Primerica (NYSE:PRI) Shares Up 0.8% – Time to Buy?

Shares of Primerica, Inc. (NYSE:PRI) shot up 0.8% during mid-day trading on Tuesday . The stock traded as high as $296.00 and last traded at $294.45. 11,594 shares traded hands during trading, a decline of 91% from the average session volume of 131,896 shares. The stock had previously closed at $292.14.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PRI. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research note on Wednesday. BMO Capital Markets assumed coverage on shares of Primerica in a research report on Thursday. They issued a “market perform” rating and a $311.00 price target on the stock. Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. TD Cowen increased their price objective on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods decreased their target price on Primerica from $320.00 to $315.00 and set a “market perform” rating for the company in a research note on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Primerica presently has a consensus rating of “Hold” and a consensus price target of $304.14.

Primerica Trading Down 0.5 %

The company’s 50-day moving average is $285.42 and its two-hundred day moving average is $270.64. The stock has a market capitalization of $9.73 billion, a P/E ratio of 22.28 and a beta of 1.11.

Primerica (NYSE:PRI) last released its quarterly earnings results 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 company had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter in the previous year, the company posted $4.28 earnings per share. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. Sell-side analysts expect that Primerica, Inc. will post 19.75 EPS for the current fiscal year.

Primerica Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st were paid a $0.90 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.23%. Primerica’s payout ratio is 27.50%.

Primerica announced that its Board of Directors has authorized a share repurchase plan 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 purchase up to 4.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the 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 approximately $10,942,728.94. This trade represents a 7.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.85% of the company’s stock.

Institutional Trading of Primerica

Several institutional investors have recently modified their holdings of PRI. V Square Quantitative Management LLC acquired a new position in shares of Primerica in the 3rd quarter worth $31,000. Prospera Private Wealth LLC purchased a new position in shares of Primerica during the 3rd quarter valued at $31,000. UMB Bank n.a. increased its stake in shares of Primerica by 85.9% in the third quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 67 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Primerica by 56.8% during the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 54 shares in the last quarter. Finally, Quarry LP raised its holdings in shares of Primerica by 629.2% during the third quarter. Quarry LP now owns 350 shares of the financial services provider’s stock worth $93,000 after acquiring an additional 302 shares in the last quarter. Institutional investors and hedge funds 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.