Primerica (NYSE:PRI) Board Authorizes Share Repurchase Plan

Primerica (NYSE:PRI) declared that its board has initiated a share repurchase plan on Thursday, November 14th, RTT News reports. The company plans to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Primerica Trading Down 1.1 %

Shares of NYSE PRI traded down $3.36 during mid-day trading on Thursday, hitting $296.82. The company had a trading volume of 121,603 shares, compared to its average volume of 154,726. The firm has a 50-day simple moving average of $272.02 and a two-hundred day simple moving average of $250.23. Primerica has a one year low of $184.76 and a one year high of $304.84. The company has a market capitalization of $9.90 billion, a PE ratio of 22.88 and a beta of 1.08.

Primerica (NYSE:PRI) last released its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share 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 during the quarter, compared to analysts’ expectations of $745.25 million. During the same period last year, the business earned $4.28 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. Sell-side analysts expect that Primerica will post 19.12 earnings per share for the current fiscal year.

Primerica Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a report on Monday, November 4th. TD Cowen initiated coverage on shares of Primerica in a research report on Wednesday, October 9th. They set a “buy” rating and a $314.00 price objective for the company. Jefferies Financial Group boosted their price objective on shares of Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a research report on Thursday, July 18th. Truist Financial increased their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Morgan Stanley upped their price objective on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $288.33.

Insider Activity at Primerica

In related news, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the sale, the director now owns 15,151 shares of the company’s stock, valued at $3,846,081.35. This represents a 11.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Peter W. Schneider sold 1,500 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $261.11, for a total value of $391,665.00. Following the completion of the transaction, the president now directly owns 10,259 shares of the company’s stock, valued at approximately $2,678,727.49. This trade represents a 12.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,500 shares of company stock worth $1,803,175. Company insiders own 0.85% 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.