Primerica (NYSE:PRI) Board Approves Stock Repurchase Program

Primerica (NYSE:PRI) announced that its Board of Directors has approved a share buyback program on Thursday, November 14th, RTT News reports. The company plans to repurchase $450.00 million in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PRI shares. Morgan Stanley boosted their price target on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Jefferies Financial Group raised their price objective on shares of Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a research report on Thursday, July 18th. Piper Sandler started coverage on shares of Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price for the company. Truist Financial raised their price target on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, TD Cowen began coverage on shares of Primerica in a report on Wednesday, October 9th. They set a “buy” rating and a $314.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Primerica currently has a consensus rating of “Hold” and a consensus price target of $288.33.

Primerica Trading Down 1.1 %

Shares of Primerica stock opened at $296.82 on Friday. The company has a market capitalization of $9.90 billion, a P/E ratio of 22.68 and a beta of 1.08. The stock has a fifty day simple moving average of $272.02 and a 200 day simple moving average of $250.23. Primerica has a 12-month low of $184.76 and a 12-month high of $304.84.

Primerica (NYSE:PRI) last released its 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. The firm had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company’s revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.28 EPS. On average, analysts predict that Primerica will post 19.12 EPS for the current year.

Primerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Thursday, November 21st. Primerica’s payout ratio is currently 27.50%.

Insider Transactions at Primerica

In other news, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the transaction, the director now owns 15,151 shares in the company, valued at $3,846,081.35. The trade was a 11.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Peter W. Schneider sold 1,500 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $261.11, for a total transaction of $391,665.00. Following the sale, the president now owns 10,259 shares of the company’s stock, valued at approximately $2,678,727.49. This represents a 12.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,500 shares of company stock worth $1,803,175. Company insiders own 0.85% 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.