Primerica (NYSE:PRI) Trading 0.1% Higher Following Analyst Upgrade

Primerica, Inc. (NYSE:PRI) shot up 0.1% during mid-day trading on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $315.00 to $320.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Primerica traded as high as $283.44 and last traded at $282.47. 12,565 shares traded hands during trading, a decline of 91% from the average session volume of 138,402 shares. The stock had previously closed at $282.26.

Several other equities research analysts have also recently commented on PRI. Piper Sandler cut their price target on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a research note on Friday, February 7th. Truist Financial upped 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. Morgan Stanley raised their price target on shares of Primerica from $308.00 to $313.00 and gave the stock an “equal weight” rating in a report on Friday, February 14th. Finally, BMO Capital Markets began coverage on Primerica in a research report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $311.14.

Hedge Funds Weigh In On Primerica

A number of large investors have recently made changes to their positions in the stock. Colonial Trust Co SC acquired a new position in Primerica during the fourth quarter worth about $25,000. True Wealth Design LLC purchased a new stake in shares of Primerica during the 4th quarter worth approximately $27,000. V Square Quantitative Management LLC acquired a new stake in shares of Primerica in the 3rd quarter worth approximately $31,000. Prospera Private Wealth LLC purchased a new position in Primerica in the 3rd quarter valued at approximately $31,000. Finally, Golden State Wealth Management LLC acquired a new position in Primerica during the fourth quarter worth $33,000. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Stock Up 0.1 %

The company has a fifty day simple moving average of $282.05 and a two-hundred day simple moving average of $276.28. The company has a market cap of $9.43 billion, a price-to-earnings ratio of 20.54 and a beta of 1.11.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 EPS for the quarter, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. On average, research analysts predict that Primerica, Inc. will post 20.53 EPS for the current year.

Primerica Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 21st will be given a dividend of $1.04 per share. The ex-dividend date is Friday, February 21st. This represents a $4.16 dividend on an annualized basis and a yield of 1.47%. This is a positive change from Primerica’s previous quarterly dividend of $0.90. Primerica’s payout ratio is currently 26.18%.

Primerica announced that its Board of Directors has authorized a stock buyback program 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 repurchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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.