Primerica (NYSE:PRI) Given New $300.00 Price Target at Piper Sandler

Primerica (NYSE:PRI - Free Report) had its target price trimmed by Piper Sandler from $313.00 to $300.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider's stock.

Other analysts have also recently issued reports about the company. Truist Financial lifted their price target on Primerica from $300.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, November 8th. StockNews.com upgraded shares of Primerica from a "hold" rating to a "buy" rating in a research note on Friday, November 22nd. Finally, TD Cowen lifted their price objective 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. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $296.33.

Primerica Price Performance

NYSE PRI traded down $8.55 during trading on Wednesday, reaching $267.09. 235,606 shares of the company's stock were exchanged, compared to its average volume of 153,181. Primerica has a fifty-two week low of $184.76 and a fifty-two week high of $307.91. The stock has a market capitalization of $8.91 billion, a P/E ratio of 20.40 and a beta of 1.09. The business has a 50 day moving average price of $288.12 and a 200-day moving average price of $262.53.

Primerica (NYSE:PRI - Get Free Report) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.81 by $0.87. The company had revenue of $774.13 million during the quarter, compared to analysts' expectations of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. Primerica's quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the company posted $4.28 EPS. On average, analysts forecast that Primerica will post 19.32 earnings per share for the current year.

Primerica declared that its Board of Directors has approved a stock buyback program on Thursday, November 14th that allows the company to buyback $450.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

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 dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 annualized dividend and a yield of 1.35%. Primerica's dividend payout ratio is currently 27.50%.

Insider Activity

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRI. Millennium Management LLC grew its position in shares of Primerica by 30,726.7% in the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider's stock valued at $161,102,000 after buying an additional 678,752 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in Primerica by 66.3% in 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 increased its position in Primerica by 2,986.9% during the 2nd quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider's stock valued at $7,595,000 after purchasing an additional 31,064 shares during the period. Strategic Financial Concepts LLC bought a new position in Primerica during the 2nd quarter worth approximately $71,000. Finally, Geode Capital Management LLC lifted its position 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 worth $184,807,000 after purchasing an additional 25,951 shares during the period. Institutional investors and hedge funds own 90.88% of the company's stock.

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.