Primerica (NYSE:PRI) Shares Down 0.3% Following Analyst Downgrade

Primerica, Inc. (NYSE:PRI)’s share price traded down 0.3% on Wednesday after Piper Sandler lowered their price target on the stock from $313.00 to $300.00. Piper Sandler currently has a neutral rating on the stock. Primerica traded as low as $273.07 and last traded at $274.73. 41,039 shares changed hands during trading, a decline of 73% from the average session volume of 152,361 shares. The stock had previously closed at $275.64.

Several other equities research analysts have also recently issued reports on the stock. TD Cowen raised their price target on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Finally, Truist Financial lifted their price target on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $296.33.

Insider Buying and Selling at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares in the company, 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 this link. 0.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Primerica

Institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC raised its holdings in shares of Primerica by 30,726.7% during the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after purchasing an additional 678,752 shares during the period. Los Angeles Capital Management LLC lifted its holdings in Primerica by 66.3% in the second quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock worth $23,601,000 after acquiring an additional 39,761 shares during the last quarter. Squarepoint Ops LLC boosted its stake in Primerica by 2,986.9% in the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after acquiring an additional 31,064 shares during the period. Strategic Financial Concepts LLC acquired a new stake in shares of Primerica during the 2nd quarter worth approximately $71,000. Finally, Geode Capital Management LLC increased its position in Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after buying an additional 25,951 shares during the period. 90.88% of the stock is owned by institutional investors and hedge funds.

Primerica Stock Down 1.3 %

The firm’s 50-day moving average price is $288.12 and its 200 day moving average price is $262.53. The firm has a market cap of $9.08 billion, a P/E ratio of 20.79 and a beta of 1.09.

Primerica (NYSE:PRI) last posted its quarterly earnings data 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 company had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. During the same quarter last year, the firm posted $4.28 EPS. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities analysts predict that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were paid a dividend of $0.90 per share. 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 dividend payout ratio is presently 27.50%.

Primerica announced that its board has initiated a share buyback plan on Thursday, November 14th that permits the company to buyback $450.00 million in outstanding 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 a sign that the company’s board of directors believes its shares are undervalued.

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.