Primerica (NYSE:PRI) Trading 0.3% Higher – Time to Buy?

Primerica, Inc. (NYSE:PRI) rose 0.3% during trading on Monday . The stock traded as high as $281.16 and last traded at $281.74. Approximately 24,789 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 139,694 shares. The stock had previously closed at $281.03.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Morgan Stanley reduced their target price on shares of Primerica from $313.00 to $304.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. Piper Sandler decreased their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research note on Friday, February 7th. BMO Capital Markets started coverage on Primerica in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target on the stock. Finally, TD Cowen boosted 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. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $309.86.

Primerica Price Performance

The company’s 50 day simple moving average is $284.19 and its 200 day simple moving average is $279.40. The company has a market capitalization of $9.25 billion, a PE ratio of 20.24 and a beta of 1.12.

Primerica (NYSE:PRI) last announced its quarterly earnings results 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 net margin of 15.14% and a return on equity of 31.11%. On average, equities analysts forecast that Primerica, Inc. will post 20.6 EPS for the current year.

Primerica Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 21st will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Friday, February 21st. This is an increase from Primerica’s previous quarterly dividend of $0.90. Primerica’s dividend payout ratio (DPR) is currently 30.25%.

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

Insider Activity

In other Primerica news, President Peter W. Schneider sold 2,000 shares of Primerica stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $282.90, for a total value of $565,800.00. Following the transaction, the president now directly owns 13,301 shares in the company, valued at approximately $3,762,852.90. This trade represents a 13.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nicholas Adam Jendusa sold 234 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $280.15, for a total value of $65,555.10. Following the sale, the insider now owns 200 shares of the company’s stock, valued at $56,030. This trade represents a 53.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,234 shares of company stock valued at $1,476,575 in the last ninety days. 0.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Primerica

Institutional investors have recently bought and sold shares of the company. Colonial Trust Co SC purchased a new stake in shares of Primerica in the fourth quarter valued at about $25,000. True Wealth Design LLC acquired a new position in Primerica during the 4th quarter worth approximately $27,000. Prospera Private Wealth LLC purchased a new position in shares of Primerica during the 3rd quarter worth approximately $31,000. Golden State Wealth Management LLC acquired a new stake in shares of Primerica in the 4th quarter valued at approximately $33,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Primerica by 129.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock valued at $34,000 after buying an additional 71 shares in the last quarter. 90.88% of the stock is owned by institutional investors and hedge funds.

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.