Primerica (NYSE:PRI) Stock Price Up 0.8% – Here’s Why

by · The Cerbat Gem

Primerica, Inc. (NYSE:PRI – Get Free Report) shares were up 0.8% during mid-day trading on Tuesday . The company traded as high as $296.00 and last traded at $294.45. Approximately 11,594 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 131,896 shares. The stock had previously closed at $292.14.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Truist Financial boosted their price target 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 cut their price target on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research report on Friday, January 10th. TD Cowen raised their target price on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler dropped their target price 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. Finally, StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a report on Tuesday, January 14th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $303.00.

Read Our Latest Analysis on Primerica

Primerica Price Performance

The stock has a market capitalization of $9.81 billion, a P/E ratio of 22.46 and a beta of 1.11. The stock’s fifty day moving average is $285.75 and its two-hundred day moving average is $270.06.

Primerica (NYSE:PRI – Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) 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 analysts’ expectations of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter last year, the firm earned $4.28 earnings per share. Analysts expect that Primerica, Inc. will post 19.75 EPS for the current year.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date was Thursday, November 21st. Primerica’s payout ratio is 27.50%.

Primerica announced that its board has approved a stock buyback plan 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 repurchase up to 4.5% of its shares through open market purchases. Shares buyback plans are usually 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 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 sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.61% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Primerica

A number of large investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its stake in shares of Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after acquiring an additional 25,951 shares during the period. Millennium Management LLC boosted its stake in Primerica by 30,726.7% in the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after acquiring an additional 678,752 shares during the last quarter. Raymond James & Associates raised its position in shares of Primerica by 4.6% in the third quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock valued at $32,176,000 after purchasing an additional 5,323 shares during the period. Los Angeles Capital Management LLC boosted its position in shares of Primerica by 8.7% in the third quarter. Los Angeles Capital Management LLC now owns 108,399 shares of the financial services provider’s stock valued at $28,742,000 after acquiring an additional 8,641 shares during the period. Finally, Prospector Partners LLC raised its stake in Primerica by 0.3% in the third quarter. Prospector Partners LLC now owns 77,055 shares of the financial services provider’s stock valued at $20,431,000 after purchasing an additional 210 shares in the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

Primerica Company Profile

(Get Free Report)

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.

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