Primerica (NYSE:PRI) Trading Up 0.4% – Here’s Why

Shares of Primerica, Inc. (NYSE:PRI) were up 0.4% on Thursday . The stock traded as high as $281.30 and last traded at $280.10. Approximately 18,021 shares traded hands during trading, a decline of 87% from the average daily volume of 138,092 shares. The stock had previously closed at $278.93.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PRI shares. Piper Sandler reduced their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. Truist Financial upped their price target on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a report on Friday, February 7th. BMO Capital Markets initiated coverage on Primerica in a report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 target price for the company. Finally, Morgan Stanley boosted their price target on shares of Primerica from $308.00 to $313.00 and gave the stock an “equal weight” rating in a research note on Friday. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Primerica currently has a consensus rating of “Hold” and an average target price of $310.43.

Primerica Stock Down 1.0 %

The company’s fifty day moving average is $282.45 and its two-hundred day moving average is $275.52. The stock has a market cap of $9.39 billion, a price-to-earnings ratio of 21.49 and a beta of 1.11.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a net margin of 14.95% and a return on equity of 30.93%. Sell-side analysts predict that Primerica, Inc. will post 19.79 EPS for the current fiscal year.

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be given a dividend of $1.04 per share. This is a boost from Primerica’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 1.48%. The ex-dividend date is Friday, February 21st. Primerica’s dividend payout ratio is currently 27.50%.

Primerica announced that its board has authorized a stock repurchase program on Thursday, November 14th that allows the company to buyback $450.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Primerica

Several hedge funds have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC acquired a new position in shares of Primerica in the 3rd quarter valued at $31,000. Prospera Private Wealth LLC purchased a new stake in Primerica in the third quarter valued at $31,000. Golden State Wealth Management LLC acquired a new position in Primerica in the fourth quarter valued at $33,000. EverSource Wealth Advisors LLC grew its holdings in shares of Primerica by 129.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 71 shares during the last quarter. Finally, Larson Financial Group LLC increased its position in shares of 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 in the last quarter. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

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.