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

Primerica (NYSE:PRI) declared that its board has approved a stock buyback program on Thursday, November 14th, RTT News reports. The company plans to repurchase $450.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Primerica Trading Up 0.6 %

Shares of NYSE PRI opened at $298.61 on Friday. Primerica has a 12-month low of $184.76 and a 12-month high of $304.84. The stock’s fifty day simple moving average is $273.65 and its two-hundred day simple moving average is $251.14. The stock has a market capitalization of $9.96 billion, a PE ratio of 22.80 and a beta of 1.08.

Primerica (NYSE:PRI) last issued its quarterly earnings data 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. The company had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the company earned $4.28 earnings per share. On average, equities analysts predict that Primerica will post 19.12 earnings per share for the current fiscal year.

Primerica Dividend Announcement

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

Analyst Ratings Changes

Several research firms have issued reports on PRI. Morgan Stanley boosted their price objective on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a report on Thursday. TD Cowen began coverage on Primerica in a report on Wednesday, October 9th. They set a “buy” rating and a $314.00 price objective on the stock. Truist Financial lifted their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Piper Sandler assumed coverage on Primerica in a research report on Friday, August 30th. They set a “neutral” rating and a $283.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $288.33.

Insider Buying and Selling

In related news, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the transaction, the director now directly owns 15,151 shares of the company’s stock, valued at $3,846,081.35. This trade represents a 11.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Peter W. Schneider sold 1,500 shares of Primerica stock in a transaction that occurred on Monday, August 26th. The stock was 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 $2,678,727.49. This trade represents a 12.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,500 shares of company stock worth $1,803,175 in the last 90 days. 0.85% of the stock is owned by corporate insiders.

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.