Primerica (NYSE:PRI) Shares Down 0.6% – Here’s Why

Primerica, Inc. (NYSE:PRI)’s share price traded down 0.6% during trading on Friday . The company traded as low as $290.03 and last traded at $289.87. 12,757 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 127,482 shares. The stock had previously closed at $291.76.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PRI shares. StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a research report on Wednesday. Piper Sandler decreased their price objective on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. 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. BMO Capital Markets initiated coverage on Primerica in a report on Thursday. They set a “market perform” rating and a $311.00 price target for the company. Finally, TD Cowen lifted their price objective on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $304.14.

Primerica Stock Down 0.7 %

The firm’s 50 day simple moving average is $285.15 and its two-hundred day simple moving average is $271.44. The stock has a market capitalization of $9.67 billion, a P/E ratio of 22.14 and a beta of 1.11.

Primerica (NYSE:PRI) last issued its earnings results 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. The business had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm’s revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company posted $4.28 EPS. As a group, equities research analysts expect that Primerica, Inc. will post 19.79 earnings per share for the current year.

Primerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s dividend payout ratio is currently 27.50%.

Primerica announced that its Board of Directors has approved a share buyback plan on Thursday, November 14th that allows the company to buyback $450.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the sale, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

A number of hedge funds have recently added to or reduced their stakes in PRI. CIBC Asset Management Inc lifted its holdings in shares of 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 in the last quarter. Creative Planning raised its position 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 last quarter. Kingsview Wealth Management LLC lifted its stake in Primerica by 0.7% during the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock valued at $1,549,000 after acquiring an additional 43 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Primerica by 56.8% during the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 54 shares during the last quarter. Finally, SkyView Investment Advisors LLC grew its stake in shares of Primerica by 1.0% in the 2nd quarter. SkyView Investment Advisors LLC now owns 6,271 shares of the financial services provider’s stock worth $1,484,000 after acquiring an additional 62 shares in 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.