Primerica (NYSE:PRI) Issues Quarterly Earnings Results, Misses Expectations By $0.62 EPS

Primerica (NYSE:PRIGet Rating) announced its quarterly earnings results on Thursday. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.73 by ($0.62), MarketWatch Earnings reports. The company had revenue of $691.30 million during the quarter, compared to analyst estimates of $731.25 million. Primerica had a net margin of 13.78% and a return on equity of 22.89%. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.44 earnings per share.

Shares of PRI stock traded down $13.77 during trading hours on Friday, hitting $115.93. 457,196 shares of the company were exchanged, compared to its average volume of 126,650. Primerica has a one year low of $114.40 and a one year high of $179.51. The business’s 50-day simple moving average is $131.92 and its two-hundred day simple moving average is $146.27. The stock has a market capitalization of $4.51 billion, a price-to-earnings ratio of 12.92 and a beta of 1.35.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 14th. Stockholders of record on Friday, May 20th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Thursday, May 19th. This represents a $2.20 annualized dividend and a dividend yield of 1.90%. Primerica’s payout ratio is 24.53%.

PRI has been the subject of a number of analyst reports. Credit Suisse Group decreased their price objective on shares of Primerica from $199.00 to $187.00 and set an “outperform” rating for the company in a research report on Tuesday, March 1st. Wolfe Research initiated coverage on shares of Primerica in a research report on Friday, January 21st. They issued a “market perform” rating and a $163.00 price objective for the company. Truist Financial decreased their price objective on shares of Primerica from $197.00 to $187.00 in a research report on Wednesday, February 16th. Zacks Investment Research raised shares of Primerica from a “sell” rating to a “hold” rating in a research report on Tuesday, April 12th. Finally, initiated coverage on shares of Primerica in a research report on Thursday, March 31st. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $167.29.

Primerica declared that its Board of Directors has approved a stock repurchase program on Monday, February 14th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 0.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

In other Primerica news, President Peter W. Schneider sold 3,500 shares of the firm’s stock in a transaction dated Friday, February 25th. The shares were sold at an average price of $130.49, for a total value of $456,715.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.85% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. MML Investors Services LLC bought a new position in Primerica in the fourth quarter worth about $203,000. Virtu Financial LLC bought a new position in Primerica in the fourth quarter worth about $239,000. Kingsview Wealth Management LLC bought a new position in Primerica in the fourth quarter worth about $312,000. Allianz Asset Management GmbH lifted its holdings in Primerica by 2.4% in the fourth quarter. Allianz Asset Management GmbH now owns 4,290 shares of the financial services provider’s stock worth $658,000 after acquiring an additional 100 shares during the last quarter. Finally, LPL Financial LLC increased its stake in shares of Primerica by 31.2% in the third quarter. LPL Financial LLC now owns 4,469 shares of the financial services provider’s stock valued at $687,000 after purchasing an additional 1,063 shares during the period. 90.90% of the stock is currently owned by hedge funds and other institutional investors.

About Primerica (Get Rating)

Primerica, Inc, together with its subsidiaries, provides financial products 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. The Term Life Insurance segment underwrites individual term life insurance products.

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Earnings History for Primerica (NYSE:PRI)

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