Primerica (NYSE:PRI) Shares Up 0.3% – Here’s Why

Primerica, Inc. (NYSE:PRI)’s share price shot up 0.3% on Thursday . The stock traded as high as $271.46 and last traded at $267.94. 47,674 shares changed hands during trading, a decline of 69% from the average session volume of 152,670 shares. The stock had previously closed at $267.09.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PRI. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. 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 report on Friday, November 8th. Piper Sandler decreased their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, TD Cowen boosted 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. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $296.33.

Primerica Trading Up 0.3 %

The firm has a fifty day moving average of $287.90 and a 200 day moving average of $262.56. The company has a market capitalization of $8.94 billion, a P/E ratio of 20.47 and a beta of 1.09.

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

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were paid 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 1.34%. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

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

Insider Buying and Selling at Primerica

In other Primerica 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 transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

Hedge funds have recently modified their holdings of the stock. Millennium Management LLC grew its stake in Primerica by 30,726.7% during 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 in 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 valued at $23,601,000 after buying an additional 39,761 shares during the last quarter. Squarepoint Ops LLC grew its holdings in Primerica by 2,986.9% during the 2nd quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after buying an additional 31,064 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of Primerica in the second quarter valued at $71,000. Finally, Geode Capital Management LLC increased its position in 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 purchasing an additional 25,951 shares during the last quarter. Hedge funds and other 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.