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

Primerica, Inc. (NYSE:PRI) was up 0.6% during mid-day trading on Wednesday . The stock traded as high as $273.02 and last traded at $271.42. Approximately 139,893 shares traded hands during trading, a decline of 10% from the average daily volume of 155,494 shares. The stock had previously closed at $269.68.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Piper Sandler decreased their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Truist Financial boosted their price objective on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. TD Cowen upped their price objective on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $296.33.

Primerica Trading Up 0.1 %

The stock has a market capitalization of $9.07 billion, a price-to-earnings ratio of 20.76 and a beta of 1.09. The firm has a 50-day moving average of $286.26 and a 200 day moving average of $265.85.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 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 analyst estimates of $745.25 million. During the same quarter last year, the business earned $4.28 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. Equities research analysts predict that Primerica, Inc. will post 19.32 EPS for the current fiscal year.

Primerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were paid a $0.90 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.32%. Primerica’s dividend payout ratio is currently 27.50%.

Primerica announced that its Board of Directors has initiated a share repurchase program on Thursday, November 14th that authorizes the company to buyback $450.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the transaction, the chief executive officer now owns 36,322 shares in the company, valued at approximately $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 SEC, which can be accessed through the SEC website. 0.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Primerica

Institutional investors have recently bought and sold shares of the business. Commonwealth Equity Services LLC lifted its position in shares of Primerica by 26.6% in the second quarter. Commonwealth Equity Services LLC now owns 3,540 shares of the financial services provider’s stock worth $838,000 after purchasing an additional 743 shares in the last quarter. Van ECK Associates Corp increased its stake in Primerica by 23.6% in the 2nd quarter. Van ECK Associates Corp now owns 15,461 shares of the financial services provider’s stock valued at $3,658,000 after buying an additional 2,955 shares during the period. Arizona State Retirement System boosted its stake in shares of Primerica by 1.3% during the 2nd quarter. Arizona State Retirement System now owns 9,755 shares of the financial services provider’s stock valued at $2,308,000 after buying an additional 127 shares during the period. Los Angeles Capital Management LLC grew its holdings 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 valued at $23,601,000 after acquiring an additional 39,761 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new position in shares of Primerica in the second quarter worth $71,000. 90.88% of the stock is currently owned by institutional investors and hedge funds.

About Primerica

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.