Primerica (NYSE:PRI) Shares Up 0.9% – What’s Next?

by · The Cerbat Gem

Primerica, Inc. (NYSE:PRI – Get Free Report)’s share price traded up 0.9% during mid-day trading on Thursday . The stock traded as high as $278.66 and last traded at $278.33. 149,564 shares traded hands during trading, a decline of 4% from the average session volume of 155,813 shares. The stock had previously closed at $275.97.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Piper Sandler lowered their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. Keefe, Bruyette & Woods dropped their target price on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a report on Friday. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a report on Monday, January 6th. TD Cowen raised their price objective 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. Finally, 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 note on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $303.00.

Check Out Our Latest Research Report on Primerica

Primerica Price Performance

The company’s fifty day simple moving average is $286.14 and its 200-day simple moving average is $267.55. The firm has a market capitalization of $9.05 billion, a PE ratio of 20.72 and a beta of 1.11.

Primerica (NYSE:PRI – Get Free Report) last issued its quarterly earnings results 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. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. During the same period last year, the company posted $4.28 EPS. Primerica’s quarterly revenue was up 11.0% compared to the same quarter last year. Analysts forecast that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s payout ratio is 27.50%.

Primerica declared that its Board of Directors has authorized a share repurchase plan 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 reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other 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 value of $903,810.00. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.61% of the stock is currently owned by corporate insiders.

Institutional Trading of Primerica

Several hedge funds have recently made changes to their positions in the company. CIBC Asset Management Inc raised its position in Primerica by 3.5% in the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 36 shares during the period. Creative Planning raised its holdings in Primerica by 0.7% in the 3rd quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock valued at $1,613,000 after buying an additional 40 shares during the period. Kingsview Wealth Management LLC boosted its stake 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 buying an additional 43 shares during the period. Larson Financial Group LLC increased its position in shares of Primerica by 56.8% during the third 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 during the last quarter. Finally, SkyView Investment Advisors LLC increased its position in shares of Primerica by 1.0% during the second quarter. SkyView Investment Advisors LLC now owns 6,271 shares of the financial services provider’s stock valued at $1,484,000 after acquiring an additional 62 shares during the last quarter. Hedge funds and other institutional investors 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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