Primerica (NYSE:PRI) Shares Up 2% – Here’s What Happened

Shares of Primerica, Inc. (NYSE:PRI) traded up 2% during mid-day trading on Tuesday . The company traded as high as $280.18 and last traded at $279.54. 17,540 shares were traded during trading, a decline of 87% from the average session volume of 130,671 shares. The stock had previously closed at $273.93.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PRI. Piper Sandler lowered their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a research note on Tuesday. Truist Financial lifted their price objective on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Keefe, Bruyette & Woods reduced their target price on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research note on Friday. Finally, 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 report on Tuesday, November 26th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Primerica has an average rating of “Hold” and an average target price of $303.00.

Primerica Stock Up 2.3 %

The company has a market capitalization of $9.36 billion, a price-to-earnings ratio of 21.42 and a beta of 1.11. The company’s fifty day simple moving average is $286.13 and its two-hundred day simple moving average is $268.26.

Primerica (NYSE:PRI) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. During the same period in the previous year, the firm earned $4.28 earnings per share. The company’s revenue was up 11.0% on a year-over-year basis. Equities research analysts expect that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were issued a dividend of $0.90 per share. The ex-dividend date was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.28%. Primerica’s payout ratio is 27.50%.

Primerica declared that its board has initiated a share buyback program on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.85% of the company’s stock.

Institutional Trading of Primerica

A number of large investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new position in Primerica during the third quarter worth about $31,000. Prospera Private Wealth LLC bought a new stake in Primerica in the 3rd quarter valued at $31,000. UMB Bank n.a. boosted its position in 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 boosted its position in Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 54 shares during the period. Finally, Quarry LP increased its holdings in shares of Primerica by 629.2% in the third quarter. Quarry LP now owns 350 shares of the financial services provider’s stock valued at $93,000 after purchasing an additional 302 shares during the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

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.