Primerica (NYSE:PRI) Sets New 1-Year High - What's Next?

Shares of Primerica, Inc. (NYSE:PRI - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $308.65 and last traded at $298.74, with a volume of 2129 shares traded. The stock had previously closed at $301.12.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. StockNews.com upgraded Primerica from a "hold" rating to a "buy" rating in a research report on Friday, November 22nd. Piper Sandler began coverage on shares of Primerica in a research report on Friday, August 30th. They set a "neutral" rating and a $283.00 price objective for the company. Truist Financial raised their target price on shares of Primerica from $300.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, November 8th. Morgan Stanley upped their price target on shares of Primerica from $257.00 to $269.00 and gave the stock an "equal weight" rating in a report on Monday, August 19th. Finally, TD Cowen increased their price target on Primerica from $314.00 to $345.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Five equities 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, the company currently has an average rating of "Hold" and a consensus price target of $293.50.

Primerica Price Performance

The company has a market cap of $9.96 billion, a price-to-earnings ratio of 22.81 and a beta of 1.09. The business's fifty day moving average price is $284.29 and its 200 day moving average price is $258.31.

Primerica (NYSE:PRI - Get Free Report) last announced its 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 firm had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. During the same period in the previous year, the business earned $4.28 EPS. The business's quarterly revenue was up 11.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Primerica, Inc. will post 19.32 EPS for the current year.

Primerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be issued a dividend of $0.90 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.60 annualized dividend and a yield of 1.21%. Primerica's payout ratio is 27.50%.

Primerica announced that its board has approved a share buyback plan 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 repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insider Transactions at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 36,322 shares in the company, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the transaction, the director now owns 15,151 shares in the company, valued at $3,846,081.35. The trade was a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primerica

Institutional investors have recently made changes to their positions in the stock. ORG Partners LLC bought a new position in shares of Primerica in the 2nd quarter worth $30,000. V Square Quantitative Management LLC acquired a new position in Primerica during the third quarter worth $31,000. Prospera Private Wealth LLC bought a new position in shares of Primerica in the third quarter valued at $31,000. UMB Bank n.a. grew its holdings in shares of Primerica by 85.9% during the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider's stock valued at $38,000 after buying an additional 67 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings 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 worth $39,000 after acquiring an additional 54 shares during the last quarter. Institutional investors and hedge funds 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.