Primerica, Inc. (NYSE:PRI - Get Free Report)'s stock price shot up 0.8% on Friday . The stock traded as high as $275.08 and last traded at $273.89. 17,770 shares traded hands during trading, a decline of 79% from the average session volume of 86,321 shares. The stock had previously closed at $271.76.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on PRI. StockNews.com raised shares of Primerica from a "hold" rating to a "buy" rating in a report on Friday, November 22nd. Piper Sandler reduced their target price on Primerica from $313.00 to $300.00 and set a "neutral" rating for the company in a research note on Wednesday, December 18th. TD Cowen lifted 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. Finally, Truist Financial increased their price objective on Primerica from $300.00 to $340.00 and gave the company a "buy" rating in a report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Primerica has an average rating of "Hold" and an average target price of $296.33.
Check Out Our Latest Report on PRI
Primerica Trading Up 1.7 %
The firm has a market cap of $9.22 billion, a price-to-earnings ratio of 21.12 and a beta of 1.09. The company has a fifty day moving average price of $286.27 and a 200-day moving average price of $266.19.
Primerica (NYSE:PRI - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.81 by $0.87. The company had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. Primerica's revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the previous year, the company posted $4.28 earnings per share. As a group, research analysts forecast that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.
Primerica Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were issued 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 1.30%. Primerica's payout ratio is 27.50%.
Primerica announced that its board has initiated a stock repurchase program on Thursday, November 14th that permits the company to buyback $450.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.
Insider Activity
In other news, CEO Glenn J. Williams sold 3,000 shares of the 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 transaction, the chief executive officer now owns 36,322 shares in the company, valued at $10,942,728.94. This trade represents a 7.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.85% of the company's stock.
Institutional Investors Weigh In On Primerica
Several institutional investors and hedge funds have recently added to or reduced their stakes in PRI. Geode Capital Management LLC grew its position in shares of Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider's stock valued at $184,807,000 after purchasing an additional 25,951 shares during the period. Barclays PLC boosted its holdings in 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 buying an additional 10,635 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in Primerica during the 3rd quarter worth approximately $3,710,000. BNP Paribas Financial Markets raised its holdings in shares of 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 acquiring an additional 4,383 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Primerica during the third quarter valued at approximately $646,000. Hedge funds and other institutional investors own 90.88% of the company's stock.
About Primerica
(
Get Free Report)
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.
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