Primerica (NYSE:PRI) Trading Up 0.5% – Here’s What Happened

Primerica, Inc. (NYSE:PRI) shares rose 0.5% during mid-day trading on Thursday . The stock traded as high as $288.19 and last traded at $284.13. Approximately 17,711 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 152,104 shares. The stock had previously closed at $282.83.

Analyst Ratings Changes

A number of brokerages have commented on PRI. TD Cowen upped their price objective on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Morgan Stanley lifted their price objective on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Piper Sandler started coverage on Primerica in a research note on Friday, August 30th. They set a “neutral” rating and a $283.00 target price for the company. Finally, Truist Financial lifted their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Primerica has an average rating of “Hold” and an average price target of $293.50.

Primerica Stock Down 1.2 %

The stock’s fifty day simple moving average is $287.60 and its 200-day simple moving average is $260.86. The company has a market capitalization of $9.38 billion, a PE ratio of 21.48 and a beta of 1.09.

Primerica (NYSE:PRI) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating the consensus estimate of $4.81 by $0.87. The firm had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. Primerica’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period last year, the business posted $4.28 EPS. Analysts expect that Primerica, Inc. will post 19.32 EPS for the current year.

Primerica Dividend Announcement

The firm 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. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.28%. Primerica’s dividend payout ratio is presently 27.50%.

Primerica declared that its board has authorized a stock 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 repurchase 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 on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the transaction, 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 through the SEC website. 0.85% of the stock is currently owned by company insiders.

Institutional Trading of Primerica

Hedge funds and other 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 worth about $31,000. Prospera Private Wealth LLC acquired a new stake in Primerica during the third quarter worth approximately $31,000. ORG Partners LLC purchased a new stake in Primerica in the 2nd quarter worth approximately $30,000. UMB Bank n.a. raised its holdings in Primerica by 85.9% in the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 67 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in shares of 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 purchasing an additional 54 shares during the period. Hedge funds and other institutional investors own 90.88% of the company’s stock.

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.