Primerica (NYSE:PRI) Stock Price Up 2.3% – What’s Next?

Primerica, Inc. (NYSE:PRI)’s stock price shot up 2.3% during mid-day trading on Thursday . The company traded as high as $283.88 and last traded at $284.53. 23,309 shares changed hands during trading, a decline of 83% from the average session volume of 137,616 shares. The stock had previously closed at $278.22.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a research report on Tuesday, February 18th. BMO Capital Markets began coverage on Primerica in a research note on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price objective for the company. TD Cowen boosted their target price on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. Finally, Morgan Stanley raised their price objective on Primerica from $308.00 to $313.00 and gave the stock an “equal weight” rating in a research report on Friday, February 14th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $311.14.

Primerica Stock Up 2.1 %

The stock has a market cap of $9.48 billion, a P/E ratio of 20.67 and a beta of 1.11. The firm’s 50-day moving average is $281.93 and its two-hundred day moving average is $277.65.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, topping analysts’ consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. Analysts anticipate that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 21st will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Friday, February 21st. This is a boost from Primerica’s previous quarterly dividend of $0.90. Primerica’s payout ratio is currently 30.25%.

Primerica declared that its Board of Directors has approved a stock buyback program on Thursday, November 14th that allows the company to repurchase $450.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total transaction of $845,220.00. Following the completion of the transaction, the chief executive officer now owns 33,322 shares of the company’s stock, valued at approximately $9,388,140.28. This represents a 8.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

Institutional investors and hedge funds have recently bought and sold shares of the business. Colonial Trust Co SC acquired a new position in shares of Primerica in the 4th quarter worth approximately $25,000. True Wealth Design LLC acquired a new stake in shares of Primerica during the 4th quarter worth about $27,000. Prospera Private Wealth LLC acquired a new stake in shares of Primerica during the 3rd quarter worth about $31,000. Golden State Wealth Management LLC bought a new position in Primerica during the 4th quarter valued at about $33,000. Finally, EverSource Wealth Advisors LLC grew its stake in Primerica by 129.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock worth $34,000 after buying an additional 71 shares during the last quarter. Institutional investors own 90.88% of the company’s stock.

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.