Primerica (NYSE:PRI) Trading 0.6% Higher – Time to Buy?

Primerica, Inc. (NYSE:PRI) was up 0.6% on Tuesday . The company traded as high as $273.02 and last traded at $271.37. Approximately 11,309 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 154,976 shares. The stock had previously closed at $269.68.

Analysts Set New Price Targets

A number of brokerages have issued reports on PRI. Piper Sandler cut their price objective 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 upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Truist Financial upped their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, TD Cowen boosted their price target on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $296.33.

Primerica Trading Up 0.6 %

The stock has a market capitalization of $9.06 billion, a P/E ratio of 20.73 and a beta of 1.09. The business has a 50-day moving average price of $286.41 and a two-hundred day moving average price of $265.81.

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

Primerica Announces Dividend

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

Primerica announced that its board has authorized a share buyback 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 generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling 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 transaction of $903,810.00. Following the completion of the transaction, the chief executive officer now owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This trade represents 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 at the SEC website. Corporate insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PRI. Millennium Management LLC increased its position in shares of Primerica by 30,726.7% during the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after acquiring an additional 678,752 shares during the last quarter. Los Angeles Capital Management LLC increased its stake in shares of Primerica by 66.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock worth $23,601,000 after purchasing an additional 39,761 shares during the last quarter. Squarepoint Ops LLC raised its holdings in shares of Primerica by 2,986.9% in the 2nd quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock worth $7,595,000 after purchasing an additional 31,064 shares during the period. Strategic Financial Concepts LLC bought a new position in Primerica during the second quarter valued at $71,000. Finally, Geode Capital Management LLC increased its position in Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after buying an additional 25,951 shares during the last quarter. 90.88% of the stock is owned by institutional investors and hedge funds.

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.