Primerica (NYSE:PRI) Trading 0.4% Higher – What’s Next?

Shares of Primerica, Inc. (NYSE:PRI) traded up 0.4% during mid-day trading on Monday . The stock traded as high as $273.95 and last traded at $272.39. 18,379 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 132,506 shares. The stock had previously closed at $271.41.

Analyst Upgrades and Downgrades

PRI has been the subject of several research reports. TD Cowen lifted their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods cut their target price on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research report on Friday. StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a research report on Monday, January 6th. 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. Finally, 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 note on Friday, November 8th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Primerica currently has an average rating of “Hold” and a consensus price target of $303.00.

Primerica Stock Performance

The business’s fifty day simple moving average is $286.14 and its 200 day simple moving average is $268.00. The stock has a market cap of $9.11 billion, a price-to-earnings ratio of 20.86 and a beta of 1.11.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm’s revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.28 EPS. As a group, analysts forecast that Primerica, Inc. will post 19.32 EPS for the current fiscal year.

Primerica Announces Dividend

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 dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s dividend payout ratio is presently 27.50%.

Primerica declared that its Board of Directors has initiated a stock buyback program 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 programs are typically 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 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 sale, the chief executive officer now owns 36,322 shares in the company, valued at $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

Several institutional investors and hedge funds have recently bought and sold shares of the business. Millennium Management LLC boosted its holdings in Primerica by 30,726.7% in the second 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 in the last quarter. Squarepoint Ops LLC raised its stake in shares of 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 purchasing an additional 31,064 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Primerica by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after acquiring an additional 25,951 shares in the last quarter. International Assets Investment Management LLC increased its stake in Primerica by 359,742.9% in the third quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock valued at $6,679,000 after acquiring an additional 25,182 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Primerica by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock worth $150,880,000 after purchasing an additional 21,836 shares in the last quarter. Hedge funds and other institutional investors 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.