Primerica (NYSE:PRI) Stock Price Up 0.4% – Here’s Why

Shares of Primerica, Inc. (NYSE:PRI) rose 0.4% on Friday . The stock traded as high as $286.67 and last traded at $285.49. Approximately 19,754 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 137,693 shares. The stock had previously closed at $284.31.

Wall Street Analysts Forecast Growth

PRI has been the subject of a number of research reports. Keefe, Bruyette & Woods increased their price objective on Primerica from $315.00 to $320.00 and gave the stock a “market perform” rating in a report on Tuesday, February 18th. Morgan Stanley lowered their price target on shares of Primerica from $313.00 to $304.00 and set an “equal weight” rating for the company in a research report on Friday. BMO Capital Markets started coverage on shares of Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price objective on the stock. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a report on Friday, February 7th. Finally, Piper Sandler cut their price target on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $309.86.

Primerica Price Performance

The firm’s 50 day moving average price is $282.64 and its 200-day moving average price is $278.13. The stock has a market cap of $9.67 billion, a P/E ratio of 21.08 and a beta of 1.11.

Primerica (NYSE:PRI) last released its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. On average, analysts expect that Primerica, Inc. will post 20.6 earnings per share for the current year.

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 21st will be given a dividend of $1.04 per share. The ex-dividend date is Friday, February 21st. This is a boost from Primerica’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 1.44%. Primerica’s dividend payout ratio (DPR) is 30.25%.

Primerica announced that its board has approved a stock repurchase program on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total transaction of $845,220.00. Following the completion of the sale, the chief executive officer now directly owns 33,322 shares in the company, valued at approximately $9,388,140.28. The trade was a 8.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.85% of the company’s stock.

Institutional Trading of Primerica

A number of hedge funds have recently bought and sold shares of the company. DekaBank Deutsche Girozentrale grew its stake in shares of Primerica by 78.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,960 shares of the financial services provider’s stock valued at $512,000 after purchasing an additional 862 shares during the period. Janney Montgomery Scott LLC grew its position in Primerica by 2.9% during the third quarter. Janney Montgomery Scott LLC now owns 10,243 shares of the financial services provider’s stock valued at $2,716,000 after buying an additional 292 shares during the period. Harbor Capital Advisors Inc. increased its holdings in Primerica by 8.9% during the third quarter. Harbor Capital Advisors Inc. now owns 9,966 shares of the financial services provider’s stock valued at $2,642,000 after buying an additional 817 shares during the last quarter. Van ECK Associates Corp raised its position in Primerica by 40.0% in the third quarter. Van ECK Associates Corp now owns 21,646 shares of the financial services provider’s stock worth $5,998,000 after acquiring an additional 6,185 shares during the period. Finally, Assetmark Inc. boosted its stake in shares of Primerica by 11.8% during the 3rd quarter. Assetmark Inc. now owns 1,461 shares of the financial services provider’s stock worth $387,000 after acquiring an additional 154 shares during the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

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.