Primerica (NYSE:PRI) Trading Down 1% – Here’s What Happened

Primerica, Inc. (NYSE:PRI)’s stock price traded down 1% on Monday . The company traded as low as $280.30 and last traded at $281.29. 134,291 shares traded hands during mid-day trading, an increase of 7% from the average session volume of 125,765 shares. The stock had previously closed at $284.14.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Piper Sandler cut their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. TD Cowen raised their target price on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Keefe, Bruyette & Woods dropped their price target on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research report on Friday, January 10th. Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, BMO Capital Markets assumed coverage on shares of Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target on the stock. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Primerica presently has a consensus rating of “Hold” and a consensus target price of $310.43.

Primerica Stock Performance

The firm has a market capitalization of $9.39 billion, a P/E ratio of 21.49 and a beta of 1.11. The firm has a 50-day moving average of $282.17 and a 200-day moving average of $276.08.

Primerica (NYSE:PRI) last issued its earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a net margin of 14.95% and a return on equity of 30.93%. On average, research analysts forecast that Primerica, Inc. will post 19.79 EPS for the current fiscal year.

Primerica Increases Dividend

The business 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 dividend of $1.04 per share. The ex-dividend date is Friday, February 21st. This is an increase 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 payout ratio is 27.50%.

Primerica declared that its Board of Directors has authorized a stock repurchase program 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 shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Primerica

Several large investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in shares of Primerica by 11.9% in the fourth quarter. Geode Capital Management LLC now owns 779,760 shares of the financial services provider’s stock valued at $211,691,000 after acquiring an additional 82,921 shares during the period. Northern Trust Corp boosted its position in Primerica by 15.6% during the 4th quarter. Northern Trust Corp now owns 347,040 shares of the financial services provider’s stock valued at $94,194,000 after acquiring an additional 46,935 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its position in shares of Primerica by 1.3% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 230,736 shares of the financial services provider’s stock worth $62,626,000 after acquiring an additional 2,905 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Primerica by 0.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 159,774 shares of the financial services provider’s stock valued at $43,366,000 after purchasing an additional 1,484 shares during the last quarter. Finally, FIL Ltd boosted its position in shares of Primerica by 85.5% in the 4th quarter. FIL Ltd now owns 131,365 shares of the financial services provider’s stock worth $35,655,000 after purchasing an additional 60,565 shares in the last quarter. 90.88% of the stock is owned by institutional investors.

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.