Primerica (NYSE:PRI) Trading 0.5% Higher - Here's What Happened

Primerica, Inc. (NYSE:PRI - Get Free Report) shares shot up 0.5% during trading on Thursday . The stock traded as high as $288.19 and last traded at $284.13. 17,711 shares were traded during mid-day trading, a decline of 88% from the average session volume of 152,104 shares. The stock had previously closed at $282.83.

Wall Street Analyst Weigh In

PRI has been the topic of a number of recent research reports. Morgan Stanley raised their price objective on Primerica from $257.00 to $269.00 and gave the company an "equal weight" rating in a research report on Monday, August 19th. StockNews.com upgraded shares of Primerica from a "hold" rating to a "buy" rating in a report on Friday, November 22nd. 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 research note on Friday, November 8th. Piper Sandler began coverage on shares of Primerica in a research note on Friday, August 30th. They issued a "neutral" rating and a $283.00 target price for the company. Finally, TD Cowen upped their price target on Primerica from $314.00 to $345.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $293.50.

Primerica Trading Up 0.5 %

The company has a market cap of $9.49 billion, a PE ratio of 21.72 and a beta of 1.09. The firm's 50-day simple moving average is $287.60 and its two-hundred day simple moving average is $260.86.

Primerica (NYSE:PRI - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating analysts' consensus estimates 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 net margin of 14.95% and a return on equity of 30.93%. The business's quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company earned $4.28 earnings per share. As a group, analysts predict that Primerica, Inc. will post 19.32 EPS for the current year.

Primerica Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.27%. The ex-dividend date is Thursday, November 21st. Primerica's dividend payout ratio is presently 27.50%.

Primerica announced that its board has approved a share buyback program 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 programs are usually a sign that the company's leadership believes its stock is undervalued.

Insider Activity at Primerica

In related news, 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 transaction of $903,810.00. Following the completion of the transaction, the chief executive officer now owns 36,322 shares of the company's stock, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.85% of the stock is owned by insiders.

Institutional Investors Weigh In On Primerica

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRI. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Primerica during the 3rd quarter worth approximately $3,710,000. BNP Paribas Financial Markets grew its position in Primerica by 320.6% during the third quarter. BNP Paribas Financial Markets now owns 5,750 shares of the financial services provider's stock valued at $1,525,000 after buying an additional 4,383 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Primerica during the third quarter valued at $646,000. Susquehanna Fundamental Investments LLC purchased a new position in Primerica in the second quarter valued at $3,514,000. Finally, SG Americas Securities LLC acquired a new position in shares of Primerica in the second quarter worth about $893,000. 90.88% of the stock is owned by institutional investors and hedge funds.

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.