Primerica (NYSE:PRI) Stock Price Down 0.3% on Analyst Downgrade

Primerica, Inc. (NYSE:PRI)’s share price traded down 0.3% during trading on Wednesday after Piper Sandler lowered their price target on the stock from $313.00 to $300.00. Piper Sandler currently has a neutral rating on the stock. Primerica traded as low as $273.07 and last traded at $274.73. 41,039 shares changed hands during trading, a decline of 73% from the average session volume of 152,361 shares. The stock had previously closed at $275.64.

Other equities research analysts have also recently issued research reports about the stock. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. TD Cowen boosted their price target on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Truist Financial raised their price objective on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $296.33.

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.85% of the stock is owned by insiders.

Institutional Trading of Primerica

A number of hedge funds and other institutional investors have recently made changes to their positions in PRI. V Square Quantitative Management LLC acquired a new stake in shares of Primerica during the third quarter worth about $31,000. Prospera Private Wealth LLC acquired a new stake in Primerica during the 3rd quarter worth approximately $31,000. UMB Bank n.a. grew its stake in shares of Primerica by 85.9% in the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 67 shares during the last quarter. 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 valued at $39,000 after purchasing an additional 54 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Primerica by 45.5% during the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 60 shares during the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

Primerica Stock Down 1.3 %

The company has a fifty day moving average of $288.12 and a two-hundred day moving average of $262.53. The stock has a market capitalization of $9.08 billion, a price-to-earnings ratio of 20.79 and a beta of 1.09.

Primerica (NYSE:PRI) last issued its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping the consensus estimate of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. During the same period in the previous year, the firm earned $4.28 EPS. The business’s revenue was up 11.0% on a year-over-year basis. Equities analysts anticipate that Primerica, Inc. will post 19.32 earnings per share 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 $0.90 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.32%. Primerica’s dividend payout ratio is presently 27.50%.

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

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.