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

Primerica, Inc. (NYSE:PRI)’s share price was down 0.1% on Thursday . The stock traded as low as $294.67 and last traded at $295.56. Approximately 11,291 shares traded hands during trading, a decline of 91% from the average daily volume of 131,936 shares. The stock had previously closed at $295.85.

Analysts Set New Price Targets

Several equities analysts have weighed in on PRI shares. Keefe, Bruyette & Woods dropped their price target on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research report on Friday, January 10th. Piper Sandler dropped their price target on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a research report on Thursday, January 30th. TD Cowen raised 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 stock a “buy” rating in a report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Primerica currently has a consensus rating of “Hold” and a consensus target price of $304.14.

Primerica Stock Up 0.1 %

The firm has a fifty day moving average price of $283.65 and a 200-day moving average price of $274.01. The firm has a market cap of $9.88 billion, a price-to-earnings ratio of 22.62 and a beta of 1.11.

Primerica (NYSE:PRI) last issued its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter last year, the firm earned $4.28 earnings per share. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. Equities research analysts anticipate that Primerica, Inc. will post 19.79 earnings per share for the current fiscal year.

Primerica declared that its Board of Directors has authorized a share buyback plan on Thursday, November 14th that permits the company to repurchase $450.00 million in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.61% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PRI. SVB Wealth LLC purchased a new position in Primerica in the fourth quarter valued at about $10,703,000. Strategic Financial Concepts LLC purchased a new position in Primerica in the fourth quarter valued at about $8,767,000. Geode Capital Management LLC raised its position in Primerica by 3.9% in 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 purchasing an additional 25,951 shares during the period. International Assets Investment Management LLC raised its position in Primerica by 359,742.9% in the third 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 period. Finally, Proficio Capital Partners LLC purchased a new position in Primerica in the fourth quarter valued at about $5,866,000. 90.88% of the stock is owned by hedge funds and other institutional investors.

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.