Primerica (NYSE:PRI) Trading Down 0.6% – What’s Next?

Primerica, Inc. (NYSE:PRI) shares traded down 0.6% during trading on Friday . The stock traded as low as $290.03 and last traded at $289.87. 12,757 shares changed hands during trading, a decline of 90% from the average session volume of 127,482 shares. The stock had previously closed at $291.76.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research note on Wednesday. BMO Capital Markets initiated coverage on Primerica in a research report on Thursday. They set a “market perform” rating and a $311.00 target price for the company. Piper Sandler reduced their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. Truist Financial boosted their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, TD Cowen upped their price objective on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $304.14.

Primerica Trading Down 0.7 %

The firm has a 50-day moving average of $285.15 and a two-hundred day moving average of $271.44. The firm has a market capitalization of $9.67 billion, a P/E ratio of 22.14 and a beta of 1.11.

Primerica (NYSE:PRI) last posted its 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 firm had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.28 earnings per share. On average, sell-side analysts anticipate that Primerica, Inc. will post 19.79 EPS for the current fiscal year.

Primerica Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.24%. Primerica’s payout ratio is presently 27.50%.

Primerica announced that its board has authorized a stock 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in Primerica by 3.9% during the 3rd 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. Millennium Management LLC lifted 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. Raymond James & Associates lifted its holdings in shares of Primerica by 4.6% during the third quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock worth $32,176,000 after purchasing an additional 5,323 shares during the period. Los Angeles Capital Management LLC grew its stake in shares of Primerica by 8.7% in the third quarter. Los Angeles Capital Management LLC now owns 108,399 shares of the financial services provider’s stock worth $28,742,000 after purchasing an additional 8,641 shares during the last quarter. Finally, Prospector Partners LLC increased its holdings in Primerica by 0.3% in the third quarter. Prospector Partners LLC now owns 77,055 shares of the financial services provider’s stock valued at $20,431,000 after purchasing an additional 210 shares during the period. Institutional investors and hedge funds own 90.88% of the company’s stock.

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.