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

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research report on Friday, January 10th. TD Cowen upped their target price on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. BMO Capital Markets started coverage on shares of Primerica in a research report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 target price for the company. Truist Financial boosted their price target on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a report on Friday, February 7th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $304.14.

Primerica Trading Up 2.2 %

The company has a 50 day moving average of $282.68 and a 200-day moving average of $275.45. The firm has a market capitalization of $9.51 billion, a P/E ratio of 21.77 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 the consensus estimate of $4.81 by $0.22. Primerica had a return on equity of 30.93% and a net margin of 14.95%. As a group, sell-side analysts forecast that Primerica, Inc. will post 19.79 EPS for the current fiscal year.

Primerica Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Friday, February 21st. This is a boost from Primerica’s previous quarterly dividend of $0.90. Primerica’s dividend payout ratio is presently 27.50%.

Primerica announced that its board has approved a share repurchase plan on Thursday, November 14th that authorizes the company to repurchase $450.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Primerica

Several institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC boosted its position in shares of Primerica by 11.9% during the 4th quarter. Geode Capital Management LLC now owns 779,760 shares of the financial services provider’s stock valued at $211,691,000 after purchasing an additional 82,921 shares in the last quarter. FIL Ltd boosted its position in shares of Primerica by 85.5% during the 4th quarter. FIL Ltd now owns 131,365 shares of the financial services provider’s stock valued at $35,655,000 after purchasing an additional 60,565 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Primerica during the 4th quarter valued at about $34,191,000. Raymond James & Associates raised its stake in 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 buying an additional 5,323 shares during the period. Finally, Los Angeles Capital Management LLC raised its stake in Primerica by 10.7% during the 4th quarter. Los Angeles Capital Management LLC now owns 120,011 shares of the financial services provider’s stock worth $32,573,000 after buying an additional 11,612 shares during the period. 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.