Primerica (NYSE:PRI) Shares Up 0.8% – Still a Buy?

Primerica, Inc. (NYSE:PRI)’s share price shot up 0.8% on Friday . The company traded as high as $275.08 and last traded at $273.89. 17,770 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 86,321 shares. The stock had previously closed at $271.76.

Wall Street Analyst Weigh In

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

Primerica Stock Performance

The stock has a market cap of $9.22 billion, a PE ratio of 21.12 and a beta of 1.11. The business has a 50-day moving average of $286.27 and a 200 day moving average of $266.19.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping 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 analyst estimates of $745.25 million. During the same period in the prior year, the firm posted $4.28 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. Equities analysts expect that Primerica, Inc. will post 19.32 EPS for the current fiscal year.

Primerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica’s dividend payout ratio (DPR) is 27.50%.

Primerica declared that its Board of Directors has approved a share repurchase program on Thursday, November 14th that permits the company to repurchase $450.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other 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 value of $903,810.00. Following the transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

Institutional investors have recently modified their holdings of the company. CIBC Asset Management Inc increased its stake in shares of Primerica by 3.5% during the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock valued at $279,000 after acquiring an additional 36 shares during the period. Creative Planning grew its position in Primerica by 0.7% during the third quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock valued at $1,613,000 after purchasing an additional 40 shares in the last quarter. Kingsview Wealth Management LLC boosted its position in Primerica by 0.7% during the third quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock valued at $1,549,000 after purchasing an additional 43 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after buying an additional 54 shares in the last quarter. Finally, SkyView Investment Advisors LLC raised its holdings in shares of Primerica by 1.0% during the 2nd quarter. SkyView Investment Advisors LLC now owns 6,271 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 62 shares in the last quarter. 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.