Primerica (NYSE:PRI) Trading Up 2.3% – Time to Buy?

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

Wall Street Analysts Forecast Growth

PRI has been the topic of several recent research reports. Truist Financial upped their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. TD Cowen boosted their target price on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. BMO Capital Markets initiated coverage on Primerica in a research report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price target on the stock. Morgan Stanley reduced their price objective on Primerica from $313.00 to $304.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Piper Sandler lowered their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $309.86.

Primerica Price Performance

The business’s fifty day simple moving average is $282.64 and its two-hundred day simple moving average is $277.96. The company 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 for the quarter, beating the consensus estimate of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. As a group, analysts predict that Primerica, Inc. will post 20.6 EPS for the current year.

Primerica Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders 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%. This is an increase from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Friday, February 21st. Primerica’s dividend payout ratio is presently 30.25%.

Primerica announced that its board has initiated a share repurchase plan on Thursday, November 14th that authorizes the company to repurchase $450.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total value of $845,220.00. Following the transaction, the chief executive officer now directly owns 33,322 shares of the company’s stock, valued at approximately $9,388,140.28. This trade represents a 8.26 % decrease in their position. The sale 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.

Institutional Investors Weigh In On Primerica

Large investors have recently bought and sold shares of the company. Colonial Trust Co SC purchased a new position in shares of Primerica in the fourth quarter valued at approximately $25,000. True Wealth Design LLC acquired a new position in Primerica in the 4th quarter valued at $27,000. Prospera Private Wealth LLC purchased a new position in Primerica in the 3rd quarter valued at $31,000. Golden State Wealth Management LLC acquired a new stake in Primerica during the 4th quarter worth $33,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Primerica by 129.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock worth $34,000 after buying an additional 71 shares in the last quarter. 90.88% of the stock is currently owned by hedge funds and other 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.