.86 and a 200-day simple moving average of $257.28. The firm has a market cap of $10.00 billion, a PE ratio of 22.77 and a beta of 1.08.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating 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 firm had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. During the same quarter last year, the firm posted $4.28 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, equities research analysts predict that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.20%. Primerica’s payout ratio is currently 27.50%.

Primerica announced that its board has authorized a share buyback program on Thursday, November 14th that allows the company to repurchase $450.00 million in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling 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 value 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. The trade was a 7.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the transaction, the director now owns 15,151 shares in the company, valued at $3,846,081.35. This represents a 11.66 % decrease in their position. The disclosure for this sale can be found here. 0.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PRI. CIBC Asset Management Inc increased its holdings in Primerica by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after acquiring an additional 36 shares in the last quarter. Creative Planning lifted its stake in shares of Primerica by 0.7% in the third quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock worth $1,613,000 after buying an additional 40 shares in the last quarter. Kingsview Wealth Management LLC boosted its position in Primerica by 0.7% during the third quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock worth $1,549,000 after acquiring an additional 43 shares during the last quarter. Larson Financial Group LLC grew its stake 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. raised its holdings in Primerica by 45.5% in 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 during the last quarter. 90.88% of the stock is owned by institutional investors and hedge funds.

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.