Primerica (NYSE:PRI) Stock Price Down 0.4% – Here’s What Happened

Primerica, Inc. (NYSE:PRI) was down 0.4% during trading on Friday . The stock traded as low as $270.54 and last traded at $271.51. Approximately 6,762 shares changed hands during trading, a decline of 96% from the average daily volume of 155,485 shares. The stock had previously closed at $272.51.

Analysts Set New Price Targets

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

Primerica Stock Down 1.0 %

The stock has a market capitalization of $9.00 billion, a PE ratio of 20.61 and a beta of 1.09. The stock’s 50-day moving average is $286.99 and its 200 day moving average is $264.18.

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

Primerica Announces Dividend

The company also recently declared 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. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date was Thursday, November 21st. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

Primerica announced that its Board of Directors has approved a stock buyback plan on Thursday, November 14th that permits the company to repurchase $450.00 million in shares. This repurchase authorization permits the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primerica

Several hedge funds have recently bought and sold shares of the business. Forthright Family Wealth Advisory LLC acquired a new position in shares of Primerica during the 3rd quarter valued at about $202,000. Wilmington Savings Fund Society FSB acquired a new position in Primerica during the third quarter valued at approximately $336,000. Sanctuary Advisors LLC grew its holdings in Primerica by 21.3% during the third quarter. Sanctuary Advisors LLC now owns 5,632 shares of the financial services provider’s stock valued at $1,493,000 after purchasing an additional 990 shares during the last quarter. SkyView Investment Advisors LLC raised its position in shares of Primerica by 2.2% in the third quarter. SkyView Investment Advisors LLC now owns 6,408 shares of the financial services provider’s stock valued at $1,699,000 after purchasing an additional 137 shares during the period. Finally, TD Private Client Wealth LLC lifted its stake in shares of Primerica by 52.7% in the third quarter. TD Private Client Wealth LLC now owns 365 shares of the financial services provider’s stock worth $97,000 after buying an additional 126 shares during the last quarter. 90.88% of the stock is owned by institutional investors and hedge funds.

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.