Primerica (NYSE:PRI) Trading 0.3% Higher - Here's What Happened

Primerica, Inc. (NYSE:PRI - Get Free Report) rose 0.3% during mid-day trading on Thursday . The stock traded as high as $271.46 and last traded at $267.94. Approximately 47,674 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 152,670 shares. The stock had previously closed at $267.09.

Wall Street Analyst Weigh In

Several research analysts recently commented on PRI shares. TD Cowen raised their price objective on shares of Primerica from $314.00 to $345.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. Piper Sandler reduced their price target on Primerica from $313.00 to $300.00 and set a "neutral" rating for the company in a research report on Wednesday. Truist Financial raised their target price on Primerica from $300.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Finally, StockNews.com upgraded 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's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $296.33.

Primerica Stock Down 0.1 %

The firm's 50-day moving average is $287.90 and its 200-day moving average is $262.56. The company has a market capitalization of $8.90 billion, a PE ratio of 20.39 and a beta of 1.09.

Primerica (NYSE:PRI - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The company's revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the company earned $4.28 EPS. As a group, equities research analysts predict that Primerica, Inc. will post 19.32 EPS for the current year.

Primerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend was Thursday, November 21st. Primerica's payout ratio is 27.50%.

Primerica announced that its Board of Directors has initiated a share repurchase program 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 buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Transactions at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the business's stock in a transaction on 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. The trade was a 7.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Primerica

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Burgundy Asset Management Ltd. grew its holdings in shares of Primerica by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,237,164 shares of the financial services provider's stock worth $292,688,000 after acquiring an additional 17,095 shares during the period. Geode Capital Management LLC grew its holdings in Primerica by 3.9% in the third 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 during the period. Millennium Management LLC lifted its holdings in shares of Primerica by 30,726.7% during the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider's stock valued at $161,102,000 after purchasing an additional 678,752 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Primerica by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider's stock worth $150,880,000 after buying an additional 21,836 shares during the last quarter. Finally, Raymond James & Associates increased its position in Primerica by 4.6% during the 3rd quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider's stock valued at $32,176,000 after buying an additional 5,323 shares in 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.