Primerica (NYSE:PRI) Stock Price Down 0.3% After Analyst Downgrade

Shares of Primerica, Inc. (NYSE:PRI) fell 0.3% during trading on Wednesday after Piper Sandler lowered their price target on the stock from $313.00 to $300.00. Piper Sandler currently has a neutral rating on the stock. Primerica traded as low as $273.07 and last traded at $274.73. 41,039 shares changed hands during trading, a decline of 73% from the average session volume of 152,361 shares. The stock had previously closed at $275.64.

PRI has been the subject of several other reports. TD Cowen increased their price objective on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Truist Financial increased their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Primerica has an average rating of “Hold” and a consensus target price of $296.33.

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 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 owns 36,322 shares in the company, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. lifted its stake in Primerica by 45.5% in the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 60 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Primerica by 450.9% during the 2nd quarter. Fifth Third Bancorp now owns 1,614 shares of the financial services provider’s stock valued at $382,000 after buying an additional 1,321 shares during the last quarter. Fifth Third Wealth Advisors LLC bought a new position in shares of Primerica during the 2nd quarter worth $267,000. &PARTNERS purchased a new stake in Primerica in the 2nd quarter worth about $399,000. Finally, Everhart Financial Group Inc. raised its stake in Primerica by 16.2% in the 2nd quarter. Everhart Financial Group Inc. now owns 2,108 shares of the financial services provider’s stock valued at $499,000 after acquiring an additional 294 shares during the period. 90.88% of the stock is owned by institutional investors.

Primerica Price Performance

The firm has a market capitalization of $8.90 billion, a PE ratio of 20.39 and a beta of 1.09. The company’s fifty day simple moving average is $287.74 and its 200 day simple moving average is $262.59.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating 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 period in the previous year, the business earned $4.28 earnings per share. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, analysts anticipate that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were paid a $0.90 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.35%. Primerica’s dividend payout ratio is currently 27.50%.

Primerica declared that its board has authorized a stock buyback program on Thursday, November 14th that authorizes the company to repurchase $450.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are 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.