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

Shares of Primerica, Inc. (NYSE:PRI) traded up 0.3% during trading on Thursday . The stock traded as high as $271.46 and last traded at $267.94. 47,674 shares were traded during mid-day 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

Several research analysts recently issued reports on PRI shares. Piper Sandler reduced their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday. TD Cowen upped their price objective on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Finally, Truist Financial lifted their price objective 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 equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Primerica presently has a consensus rating of “Hold” and a consensus price target of $296.33.

Primerica Trading Up 1.7 %

The firm’s 50-day moving average is $287.63 and its two-hundred day moving average is $262.91. The stock has a market cap of $9.06 billion, a price-to-earnings ratio of 20.74 and a beta of 1.09.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. The company had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter last year, the firm posted $4.28 EPS. On average, analysts predict that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were issued a dividend of $0.90 per share. The ex-dividend date was Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.33%. Primerica’s dividend payout ratio is presently 27.50%.

Primerica announced that its board has initiated 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 buy up to 4.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Primerica 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 value of $903,810.00. Following the completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PRI. Burgundy Asset Management Ltd. boosted its position in Primerica by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,237,164 shares of the financial services provider’s stock valued at $292,688,000 after buying an additional 17,095 shares during the period. Geode Capital Management LLC raised its stake 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 valued at $184,807,000 after acquiring an additional 25,951 shares during the last quarter. Millennium Management LLC raised its position in Primerica by 30,726.7% during the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after buying an additional 678,752 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Primerica by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock worth $150,880,000 after buying an additional 21,836 shares in the last quarter. Finally, Raymond James & Associates boosted its position in shares of Primerica by 4.6% during the 3rd 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 in the last quarter. Institutional investors and hedge funds 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.