Primerica (NYSE:PRI) Shares Down 0.7% – Here’s What Happened

Shares of Primerica, Inc. (NYSE:PRI) traded down 0.7% on Tuesday . The company traded as low as $297.98 and last traded at $299.12. 16,160 shares were traded during trading, a decline of 89% from the average session volume of 152,689 shares. The stock had previously closed at $301.12.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. TD Cowen boosted their target price on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Truist Financial upped their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Piper Sandler started coverage on shares of Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price for the company. Finally, Morgan Stanley upped their target price on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Primerica presently has a consensus rating of “Hold” and a consensus target price of $293.50.

Primerica Price Performance

The business has a 50 day moving average of $284.96 and a 200 day moving average of $258.59. The company has a market cap of $9.94 billion, a PE ratio of 22.76 and a beta of 1.09.

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

Primerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s dividend payout ratio (DPR) is 27.50%.

Primerica announced that its board has approved a share repurchase plan 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 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 on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction 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. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the sale, the director now directly owns 15,151 shares in the company, valued at approximately $3,846,081.35. This represents a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On Primerica

A number of hedge funds and other institutional investors have recently modified their holdings of PRI. ORG Partners LLC purchased a new position in shares of Primerica in the second quarter valued at $30,000. V Square Quantitative Management LLC purchased a new position in shares of Primerica in the third quarter valued at $31,000. Prospera Private Wealth LLC purchased a new position in shares of Primerica in the 3rd quarter worth approximately $31,000. UMB Bank n.a. grew its stake 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 valued at $38,000 after buying an additional 67 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake in Primerica by 56.8% in 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. Institutional investors 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.