Primerica (NYSE:PRI) Shares Up 2.3% – Time to Buy?

Primerica, Inc. (NYSE:PRI)’s share price shot up 2.3% on Thursday . The company traded as high as $283.88 and last traded at $284.53. 23,309 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 137,616 shares. The stock had previously closed at $278.22.

Analysts Set New Price Targets

PRI has been the topic of several research reports. Morgan Stanley upped their price objective on Primerica from $308.00 to $313.00 and gave the stock an “equal weight” rating in a report on Friday, February 14th. TD Cowen boosted their price target on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. BMO Capital Markets began coverage on Primerica in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target on the stock. Piper Sandler decreased their target price on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Finally, Truist Financial increased their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Primerica presently has an average rating of “Hold” and a consensus target price of $311.14.

Primerica Trading Up 2.1 %

The company has a market cap of $9.48 billion, a P/E ratio of 20.67 and a beta of 1.11. The business has a 50 day moving average price of $281.93 and a 200-day moving average price of $277.65.

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

Primerica Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 21st will be issued a dividend of $1.04 per share. The ex-dividend date is Friday, February 21st. This is a positive change from Primerica’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.46%. Primerica’s payout ratio is presently 30.25%.

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

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total value of $845,220.00. Following the transaction, the chief executive officer now owns 33,322 shares of the company’s stock, valued at approximately $9,388,140.28. This represents a 8.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.85% of the company’s stock.

Institutional Trading of Primerica

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its stake in shares of Primerica by 3.9% in the 3rd quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after purchasing an additional 25,951 shares during the last quarter. Barclays PLC increased its stake in shares of Primerica by 108.1% in the third quarter. Barclays PLC now owns 20,471 shares of the financial services provider’s stock valued at $5,428,000 after buying an additional 10,635 shares during the period. Sylvest Advisors LLC bought a new position in shares of Primerica during the fourth quarter worth about $543,000. Oak Thistle LLC increased its position in Primerica by 64.9% during the 4th quarter. Oak Thistle LLC now owns 4,936 shares of the financial services provider’s stock valued at $1,340,000 after purchasing an additional 1,943 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in Primerica by 4,150.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,123 shares of the financial services provider’s stock worth $1,120,000 after purchasing an additional 4,026 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.