Primerica (NYSE:PRI) Stock Price Up 0.7% – Here’s What Happened

Primerica, Inc. (NYSE:PRI)’s share price shot up 0.7% during mid-day trading on Friday . The company traded as high as $298.73 and last traded at $298.28. 16,574 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 132,243 shares. The stock had previously closed at $296.31.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PRI. Keefe, Bruyette & Woods reduced their price objective on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a report on Friday, January 10th. Piper Sandler cut their price objective on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Truist Financial upped their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. TD Cowen raised their price objective on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a research report on Thursday, January 30th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Primerica presently has an average rating of “Hold” and an average target price of $304.14.

Primerica Price Performance

The firm has a market cap of $9.91 billion, a PE ratio of 22.68 and a beta of 1.11. The company’s 50 day moving average price is $283.49 and its 200 day moving average price is $274.17.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating 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 business had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. During the same period in the prior year, the firm earned $4.28 earnings per share. Primerica’s revenue was up 11.0% compared to the same quarter last year. Sell-side analysts expect that Primerica, Inc. will post 19.79 earnings per share for the current fiscal year.

Primerica announced that its board has initiated a share repurchase plan on Thursday, November 14th that authorizes the company to repurchase $450.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board 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 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 completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On Primerica

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. bought a new stake in Primerica in the 4th quarter valued at about $34,191,000. SVB Wealth LLC acquired a new position in shares of Primerica during the fourth quarter valued at about $10,703,000. Strategic Financial Concepts LLC acquired a new stake in shares of Primerica in the 4th quarter worth about $8,767,000. Amundi bought a new stake in Primerica during the 4th quarter worth approximately $7,868,000. Finally, Geode Capital Management LLC boosted its position 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 buying an additional 25,951 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

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.