Primerica (NYSE:PRI) Trading 1.4% Higher - Here's Why

Primerica, Inc. (NYSE:PRI - Get Free Report) shot up 1.4% on Monday . The stock traded as high as $294.01 and last traded at $294.01. 17,219 shares traded hands during trading, a decline of 88% from the average session volume of 138,066 shares. The stock had previously closed at $290.00.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PRI. StockNews.com lowered Primerica from a "buy" rating to a "hold" rating in a report on Friday, February 7th. Morgan Stanley lowered their price target on Primerica from $313.00 to $304.00 and set an "equal weight" rating on the stock in a research report on Friday, February 28th. Piper Sandler lowered their price target on Primerica from $313.00 to $300.00 and set a "neutral" rating on the stock in a research report on Wednesday, December 18th. TD Cowen raised their price target on Primerica from $314.00 to $345.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. Finally, BMO Capital Markets assumed coverage on Primerica in a research report on Thursday, January 23rd. They issued a "market perform" rating and a $311.00 price target on the stock. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $309.86.

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Primerica Stock Down 1.0 %

The firm has a market capitalization of $9.45 billion, a price-to-earnings ratio of 20.59 and a beta of 1.11. The business has a 50-day moving average of $283.73 and a two-hundred day moving average of $278.76.

Primerica (NYSE:PRI - Get Free Report) last released its earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, topping analysts' consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. Equities analysts predict that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 21st will be given a dividend of $1.04 per share. The ex-dividend date is Friday, February 21st. This is an increase from Primerica's previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 1.47%. Primerica's dividend payout ratio (DPR) is 30.25%.

Primerica announced that its board has authorized a share repurchase 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 purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total transaction of $845,220.00. Following the sale, the chief executive officer now directly owns 33,322 shares of the company's stock, valued at approximately $9,388,140.28. The trade was 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. Also, President Peter W. Schneider sold 2,000 shares of Primerica stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $282.90, for a total value of $565,800.00. Following the sale, the president now directly owns 13,301 shares in the company, valued at $3,762,852.90. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,234 shares of company stock valued at $1,476,575. 0.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PRI. Janney Montgomery Scott LLC raised its stake in shares of Primerica by 2.9% in the third quarter. Janney Montgomery Scott LLC now owns 10,243 shares of the financial services provider's stock valued at $2,716,000 after acquiring an additional 292 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Primerica by 40.0% in the third quarter. Van ECK Associates Corp now owns 21,646 shares of the financial services provider's stock valued at $5,998,000 after acquiring an additional 6,185 shares during the last quarter. Assetmark Inc. raised its stake in shares of Primerica by 11.8% in the third quarter. Assetmark Inc. now owns 1,461 shares of the financial services provider's stock valued at $387,000 after acquiring an additional 154 shares during the last quarter. Atria Investments Inc raised its stake in shares of Primerica by 8.0% in the third quarter. Atria Investments Inc now owns 8,950 shares of the financial services provider's stock valued at $2,373,000 after acquiring an additional 662 shares during the last quarter. Finally, Axxcess Wealth Management LLC bought a new position in shares of Primerica in the third quarter valued at approximately $221,000. Institutional investors 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.