Primerica (NYSE:PRI) Stock Price Down 0.7% – Here’s What Happened

Primerica, Inc. (NYSE:PRI)’s share price was down 0.7% during mid-day trading on Wednesday . The company traded as low as $276.96 and last traded at $279.83. Approximately 13,453 shares were traded during trading, a decline of 90% from the average daily volume of 139,928 shares. The stock had previously closed at $281.70.

Analyst Ratings Changes

Several research analysts have recently issued reports on PRI shares. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a research note on Friday, February 7th. BMO Capital Markets assumed coverage on shares of Primerica in a research report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price target on the stock. Truist Financial boosted their price objective on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. TD Cowen increased their target price on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $309.86.

Primerica Trading Up 0.3 %

The firm’s 50 day moving average price is $283.23 and its two-hundred day moving average price is $278.67. The company has a market capitalization of $9.43 billion, a price-to-earnings ratio of 20.55 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, topping 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%. As a group, equities research analysts predict that Primerica, Inc. will post 20.6 EPS for the current year.

Primerica Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.47%. This is a boost from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Friday, February 21st. Primerica’s payout ratio is 30.25%.

Primerica declared that its board has authorized a stock buyback 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 repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total transaction of $845,220.00. Following the completion of the sale, the chief executive officer now 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

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