Primerica (NYSE:PRI) Trading Up 0.1% – Still a Buy?

Primerica, Inc. (NYSE:PRI)’s stock price shot up 0.1% during trading on Tuesday . The stock traded as high as $271.32 and last traded at $270.52. 10,125 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 156,105 shares. The stock had previously closed at $270.21.

Analyst Ratings Changes

PRI has been the topic of several research analyst reports. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. TD Cowen raised their price target on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Truist Financial boosted their price objective on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Piper Sandler lowered their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $296.33.

Primerica Stock Performance

The company has a market cap of $9.07 billion, a P/E ratio of 20.76 and a beta of 1.09. The stock has a 50-day moving average of $287.35 and a two-hundred day moving average of $264.07.

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

Primerica Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.32%. Primerica’s dividend payout ratio (DPR) is currently 27.50%.

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

Insider Activity at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the company’s 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 sale, the chief executive officer now directly owns 36,322 shares in the company, valued at $10,942,728.94. This represents a 7.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.61% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Primerica

A number of hedge funds have recently modified their holdings of PRI. V Square Quantitative Management LLC bought a new stake in shares of Primerica in the third quarter worth about $31,000. Prospera Private Wealth LLC bought a new stake in shares of Primerica in the 3rd quarter worth approximately $31,000. UMB Bank n.a. increased its stake in shares of Primerica by 85.9% during the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after buying an additional 67 shares during the period. Larson Financial Group LLC raised its holdings in shares of Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 54 shares in the last quarter. Finally, Strategic Financial Concepts LLC purchased a new stake in Primerica in the second quarter worth $71,000. Hedge funds and other institutional investors own 90.88% 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.