Primerica (NYSE:PRI) Shares Up 0.6% – What’s Next?

Shares of Primerica, Inc. (NYSE:PRI) rose 0.6% during mid-day trading on Tuesday . The stock traded as high as $273.02 and last traded at $271.37. Approximately 11,309 shares changed hands during trading, a decline of 93% from the average daily volume of 154,976 shares. The stock had previously closed at $269.68.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Piper Sandler reduced 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. Truist Financial boosted their price objective on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Finally, TD Cowen upped their price target on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. 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 data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $296.33.

Primerica Price Performance

The company has a 50 day moving average price of $286.68 and a 200 day moving average price of $265.42. The firm has a market cap of $9.05 billion, a PE ratio of 20.72 and a beta of 1.09.

Primerica (NYSE:PRI) last released its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping the consensus estimate of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter last year, the business earned $4.28 EPS. The business’s revenue was up 11.0% on a year-over-year basis. On average, equities analysts anticipate that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s payout ratio is 27.50%.

Primerica announced that its board has approved a stock repurchase plan on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Monday, November 11th. The shares were 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 approximately $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

Institutional investors and hedge funds have recently modified their holdings of the company. CIBC Asset Management Inc increased its stake in 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 during the last quarter. Creative Planning grew its holdings 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 period. Kingsview Wealth Management LLC increased its stake in shares of 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 during the last quarter. Larson Financial Group LLC boosted its position in shares of Primerica by 56.8% in the third 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 boosted its position in shares of Primerica by 1.0% in the second 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 during 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.