Primerica (NYSE:PRI) Stock Price Down 0.7% - Here's What Happened

Primerica, Inc. (NYSE:PRI - Get Free Report) dropped 0.7% during trading on Tuesday . The stock traded as low as $297.98 and last traded at $299.12. Approximately 16,160 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 152,689 shares. The stock had previously closed at $301.12.

Analysts Set New Price Targets

Several research firms have recently issued reports on PRI. TD Cowen increased their price objective on shares of Primerica from $314.00 to $345.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Morgan Stanley upped their target price on Primerica from $257.00 to $269.00 and gave the stock an "equal weight" rating in a research report on Monday, August 19th. Truist Financial raised their target price on Primerica from $300.00 to $340.00 and gave the company a "buy" rating in a report on Friday, November 8th. Piper Sandler assumed coverage on shares of Primerica in a research report on Friday, August 30th. They issued a "neutral" rating and a $283.00 price objective for the company. Finally, StockNews.com raised shares of Primerica from a "hold" rating to a "buy" rating in a research report on Friday, November 22nd. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Primerica has a consensus rating of "Hold" and a consensus price target of $293.50.

Primerica Stock Down 0.5 %

The firm has a market cap of $10.00 billion, a P/E ratio of 22.85 and a beta of 1.09. The business's 50 day moving average is $283.58 and its 200-day moving average is $257.82.

Primerica (NYSE:PRI - Get Free Report) last issued its quarterly 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 net margin of 14.95% and a return on equity of 30.93%. The business had revenue of $774.13 million for the quarter, compared to analysts' expectations of $745.25 million. During the same quarter last year, the company posted $4.28 earnings per share. The company's quarterly revenue was up 11.0% compared to the same quarter last year. As a group, equities analysts predict that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica's dividend payout ratio (DPR) is presently 27.50%.

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

Insider Activity at Primerica

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of the business's stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the completion of the transaction, the director now owns 15,151 shares in the company, valued at approximately $3,846,081.35. The trade was a 11.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Glenn J. Williams sold 3,000 shares of the firm's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at $10,942,728.94. This trade represents a 7.63 % 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 insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Millennium Management LLC raised its stake 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 worth $161,102,000 after buying an additional 678,752 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in shares of Primerica by 66.3% during the 2nd quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider's stock valued at $23,601,000 after purchasing an additional 39,761 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of Primerica by 2,986.9% in the 2nd quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider's stock worth $7,595,000 after purchasing an additional 31,064 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Primerica in the 2nd quarter worth approximately $71,000. Finally, Geode Capital Management LLC raised its holdings 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 in 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.

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