Primerica (NYSE:PRI) Shares Up 0.1% on Analyst Upgrade

Shares of Primerica, Inc. (NYSE:PRI) traded up 0.1% on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $315.00 to $320.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Primerica traded as high as $283.44 and last traded at $282.47. 12,565 shares were traded during mid-day trading, a decline of 91% from the average session volume of 138,402 shares. The stock had previously closed at $282.26.

A number of other analysts have also recently weighed in on PRI. Truist Financial upped their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a report on Friday, February 7th. TD Cowen lifted their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Morgan Stanley raised their price target on Primerica from $308.00 to $313.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Finally, BMO Capital Markets began coverage on shares of Primerica in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Primerica has an average rating of “Hold” and a consensus price target of $311.14.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRI. Colonial Trust Co SC purchased a new position in shares of Primerica in the 4th quarter worth about $25,000. True Wealth Design LLC purchased a new stake in shares of Primerica during the 4th quarter worth approximately $27,000. V Square Quantitative Management LLC purchased a new position in Primerica in the third quarter worth about $31,000. Prospera Private Wealth LLC bought a new stake in shares of Primerica in the 3rd quarter valued at approximately $31,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Primerica during the 4th quarter valued at approximately $33,000. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

Primerica Price Performance

The company has a market capitalization of $9.43 billion, a P/E ratio of 20.54 and a beta of 1.11. The business has a 50-day moving average of $282.05 and a 200-day moving average of $276.28.

Primerica (NYSE:PRI) last released its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. Sell-side analysts predict that Primerica, Inc. will post 20.53 EPS for the current fiscal year.

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 21st will be paid a $1.04 dividend. This is an increase from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Friday, February 21st. This represents a $4.16 dividend on an annualized basis and a yield of 1.47%. Primerica’s payout ratio is 26.18%.

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

Primerica Company Profile

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.