Primerica (NYSE:PRI) Stock Price Up 1.1% – Here’s Why

Primerica, Inc. (NYSE:PRI)’s stock price was up 1.1% on Monday . The stock traded as high as $292.84 and last traded at $291.93. Approximately 108,513 shares were traded during trading, a decline of 35% from the average daily volume of 166,520 shares. The stock had previously closed at $288.74.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PRI. Keefe, Bruyette & Woods lowered their price target on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research note on Friday, January 10th. Truist Financial upped their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a research note on Wednesday. Piper Sandler cut their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. Finally, TD Cowen upped their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Primerica has an average rating of “Hold” and a consensus price target of $303.00.

Primerica Price Performance

The company has a market cap of $9.81 billion, a price-to-earnings ratio of 22.45 and a beta of 1.11. The stock has a 50-day moving average price of $285.75 and a 200 day moving average price of $270.06.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The business had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. Primerica’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period last year, the company earned $4.28 earnings per share. Sell-side analysts expect that Primerica, Inc. will post 19.75 EPS for the current fiscal year.

Primerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were paid a $0.90 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.22%. Primerica’s dividend payout ratio is 27.50%.

Primerica declared that its board has authorized a share buyback plan on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the sale, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.61% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primerica

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRI. Millennium Management LLC increased its stake 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 valued at $161,102,000 after purchasing an additional 678,752 shares during the last quarter. Squarepoint Ops LLC increased its stake in shares of Primerica by 2,986.9% in the 2nd quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after purchasing an additional 31,064 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Primerica by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after purchasing an additional 25,951 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Primerica by 359,742.9% in the 3rd quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock valued at $6,679,000 after purchasing an additional 25,182 shares during the last quarter. Finally, Artemis Investment Management LLP bought a new position in shares of Primerica in the 4th quarter valued at $5,236,000. 90.88% of the stock is owned by institutional investors and hedge funds.

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.