Primerica (NYSE:PRI) Trading Up 0.1% – Here’s What Happened

Shares of Primerica, Inc. (NYSE:PRI) rose 0.1% on Tuesday . The company traded as high as $271.32 and last traded at $270.52. Approximately 10,125 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 156,105 shares. The stock had previously closed at $270.21.

Wall Street Analysts Forecast Growth

PRI has been the topic of several research reports. Piper Sandler dropped their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 18th. Truist Financial boosted their target price 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. TD Cowen boosted their price objective 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. Finally, StockNews.com raised 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 assigned a buy rating to the company. According to MarketBeat, Primerica has an average rating of “Hold” and an average target price of $296.33.

Primerica Stock Up 0.6 %

The stock’s 50 day moving average price is $287.49 and its 200-day moving average price is $263.75. The stock has a market capitalization of $9.07 billion, a PE ratio of 20.76 and a beta of 1.09.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping the consensus estimate of $4.81 by $0.87. The business had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the company posted $4.28 EPS. On average, analysts forecast that Primerica, Inc. will post 19.32 earnings per share for the current 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 given a dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.32%. Primerica’s payout ratio is 27.50%.

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

Insider Activity at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Monday, November 11th. The shares were 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 directly owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.61% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. V Square Quantitative Management LLC bought a new stake in Primerica in the third quarter worth $31,000. Prospera Private Wealth LLC purchased a new stake in shares of Primerica in the third quarter valued at $31,000. UMB Bank n.a. lifted its holdings in shares of Primerica by 85.9% in the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 67 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 54 shares during the last quarter. Finally, Quarry LP boosted its stake in shares of Primerica by 629.2% during the 3rd quarter. Quarry LP now owns 350 shares of the financial services provider’s stock worth $93,000 after purchasing an additional 302 shares during the period. 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.