Primerica (NYSE:PRI) Stock Price Down 2.2% on Analyst Downgrade

Primerica, Inc. (NYSE:PRI)’s stock price fell 2.2% during trading on Friday after Keefe, Bruyette & Woods lowered their price target on the stock from $320.00 to $315.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Primerica traded as low as $271.13 and last traded at $272.33. 23,832 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 132,858 shares. The stock had previously closed at $278.45.

PRI has been the topic of a number of other reports. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a research note on Monday. Truist Financial lifted their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Piper Sandler cut 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. Finally, TD Cowen lifted their price objective on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $303.00.

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at $10,942,728.94. The trade was a 7.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. V Square Quantitative Management LLC acquired a new position in Primerica in the 3rd quarter valued at about $31,000. Prospera Private Wealth LLC purchased a new stake in shares of Primerica during the third quarter worth approximately $31,000. UMB Bank n.a. lifted its holdings in shares of Primerica by 85.9% during the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 67 shares during the period. Larson Financial Group LLC grew its position in Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after buying an additional 54 shares during the last quarter. Finally, Quarry LP raised its position in Primerica by 629.2% during the 3rd quarter. Quarry LP now owns 350 shares of the financial services provider’s stock worth $93,000 after buying an additional 302 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Primerica Trading Down 2.2 %

The company’s 50 day moving average price is $286.20 and its 200 day moving average price is $267.30. The company has a market cap of $9.09 billion, a price-to-earnings ratio of 20.80 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, topping 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 company had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. During the same period in the prior year, the business posted $4.28 earnings per share. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. Sell-side analysts predict that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date was Thursday, November 21st. Primerica’s payout ratio is currently 27.50%.

Primerica declared that its board has approved a stock buyback plan on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to purchase 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 stock is undervalued.

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.