Primerica (NYSE:PRI) Shares Up 1.1% – Time to Buy?

Primerica, Inc. (NYSE:PRI)’s share price rose 1.1% during mid-day trading on Monday . The company traded as high as $292.84 and last traded at $291.93. Approximately 108,513 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 166,520 shares. The stock had previously closed at $288.74.

Analyst Ratings Changes

A number of brokerages recently weighed in on PRI. Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a report on Tuesday, January 14th. Keefe, Bruyette & Woods dropped their price target on Primerica from $320.00 to $315.00 and set a “market perform” rating on the stock in a research report on Friday, January 10th. TD Cowen boosted their price objective on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler dropped their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 18th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $303.00.

Primerica Stock Performance

The firm has a market capitalization of $9.74 billion, a P/E ratio of 22.30 and a beta of 1.11. The business has a fifty day moving average of $285.92 and a 200-day moving average of $269.66.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.81 by $0.87. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The company had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter in the prior year, the business posted $4.28 earnings per share. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities research analysts forecast that Primerica, Inc. will post 19.55 earnings per share for the current fiscal year.

Primerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were given a dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.23%. Primerica’s dividend payout ratio (DPR) is 27.50%.

Primerica declared that its board has approved a share buyback plan 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 buy up to 4.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related 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 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 SEC, which is available through the SEC website. 0.61% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Primerica

Institutional investors and hedge funds have recently bought and sold shares of the business. V Square Quantitative Management LLC bought a new stake in shares of Primerica during the 3rd quarter worth $31,000. Prospera Private Wealth LLC purchased a new stake in shares of Primerica during the third quarter valued at $31,000. UMB Bank n.a. boosted its position in shares of Primerica by 85.9% in the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 67 shares during the period. Larson Financial Group LLC increased its stake in Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 54 shares in the last quarter. Finally, Quarry LP raised its holdings in Primerica by 629.2% during the 3rd quarter. Quarry LP now owns 350 shares of the financial services provider’s stock worth $93,000 after buying an additional 302 shares during the period. 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.