Primerica (NYSE:PRI) Trading 0.6% Higher - Here's What Happened

Primerica, Inc. (NYSE:PRI - Get Free Report) rose 0.6% during trading on Wednesday . The stock traded as high as $273.02 and last traded at $271.42. Approximately 139,893 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 155,494 shares. The stock had previously closed at $269.68.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. StockNews.com upgraded shares of Primerica from a "hold" rating to a "buy" rating in a research note on Friday, November 22nd. Truist Financial lifted their target price on shares of Primerica from $300.00 to $340.00 and gave the company a "buy" rating in a report on Friday, November 8th. TD Cowen increased their price target on Primerica from $314.00 to $345.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. Finally, Piper Sandler reduced their price objective on Primerica from $313.00 to $300.00 and set a "neutral" rating on the stock in a research note on Wednesday, December 18th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $296.33.

Primerica Stock Performance

The business's fifty day simple moving average is $286.41 and its 200 day simple moving average is $265.81. The stock has a market cap of $9.06 billion, a price-to-earnings ratio of 20.73 and a beta of 1.09.

Primerica (NYSE:PRI - Get Free Report) last released 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 return on equity of 30.93% and a net margin of 14.95%. The business had revenue of $774.13 million for the quarter, compared to analysts' expectations of $745.25 million. During the same quarter in the previous year, the firm posted $4.28 earnings per share. The company's revenue was up 11.0% compared to the same quarter last year. As a group, analysts forecast that Primerica, Inc. will post 19.32 EPS 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 given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date was Thursday, November 21st. Primerica's payout ratio is currently 27.50%.

Primerica announced that its board has initiated a stock 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 purchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the sale, the chief executive officer now owns 36,322 shares in the company, valued at $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Primerica

Institutional investors have recently made changes to their positions in the company. Forthright Family Wealth Advisory LLC acquired a new stake in Primerica during the third quarter worth about $202,000. Wilmington Savings Fund Society FSB bought a new position in shares of Primerica during the third quarter valued at approximately $336,000. Sanctuary Advisors LLC grew its holdings in shares of Primerica by 21.3% during the third quarter. Sanctuary Advisors LLC now owns 5,632 shares of the financial services provider's stock valued at $1,493,000 after purchasing an additional 990 shares during the last quarter. SkyView Investment Advisors LLC raised its position in shares of Primerica by 2.2% during the 3rd quarter. SkyView Investment Advisors LLC now owns 6,408 shares of the financial services provider's stock worth $1,699,000 after purchasing an additional 137 shares during the period. Finally, TD Private Client Wealth LLC lifted its holdings in shares of Primerica by 52.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 365 shares of the financial services provider's stock worth $97,000 after purchasing an additional 126 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors.

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.