Primerica (NYSE:PRI) Trading Up 0.5% - Here's What Happened

Primerica, Inc. (NYSE:PRI - Get Free Report) shares shot up 0.5% during mid-day trading on Thursday . The company traded as high as $285.36 and last traded at $284.70. 12,231 shares changed hands during trading, a decline of 91% from the average session volume of 134,294 shares. The stock had previously closed at $283.15.

Analysts Set New Price Targets

Several research firms have weighed in on PRI. StockNews.com raised shares of Primerica from a "hold" rating to a "buy" rating in a research note on Tuesday. TD Cowen boosted 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. Keefe, Bruyette & Woods decreased their price objective on shares of Primerica from $320.00 to $315.00 and set a "market perform" rating for the company in a report on Friday, January 10th. Truist Financial raised their price objective on Primerica from $300.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, November 8th. Finally, Piper Sandler dropped their target price on Primerica from $313.00 to $300.00 and set a "neutral" rating on the stock in a report on Wednesday, December 18th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $303.00.

Primerica Price Performance

The stock has a 50-day moving average price of $286.08 and a two-hundred day moving average price of $268.69. The stock has a market cap of $9.55 billion, a PE ratio of 21.87 and a beta of 1.11.

Primerica (NYSE:PRI - Get Free Report) last issued 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. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business had revenue of $774.13 million during the quarter, compared to analysts' expectations of $745.25 million. During the same period last year, the company posted $4.28 EPS. The business's revenue was up 11.0% on a year-over-year basis. Equities research analysts expect that Primerica, Inc. will post 19.55 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. Stockholders of record on Thursday, November 21st were paid a dividend of $0.90 per share. The ex-dividend date was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.26%. Primerica's dividend payout ratio is 27.50%.

Primerica declared that its board has approved a stock buyback program 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 reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of the firm'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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.85% of the company's stock.

Institutional Inflows and Outflows

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

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.

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