Primerica (NYSE:PRI) Stock Price Up 0.3% – Still a Buy?

Shares of Primerica, Inc. (NYSE:PRI) shot up 0.3% on Thursday . The company traded as high as $271.46 and last traded at $267.94. 47,674 shares were traded during trading, a decline of 69% from the average session volume of 152,670 shares. The stock had previously closed at $267.09.

Wall Street Analysts Forecast Growth

PRI has been the topic of a number of recent analyst reports. Piper Sandler lowered their price target on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday. TD Cowen raised their price target on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Truist Financial upped their price target on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $296.33.

Primerica Stock Performance

The stock has a market cap of $8.94 billion, a PE ratio of 20.47 and a beta of 1.09. The company’s 50-day moving average price is $287.90 and its two-hundred day moving average price is $262.56.

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

Primerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.34%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s dividend payout ratio is currently 27.50%.

Primerica declared that its board has approved a stock repurchase program on Thursday, November 14th that allows the company to buyback $450.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Transactions 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 value of $903,810.00. Following the transaction, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

Hedge funds have recently modified their holdings of the company. V Square Quantitative Management LLC bought a new stake in shares of Primerica in the third quarter worth about $31,000. Prospera Private Wealth LLC bought a new stake in shares of Primerica in the 3rd quarter worth approximately $31,000. UMB Bank n.a. increased 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 period. Larson Financial Group LLC raised its holdings 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 valued at $39,000 after acquiring an additional 54 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in Primerica by 45.5% in the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 60 shares during the period. Hedge funds and other 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.