Primerica (NYSE:PRI) Stock Price Down 0.1% – Here’s What Happened

Primerica, Inc. (NYSE:PRI)’s share price was down 0.1% on Friday . The company traded as low as $277.85 and last traded at $278.60. Approximately 10,291 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 137,753 shares. The stock had previously closed at $278.88.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. Morgan Stanley boosted their price target on Primerica from $308.00 to $313.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. 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 report on Tuesday, November 26th. BMO Capital Markets started coverage on Primerica in a research note on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price objective on the stock. Finally, 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 note on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $311.14.

Primerica Trading Down 2.0 %

The firm has a market cap of $9.12 billion, a P/E ratio of 19.87 and a beta of 1.11. The business’s 50-day moving average is $281.95 and its two-hundred day moving average is $276.58.

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

Primerica Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 1.52%. This is a boost from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date is Friday, February 21st. Primerica’s dividend payout ratio (DPR) is presently 26.18%.

Primerica declared that its Board of Directors has initiated a share repurchase program on Thursday, November 14th that allows the company to repurchase $450.00 million in 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 a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total value of $845,220.00. Following the sale, the chief executive officer now directly owns 33,322 shares in the company, valued at $9,388,140.28. The trade was a 8.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new position in shares of Primerica in the 4th quarter worth $34,191,000. AQR Capital Management LLC boosted its position in shares of Primerica by 254.5% in the 4th quarter. AQR Capital Management LLC now owns 116,271 shares of the financial services provider’s stock valued at $31,558,000 after purchasing an additional 83,477 shares during the period. Geode Capital Management LLC increased its stake in Primerica by 11.9% in the 4th quarter. Geode Capital Management LLC now owns 779,760 shares of the financial services provider’s stock worth $211,691,000 after purchasing an additional 82,921 shares in the last quarter. FIL Ltd raised its holdings in Primerica by 85.5% during the 4th quarter. FIL Ltd now owns 131,365 shares of the financial services provider’s stock worth $35,655,000 after buying an additional 60,565 shares during the period. Finally, Cubist Systematic Strategies LLC lifted its stake in Primerica by 2,508.8% during the fourth quarter. Cubist Systematic Strategies LLC now owns 57,499 shares of the financial services provider’s stock valued at $15,606,000 after buying an additional 55,295 shares in the last quarter. 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.