Primerica (NYSE:PRI) Stock Price Up 0.1% on Analyst Upgrade

Primerica, Inc. (NYSE:PRI)’s share price shot up 0.1% 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 were traded during mid-day trading, a decline of 91% from the average session volume of 138,402 shares. The stock had previously closed at $282.26.

A number of other analysts have also weighed in on PRI. BMO Capital Markets began coverage on shares of Primerica in a research report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price objective on the stock. TD Cowen increased their price objective on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. Truist Financial raised their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Morgan Stanley raised their target price on shares of Primerica from $308.00 to $313.00 and gave the stock an “equal weight” rating in a research report on Friday, February 14th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $311.14.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total transaction of $845,220.00. Following the completion of the transaction, the chief executive officer now owns 33,322 shares of the company’s stock, valued at $9,388,140.28. This trade represents a 8.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Colonial Trust Co SC purchased a new stake in shares of Primerica during the fourth quarter worth about $25,000. True Wealth Design LLC purchased a new stake in shares of Primerica during the fourth quarter worth about $27,000. Prospera Private Wealth LLC purchased a new stake in shares of Primerica during the third quarter worth about $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Primerica during the fourth quarter worth about $33,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Primerica by 129.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 71 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Price Performance

The firm has a market cap of $9.36 billion, a PE ratio of 20.41 and a beta of 1.11. The business’s 50 day moving average price is $282.03 and its 200 day moving average price is $276.56.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, topping analysts’ consensus estimates of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. As a group, analysts predict that Primerica, Inc. will post 20.53 earnings per share for the current 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 annualized dividend and a yield of 1.48%. This is a positive change from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date is Friday, February 21st. Primerica’s payout ratio is presently 30.25%.

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

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.