Primerica (NYSE:PRI) Shares Down 0.5% – Here’s Why

Primerica, Inc. (NYSE:PRI) shares fell 0.5% during trading on Wednesday . The stock traded as low as $296.06 and last traded at $297.11. 5,690 shares traded hands during trading, a decline of 96% from the average session volume of 152,724 shares. The stock had previously closed at $298.57.

Analyst Ratings Changes

Several research analysts have recently commented on PRI shares. Truist Financial boosted their price target on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Piper Sandler began coverage on shares of Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target on the stock. TD Cowen increased their target price 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. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Finally, Morgan Stanley raised their price target on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $293.50.

Primerica Stock Performance

The company has a 50 day moving average price of $285.54 and a two-hundred day moving average price of $258.85. The firm has a market capitalization of $9.87 billion, a price-to-earnings ratio of 22.59 and a beta of 1.09.

Primerica (NYSE:PRI) last released its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The business had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.28 earnings per share. On average, equities analysts expect that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders 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 yield of 1.22%. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

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

Insider Activity at Primerica

In other news, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total transaction of $507,700.00. Following the transaction, the director now owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. The trade was a 11.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction of $903,810.00. Following the transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Primerica

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its stake in shares of Primerica by 30,726.7% in the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after purchasing an additional 678,752 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in Primerica by 66.3% during the second quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock worth $23,601,000 after buying an additional 39,761 shares during the period. Squarepoint Ops LLC increased its position in shares of Primerica by 2,986.9% during the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after acquiring an additional 31,064 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of Primerica in the 2nd quarter valued at approximately $71,000. Finally, Geode Capital Management LLC raised its stake in shares of Primerica by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after acquiring an additional 25,951 shares during the period. Institutional investors and hedge funds own 90.88% of the company’s stock.

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.