Primerica (NYSE:PRI) Trading Up 2% - Here's What Happened

Primerica, Inc. (NYSE:PRI - Get Free Report)'s share price was up 2% on Tuesday . The company traded as high as $280.18 and last traded at $279.54. Approximately 17,540 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 130,671 shares. The stock had previously closed at $273.93.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PRI shares. Piper Sandler lowered their target price on shares of Primerica from $313.00 to $300.00 and set a "neutral" rating on the stock in a report on Wednesday, December 18th. StockNews.com upgraded Primerica from a "hold" rating to a "buy" rating in a research report on Tuesday. TD Cowen increased their price objective on Primerica from $314.00 to $345.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods lowered their price objective on shares of Primerica from $320.00 to $315.00 and set a "market perform" rating on the stock in a research report on Friday. Finally, Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, November 8th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $303.00.

Primerica Price Performance

The stock has a market capitalization of $9.41 billion, a PE ratio of 21.55 and a beta of 1.11. The company has a 50 day moving average price of $286.13 and a 200-day moving average price of $268.26.

Primerica (NYSE:PRI - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.81 by $0.87. The company had revenue of $774.13 million for 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.28 earnings per share. As a group, equities analysts anticipate that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were issued 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 dividend yield of 1.28%. Primerica's payout ratio is 27.50%.

Primerica declared that its board has authorized a share buyback plan on Thursday, November 14th that authorizes the company to buyback $450.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Primerica

In other Primerica 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 transaction 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. This trade represents a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primerica

A number of institutional investors have recently made changes to their positions in PRI. V Square Quantitative Management LLC bought a new position in Primerica in the 3rd quarter valued at approximately $31,000. Prospera Private Wealth LLC purchased a new position in shares of Primerica in the third quarter worth $31,000. UMB Bank n.a. lifted 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 purchasing an additional 67 shares in the last quarter. Larson Financial Group LLC boosted its position in shares of Primerica by 56.8% during the third 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 during the last quarter. Finally, Quarry LP boosted its position in shares of Primerica by 629.2% during the third quarter. Quarry LP now owns 350 shares of the financial services provider's stock valued at $93,000 after buying an additional 302 shares during the last quarter. Hedge funds and other 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.