Primerica (NYSE:PRI) Stock Price Down 1.5% – Here’s What Happened

Primerica, Inc. (NYSE:PRI)’s share price fell 1.5% on Monday . The stock traded as low as $298.20 and last traded at $298.20. 12,770 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 152,650 shares. The stock had previously closed at $302.75.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Morgan Stanley upped their price target on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. TD Cowen boosted their price objective on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Piper Sandler initiated coverage on shares of Primerica in a research note on Friday, August 30th. They set a “neutral” rating and a $283.00 target price on the stock. Finally, Truist Financial boosted their price target on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $293.50.

Primerica Price Performance

The stock’s 50-day moving average is $282.86 and its 200 day moving average is $257.28. The stock has a market cap of $10.00 billion, a price-to-earnings ratio of 22.77 and a beta of 1.08.

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

Primerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date is Thursday, November 21st. Primerica’s dividend payout ratio is currently 27.50%.

Primerica declared that its Board of Directors has approved a stock repurchase program on Thursday, November 14th that permits the company to repurchase $450.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Primerica 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 in the company, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the transaction, the director now directly owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. The trade was a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primerica

Large investors have recently bought and sold shares of the stock. ORG Partners LLC purchased a new position in shares of Primerica during the 2nd quarter valued at $30,000. V Square Quantitative Management LLC purchased a new position in shares of Primerica during the 3rd quarter valued at about $31,000. Prospera Private Wealth LLC purchased a new stake in Primerica in the third quarter worth approximately $31,000. UMB Bank n.a. raised its stake in shares of Primerica by 85.9% during the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 67 shares in the last quarter. Finally, Larson Financial Group LLC increased 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 worth $39,000 after buying an additional 54 shares during the period. 90.88% of the stock is currently owned by 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.