Primerica (NYSE:PRI) Shares Down 1.4% - Here's What Happened

Primerica, Inc. (NYSE:PRI - Get Free Report) shares dropped 1.4% on Monday . The company traded as low as $266.92 and last traded at $266.92. Approximately 7,693 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 155,196 shares. The stock had previously closed at $270.59.

Analyst Upgrades and Downgrades

PRI has been the topic of a number of analyst reports. 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 report on Wednesday, December 18th. StockNews.com raised shares of Primerica from a "hold" rating to a "buy" rating in a report on Friday, November 22nd. 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. Finally, TD Cowen upped their price objective on Primerica from $314.00 to $345.00 and gave the company a "buy" rating in a 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. Based on data from MarketBeat.com, Primerica has an average rating of "Hold" and a consensus target price of $296.33.

Primerica Stock Down 0.3 %

The business has a 50-day simple moving average of $286.68 and a 200-day simple moving average of $265.42. The company has a market cap of $9.00 billion, a PE ratio of 20.60 and a beta of 1.09.

Primerica (NYSE:PRI - Get Free Report) last issued 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. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business had revenue of $774.13 million during the quarter, compared to analysts' expectations of $745.25 million. During the same period in the previous year, the firm posted $4.28 earnings per share. The company's revenue was up 11.0% on a year-over-year basis. As a group, equities research analysts predict that Primerica, Inc. will post 19.32 EPS for the current fiscal year.

Primerica Announces Dividend

The firm 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. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.33%. Primerica's dividend payout ratio is presently 27.50%.

Primerica declared that its Board of Directors has authorized a share repurchase plan on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Glenn J. Williams sold 3,000 shares of the business's stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 36,322 shares of the company's stock, valued at $10,942,728.94. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Primerica

Hedge funds and other institutional investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC purchased a new position in Primerica in the third quarter worth approximately $31,000. Prospera Private Wealth LLC purchased a new stake in shares of Primerica during the 3rd quarter worth $31,000. UMB Bank n.a. grew its stake in shares of Primerica by 85.9% during the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider's stock worth $38,000 after purchasing an additional 67 shares in the last quarter. Larson Financial Group LLC increased its holdings in Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider's stock valued at $39,000 after buying an additional 54 shares during the last quarter. Finally, Quarry LP raised its stake in Primerica by 629.2% in the third quarter. Quarry LP now owns 350 shares of the financial services provider's stock valued at $93,000 after buying an additional 302 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company's stock.

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.