Primerica (NYSE:PRI) Trading Up 2.3% – Still a Buy?

Primerica, Inc. (NYSE:PRI)’s share price shot up 2.3% on Thursday . The company traded as high as $283.88 and last traded at $284.53. 23,309 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 137,616 shares. The stock had previously closed at $278.22.

Analyst Ratings Changes

A number of brokerages recently commented on PRI. BMO Capital Markets initiated coverage on shares of Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target for the company. Truist Financial increased their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. TD Cowen increased their target price on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler cut their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. Finally, StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a research note on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $309.86.

Primerica Trading Up 2.0 %

The business’s 50-day simple moving average is $282.64 and its 200 day simple moving average is $277.96. The firm has a market cap of $9.67 billion, a PE ratio of 21.08 and a beta of 1.11.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. Analysts expect that Primerica, Inc. will post 20.6 earnings per share for the current year.

Primerica Increases Dividend

The company 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. This represents a $4.16 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from Primerica’s previous quarterly dividend of $0.90. Primerica’s payout ratio is 30.25%.

Primerica announced that its Board of Directors has authorized a stock 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 repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total value of $845,220.00. Following the completion of the sale, the chief executive officer now directly owns 33,322 shares in the company, valued at approximately $9,388,140.28. This trade represents a 8.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Primerica

Hedge funds have recently modified their holdings of the stock. Colonial Trust Co SC acquired a new stake in Primerica in the 4th quarter worth approximately $25,000. True Wealth Design LLC purchased a new position in shares of Primerica in the fourth quarter worth $27,000. Prospera Private Wealth LLC acquired a new stake in shares of Primerica during the third quarter worth $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Primerica during the fourth quarter valued at $33,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Primerica by 129.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 71 shares during the period. Institutional investors and hedge funds 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.