Primerica (NYSE:PRI) Trading Up 0.4% – Still a Buy?

Primerica, Inc. (NYSE:PRI) rose 0.4% on Thursday . The company traded as high as $281.30 and last traded at $280.10. Approximately 18,021 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 138,092 shares. The stock had previously closed at $278.93.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PRI shares. Keefe, Bruyette & Woods lowered their target price on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research report on Friday, January 10th. TD Cowen lifted their price objective on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. BMO Capital Markets initiated coverage on shares of Primerica in a research note on Thursday, January 23rd. They set a “market perform” rating and a $311.00 target price for the company. Truist Financial raised their price target on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Piper Sandler reduced their price objective on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $310.43.

Primerica Price Performance

The stock’s 50-day moving average is $282.45 and its 200 day moving average is $275.52. The stock has a market cap of $9.39 billion, a price-to-earnings ratio of 21.49 and a beta of 1.11.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, beating the consensus estimate of $4.81 by $0.22. Primerica had a return on equity of 30.93% and a net margin of 14.95%. Analysts anticipate that Primerica, Inc. will post 19.79 EPS for the current year.

Primerica Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be paid a dividend of $1.04 per share. The ex-dividend date is Friday, February 21st. This is a boost from Primerica’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.48%. Primerica’s dividend payout ratio is 27.50%.

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

Institutional Trading of Primerica

Institutional investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC acquired a new stake in shares of Primerica during the 3rd quarter valued at approximately $31,000. Prospera Private Wealth LLC acquired a new stake in shares of Primerica in the 3rd quarter worth approximately $31,000. Golden State Wealth Management LLC purchased a new position in Primerica in the 4th quarter valued at approximately $33,000. EverSource Wealth Advisors LLC raised its holdings in Primerica by 129.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 71 shares during the last quarter. Finally, Larson Financial Group LLC boosted its position 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 purchasing an additional 54 shares in 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.