Primerica (NYSE:PRI) Trading Up 0.6% – Here’s Why

Primerica, Inc. (NYSE:PRI)’s stock price shot up 0.6% during mid-day trading on Wednesday . The company traded as high as $271.72 and last traded at $271.72. 67,486 shares traded hands during trading, a decline of 57% from the average session volume of 156,347 shares. The stock had previously closed at $270.21.

Analyst Upgrades and Downgrades

PRI has been the subject of several recent research reports. Truist Financial raised 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. Piper Sandler dropped their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Finally, TD Cowen lifted their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $296.33.

Primerica Stock Performance

The stock has a market capitalization of $9.07 billion, a PE ratio of 20.76 and a beta of 1.09. The stock’s 50-day moving average is $287.49 and its 200 day moving average is $263.75.

Primerica (NYSE:PRI) last posted its 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. The business had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the business earned $4.28 EPS. Analysts expect that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were issued a $0.90 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.32%. Primerica’s payout ratio is 27.50%.

Primerica announced that its Board of Directors has authorized a share 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 reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the transaction, the chief executive officer now owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.61% of the stock is currently owned by insiders.

Institutional Trading of Primerica

Hedge funds have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc raised its stake in shares of Primerica by 3.5% during the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 36 shares during the last quarter. Creative Planning raised its position in Primerica by 0.7% during the 3rd quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock worth $1,613,000 after buying an additional 40 shares during the last quarter. Kingsview Wealth Management LLC lifted its stake in shares of Primerica by 0.7% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock worth $1,549,000 after acquiring an additional 43 shares during the period. Larson Financial Group LLC boosted its holdings 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 valued at $39,000 after acquiring an additional 54 shares in the last quarter. Finally, SkyView Investment Advisors LLC increased its stake in shares of Primerica by 1.0% during 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 period. 90.88% of the stock is owned by institutional investors and hedge funds.

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.