Primerica (NYSE:PRI) Trading 0.2% Higher - Still a Buy?

Primerica, Inc. (NYSE:PRI - Get Free Report) shot up 0.2% during trading on Wednesday . The company traded as high as $276.56 and last traded at $276.55. 15,758 shares traded hands during trading, a decline of 88% from the average session volume of 128,478 shares. The stock had previously closed at $275.97.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Truist Financial lifted their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. StockNews.com lowered Primerica from a "buy" rating to a "hold" rating in a report on Monday. TD Cowen boosted their target price on Primerica from $314.00 to $345.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Finally, Piper Sandler cut their price target on Primerica from $313.00 to $300.00 and set a "neutral" rating for the company in a research note on Wednesday, December 18th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Primerica currently has an average rating of "Hold" and an average target price of $296.33.

Primerica Stock Up 0.9 %

The stock has a market capitalization of $9.29 billion, a P/E ratio of 21.26 and a beta of 1.11. The company has a 50-day moving average price of $286.20 and a two-hundred day moving average price of $267.15.

Primerica (NYSE:PRI - Get Free Report) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.81 by $0.87. The business had revenue of $774.13 million for the quarter, compared to analysts' expectations of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business's revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the company posted $4.28 EPS. On average, sell-side analysts expect that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders 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 yield of 1.29%. Primerica's dividend payout ratio is currently 27.50%.

Primerica announced that its Board of Directors has initiated a share buyback plan on Thursday, November 14th that allows the company to buyback $450.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now owns 36,322 shares of the company's stock, valued at $10,942,728.94. This 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 owned by insiders.

Hedge Funds Weigh In On Primerica

Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its stake 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 buying an additional 25,951 shares in the last quarter. Barclays PLC lifted its holdings in shares of Primerica by 108.1% in the 3rd quarter. Barclays PLC now owns 20,471 shares of the financial services provider's stock worth $5,428,000 after acquiring an additional 10,635 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Primerica in the 3rd quarter valued at $3,710,000. BNP Paribas Financial Markets grew its holdings in shares of Primerica by 320.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,750 shares of the financial services provider's stock valued at $1,525,000 after purchasing an additional 4,383 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Primerica in the 3rd quarter worth $646,000. 90.88% of the stock is currently owned by hedge funds and other 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.