Primerica (NYSE:PRI) Trading Up 0.9% – Here’s Why

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PRI shares. StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a research report on Monday. Piper Sandler decreased their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. Truist Financial lifted their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, TD Cowen increased their price target on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $296.33.

Primerica Trading Up 0.9 %

The firm’s 50-day moving average price is $286.17 and its 200-day moving average price is $267.23. The stock has a market capitalization of $9.29 billion, a PE ratio of 21.26 and a beta of 1.11.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $745.25 million. During the same period last year, the company earned $4.28 earnings per share. Primerica’s revenue was up 11.0% on a year-over-year basis. On average, equities research analysts predict that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s dividend payout ratio (DPR) is currently 27.50%.

Primerica declared that its board has approved a share repurchase plan 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 reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total value 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 represents a 7.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new stake in shares of Primerica in the 3rd quarter worth $31,000. Prospera Private Wealth LLC purchased a new stake in Primerica in the third quarter worth about $31,000. UMB Bank n.a. grew its holdings in Primerica by 85.9% during the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 67 shares in the last quarter. Larson Financial Group LLC increased its position in Primerica by 56.8% during the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 54 shares during the period. Finally, Strategic Financial Concepts LLC bought a new stake in shares of Primerica in the 2nd quarter valued at about $71,000. 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.