Primerica (NYSE:PRI) Trading Up 0.6% – Time to Buy?

Primerica, Inc. (NYSE:PRI) shares rose 0.6% during mid-day trading on Tuesday . The company traded as high as $273.02 and last traded at $271.37. Approximately 11,309 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 154,976 shares. The stock had previously closed at $269.68.

Wall Street Analysts Forecast Growth

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

Primerica Stock Up 0.6 %

The firm has a 50 day moving average price of $286.41 and a 200 day moving average price of $265.81. The stock has a market cap of $9.06 billion, a P/E ratio of 20.73 and a beta of 1.09.

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. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. During the same quarter last year, the business posted $4.28 earnings per share. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. Equities analysts predict that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were issued a $0.90 dividend. 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 payout ratio is 27.50%.

Primerica declared that its board has authorized a stock buyback plan on Thursday, November 14th that authorizes the company to buyback $450.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Primerica

Several institutional investors have recently bought and sold shares of PRI. Millennium Management LLC boosted its position in Primerica by 30,726.7% during the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after purchasing an additional 678,752 shares in the last quarter. Los Angeles Capital Management LLC increased its position in shares of Primerica by 66.3% during the second quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock valued at $23,601,000 after acquiring an additional 39,761 shares during the last quarter. Squarepoint Ops LLC raised its stake in shares of Primerica by 2,986.9% in the 2nd quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after acquiring an additional 31,064 shares during the period. Strategic Financial Concepts LLC purchased a new stake in Primerica in the second quarter valued at approximately $71,000. Finally, Geode Capital Management LLC lifted its stake in Primerica by 3.9% during the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after purchasing an additional 25,951 shares in the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

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.