Primerica (NYSE:PRI) Stock Price Down 0.3% – Here’s What Happened

Primerica, Inc. (NYSE:PRI) fell 0.3% during trading on Monday . The stock traded as low as $277.92 and last traded at $280.41. 26,778 shares were traded during trading, a decline of 82% from the average session volume of 151,926 shares. The stock had previously closed at $281.16.

Analyst Ratings Changes

A number of research firms recently commented on PRI. Truist Financial increased their target price 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. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. TD Cowen boosted their target price on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Piper Sandler assumed coverage on Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $293.50.

Primerica Trading Down 1.7 %

The stock has a market capitalization of $9.21 billion, a price-to-earnings ratio of 21.08 and a beta of 1.09. The firm has a 50-day moving average of $288.12 and a 200-day moving average of $262.53.

Primerica (NYSE:PRI) last posted its quarterly earnings results 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. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. During the same quarter in the previous year, the business earned $4.28 EPS. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, equities research analysts anticipate that Primerica, Inc. will post 19.32 EPS for the current year.

Primerica Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were issued a $0.90 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.60 annualized dividend and a yield of 1.30%. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

Primerica announced that its Board of Directors has approved a stock repurchase 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 purchase up to 4.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction dated 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 owns 36,322 shares of the company’s stock, valued at $10,942,728.94. The trade was a 7.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PRI. Millennium Management LLC grew its stake in shares of Primerica by 30,726.7% during the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after purchasing an additional 678,752 shares during the period. Los Angeles Capital Management LLC grew its position in Primerica by 66.3% during the second quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock valued at $23,601,000 after buying an additional 39,761 shares during the period. Squarepoint Ops LLC increased its holdings in Primerica by 2,986.9% in the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after buying an additional 31,064 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Primerica in the second quarter worth about $71,000. Finally, Geode Capital Management LLC raised its position in shares of Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after acquiring an additional 25,951 shares during the period. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

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.