Primerica (NYSE:PRI) Shares Down 0.3% - Here's What Happened

Primerica, Inc. (NYSE:PRI - Get Free Report) dropped 0.3% during trading on Monday . The company traded as low as $277.92 and last traded at $280.41. Approximately 26,778 shares changed hands during trading, a decline of 82% from the average daily volume of 151,926 shares. The stock had previously closed at $281.16.

Wall Street Analysts Forecast Growth

PRI has been the subject of a number of research analyst reports. StockNews.com upgraded Primerica from a "hold" rating to a "buy" rating in a research report on Friday, November 22nd. Piper Sandler started coverage on Primerica in a research note on Friday, August 30th. They issued a "neutral" rating and a $283.00 price target on the stock. TD Cowen upped their price target on shares of Primerica from $314.00 to $345.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. Morgan Stanley upped their price target on Primerica from $257.00 to $269.00 and gave the company an "equal weight" rating in a research report on Monday, August 19th. Finally, Truist Financial raised their price target on shares of Primerica from $300.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, November 8th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $293.50.

Primerica Stock Performance

The firm has a market capitalization of $9.36 billion, a P/E ratio of 21.39 and a beta of 1.09. The stock has a 50 day moving average of $287.74 and a two-hundred day moving average of $261.78.

Primerica (NYSE:PRI - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping analysts' consensus estimates of $4.81 by $0.87. The business 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 firm'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. Sell-side analysts predict that Primerica, Inc. will post 19.32 EPS for the current year.

Primerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were given a $0.90 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.28%. Primerica's dividend payout ratio is 27.50%.

Primerica declared that its Board of Directors has initiated a share buyback program on Thursday, November 14th that authorizes the company to buyback $450.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its stock is undervalued.

Insider Activity at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the firm'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 value of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.85% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in Primerica by 3.9% during 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 in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Primerica in the third quarter worth about $3,710,000. BNP Paribas Financial Markets boosted its position in Primerica by 320.6% in 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 buying an additional 4,383 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Primerica in the third quarter valued at about $646,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Primerica during the second quarter worth approximately $3,514,000. 90.88% of the stock is currently 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.