Shares of Primerica, Inc. (NYSE:PRI – Get Free Report) traded up 1.1% during trading on Wednesday . The company traded as high as $280.00 and last traded at $279.91. 12,385 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 137,767 shares. The stock had previously closed at $276.77.
Wall Street Analyst Weigh In
PRI has been the topic of several research reports. Piper Sandler cut their price objective on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. BMO Capital Markets initiated coverage on shares of Primerica in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target for the company. Truist Financial upped their target price on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. TD Cowen increased their price objective 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, Morgan Stanley lifted their price target on Primerica from $308.00 to $313.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Six investment 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 price target of $311.14.
Read Our Latest Analysis on Primerica
Primerica Price Performance
Primerica (NYSE:PRI – Get Free Report) last posted its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. Analysts forecast that Primerica, Inc. will post 20.6 EPS for the current year.
Primerica Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be paid a dividend of $1.04 per share. This is a positive change from Primerica’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Friday, February 21st. Primerica’s dividend payout ratio (DPR) is currently 30.25%.
Primerica announced that its Board of Directors has initiated a stock repurchase plan on Thursday, November 14th that allows the company to buyback $450.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
Insider Activity
In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total transaction of $845,220.00. Following the sale, the chief executive officer now directly owns 33,322 shares in the company, valued at $9,388,140.28. This represents a 8.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.85% of the company’s stock.
Hedge Funds Weigh In On Primerica
Hedge funds and other institutional investors have recently modified their holdings of the business. Colonial Trust Co SC purchased a new position in shares of Primerica in the fourth quarter worth $25,000. True Wealth Design LLC purchased a new position in Primerica in the 4th quarter valued at about $27,000. Prospera Private Wealth LLC purchased a new position in Primerica in the 3rd quarter valued at $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Primerica in the fourth quarter valued at approximately $33,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Primerica by 129.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock valued at $34,000 after buying an additional 71 shares during the period. 90.88% of the stock is currently owned by 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.
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