Primerica (NYSE:PRI) Board Declares Share Repurchase Program

Primerica (NYSE:PRI) announced that its Board of Directors has initiated a share buyback program on Thursday, November 14th, RTT News reports. The company plans to buyback $450.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a report on Thursday. Jefferies Financial Group lifted their price objective on shares of Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a research report on Thursday, July 18th. Piper Sandler started coverage on shares of Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price objective for the company. Morgan Stanley raised their target price on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. 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 research note on Friday, November 8th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Primerica has a consensus rating of “Hold” and an average price target of $288.33.

Primerica Stock Down 1.1 %

Shares of Primerica stock opened at $296.82 on Friday. Primerica has a 52-week low of $184.76 and a 52-week high of $304.84. The company has a 50 day moving average of $272.02 and a 200 day moving average of $250.23. The company has a market capitalization of $9.90 billion, a P/E ratio of 22.68 and a beta of 1.08.

Primerica (NYSE:PRI) last announced its earnings results 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. The firm had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned $4.28 EPS. As a group, research analysts anticipate that Primerica will post 19.12 earnings per share for the current fiscal year.

Primerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.21%. Primerica’s payout ratio is currently 27.50%.

Insider Buying and Selling

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the firm’s 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 transaction, the chief executive officer now directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Peter W. Schneider sold 1,500 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $261.11, for a total transaction of $391,665.00. Following the completion of the transaction, the president now owns 10,259 shares in the company, valued at $2,678,727.49. This represents a 12.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock worth $1,803,175 in the last quarter. Company insiders own 0.85% of the company’s stock.

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.