Primerica (NYSE:PRI) to Buyback $450.00 million in Shares

Primerica (NYSE:PRI) declared that its Board of Directors has authorized a stock repurchase plan on Thursday, November 14th, RTT News reports. The company plans 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 typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

PRI has been the topic of several recent research reports. Truist Financial upped their price objective on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Piper Sandler assumed coverage on shares of Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 price target on the stock. TD Cowen started coverage on shares of Primerica in a report on Wednesday, October 9th. They issued a “buy” rating and a $314.00 price objective for the company. Morgan Stanley increased their target price on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Finally, StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a research note on Thursday. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Primerica presently has an average rating of “Hold” and a consensus price target of $288.33.

Primerica Stock Up 0.6 %

Shares of NYSE PRI opened at $298.61 on Friday. The firm has a market cap of $9.96 billion, a price-to-earnings ratio of 22.80 and a beta of 1.08. The company’s 50-day simple moving average is $273.65 and its 200-day simple moving average is $251.14. Primerica has a 52-week low of $184.76 and a 52-week high of $304.84.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share 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 firm had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. During the same period last year, the company posted $4.28 EPS. Primerica’s quarterly revenue was up 11.0% compared to the same quarter last year. Equities research analysts anticipate that Primerica will post 19.12 EPS for the current fiscal year.

Primerica Announces Dividend

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

Insider Activity at Primerica

In related news, President Peter W. Schneider sold 1,500 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $261.11, for a total transaction of $391,665.00. Following the completion of the sale, the president now owns 10,259 shares of the company’s stock, valued at approximately $2,678,727.49. This represents a 12.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the completion of the transaction, the director now directly owns 15,151 shares in the company, valued at $3,846,081.35. This trade represents a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,500 shares of company stock valued at $1,803,175. 0.85% of the stock is owned by insiders.

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.