Primerica (NYSE:PRI) Trading 0.5% Higher – What’s Next?

Shares of Primerica, Inc. (NYSE:PRI) rose 0.5% during trading on Wednesday . The stock traded as high as $282.51 and last traded at $282.51. Approximately 12,224 shares changed hands during trading, a decline of 92% from the average daily volume of 152,114 shares. The stock had previously closed at $281.17.

Analysts Set New Price Targets

PRI has been the subject of several research analyst reports. Morgan Stanley lifted their target price on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. Piper Sandler began coverage on shares of Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 price objective for the company. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. TD Cowen lifted 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 lifted their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Five equities research 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 company currently has an average rating of “Hold” and a consensus price target of $293.50.

Primerica Trading Up 0.7 %

The firm’s 50-day moving average price is $286.95 and its 200 day moving average price is $260.54. The company has a market capitalization of $9.44 billion, a price-to-earnings ratio of 21.58 and a beta of 1.09.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.81 by $0.87. The company had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm’s revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $4.28 EPS. As a group, equities research analysts anticipate 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 issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s payout ratio is 27.50%.

Primerica announced that its board has authorized a share buyback 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 purchase up to 4.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s 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 sale, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PRI. ORG Partners LLC acquired a new position in shares of Primerica during the 2nd quarter valued at $30,000. V Square Quantitative Management LLC acquired a new position in Primerica during the third quarter worth $31,000. Prospera Private Wealth LLC acquired a new position in Primerica during the third quarter worth $31,000. UMB Bank n.a. raised its holdings in Primerica by 85.9% during the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after buying an additional 67 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after buying an additional 54 shares during the last quarter. Institutional investors and hedge funds 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.