Primerica (NYSE:PRI) Stock Price Up 0.1% – Here’s Why

Primerica, Inc. (NYSE:PRI) shares traded up 0.1% during trading on Tuesday . The company traded as high as $271.32 and last traded at $270.52. 10,125 shares changed hands during trading, a decline of 94% from the average session volume of 156,105 shares. The stock had previously closed at $270.21.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PRI. Piper Sandler reduced their price target on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. Truist Financial lifted their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research 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 note on Tuesday, November 26th. Finally, StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $296.33.

Primerica Stock Performance

The firm has a market capitalization of $9.07 billion, a PE ratio of 20.76 and a beta of 1.09. The company has a fifty day simple moving average of $287.49 and a two-hundred day simple moving average of $263.75.

Primerica (NYSE:PRI) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The company had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.28 earnings per share. On average, equities analysts anticipate that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were paid a dividend of $0.90 per share. 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 dividend payout ratio is presently 27.50%.

Primerica declared that its Board of Directors has approved a share repurchase program on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.61% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC boosted its position in shares of Primerica by 30,726.7% in the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after purchasing an additional 678,752 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in Primerica by 66.3% in the second quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock worth $23,601,000 after acquiring an additional 39,761 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of Primerica by 2,986.9% during the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock worth $7,595,000 after acquiring an additional 31,064 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Primerica during the second quarter valued at about $71,000. Finally, Geode Capital Management LLC increased its holdings in shares of Primerica by 3.9% during the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after acquiring an additional 25,951 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

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.