Primerica (NYSE:PRI) Trading Down 2.2% Following Analyst Downgrade

Shares of Primerica, Inc. (NYSE:PRI - Get Free Report) traded down 2.2% during mid-day trading on Friday after Keefe, Bruyette & Woods lowered their price target on the stock from $320.00 to $315.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Primerica traded as low as $271.13 and last traded at $272.33. 23,832 shares changed hands during trading, a decline of 82% from the average session volume of 132,858 shares. The stock had previously closed at $278.45.

Other research analysts have also recently issued research reports about the stock. StockNews.com cut shares of Primerica from a "buy" rating to a "hold" rating in a report on Monday. Truist Financial increased their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, November 8th. TD Cowen increased their target price on shares of Primerica from $314.00 to $345.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. Finally, Piper Sandler reduced their target price on shares of Primerica from $313.00 to $300.00 and set a "neutral" rating for the company in a report on Wednesday, December 18th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Primerica has a consensus rating of "Hold" and a consensus price target of $303.00.

Insider Transactions at Primerica

In related 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 transaction, the chief executive officer now directly owns 36,322 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.61% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Primerica

A number of hedge funds have recently bought and sold shares of PRI. Commonwealth Equity Services LLC increased its position in Primerica by 26.6% during the second quarter. Commonwealth Equity Services LLC now owns 3,540 shares of the financial services provider's stock worth $838,000 after acquiring an additional 743 shares during the period. Quest Partners LLC bought a new position in Primerica during the second quarter worth about $412,000. American Century Companies Inc. increased its position in Primerica by 13.2% during the second quarter. American Century Companies Inc. now owns 66,152 shares of the financial services provider's stock worth $15,650,000 after acquiring an additional 7,708 shares during the period. Qsemble Capital Management LP bought a new position in Primerica in the 2nd quarter valued at about $255,000. Finally, Oppenheimer Asset Management Inc. increased its holdings in Primerica by 18.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 3,181 shares of the financial services provider's stock valued at $753,000 after buying an additional 497 shares during the period. 90.88% of the stock is owned by institutional investors.

Primerica Stock Performance

The stock has a market capitalization of $9.05 billion, a P/E ratio of 20.72 and a beta of 1.11. The firm's fifty day simple moving average is $286.14 and its 200 day simple moving average is $267.55.

Primerica (NYSE:PRI - Get Free Report) last released its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating 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 firm had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. During the same period last year, the firm earned $4.28 EPS. The business's quarterly revenue was up 11.0% compared to the same quarter last year. Analysts anticipate that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were paid a $0.90 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.33%. Primerica's payout ratio is currently 27.50%.

Primerica announced that its board has authorized a share repurchase plan on Thursday, November 14th that authorizes the company to repurchase $450.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

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.