Primerica (PRI) to Buyback $275.00 million in Stock

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Primerica (NYSE:PRI) announced that its board has initiated a share repurchase plan, which authorizes the company to repurchase $275.00 million in outstanding shares on Thursday, February 7th. This repurchase authorization authorizes the financial services provider to buy up to 5.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Shares of PRI opened at $118.05 on Friday. The stock has a market capitalization of $5.07 billion, a P/E ratio of 16.11 and a beta of 1.39. Primerica has a 12-month low of $90.05 and a 12-month high of $128.35.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Thursday, February 7th. The financial services provider reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.13. The firm had revenue of $487.33 million for the quarter, compared to analyst estimates of $486.75 million. Primerica had a net margin of 17.06% and a return on equity of 22.78%. Primerica’s revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.60 EPS. As a group, equities analysts predict that Primerica will post 8.08 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Wednesday, February 20th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Tuesday, February 19th. This is a positive change from Primerica’s previous quarterly dividend of $0.25. This represents a $1.36 dividend on an annualized basis and a yield of 1.15%. Primerica’s dividend payout ratio is 13.64%.

Several brokerages have issued reports on PRI. Credit Suisse Group began coverage on shares of Primerica in a research note on Friday, January 18th. They set an “outperform” rating and a $135.00 target price on the stock. Zacks Investment Research raised shares of Primerica from a “hold” rating to a “buy” rating and set a $132.00 target price on the stock in a research note on Wednesday, November 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. Primerica presently has a consensus rating of “Hold” and a consensus price target of $117.83.

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $116.21, for a total transaction of $348,630.00. Following the sale, the chief executive officer now directly owns 65,287 shares in the company, valued at $7,587,002.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alison S. Rand sold 2,000 shares of the business’s stock in a transaction dated Wednesday, November 28th. The stock was sold at an average price of $113.03, for a total transaction of $226,060.00. Following the sale, the chief financial officer now owns 20,861 shares in the company, valued at $2,357,918.83. The disclosure for this sale can be found here. Insiders have sold 7,000 shares of company stock worth $814,290 over the last quarter. Insiders own 0.89% of the company’s stock.

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Primerica Company Profile

Primerica, Inc, together with its subsidiaries, distributes financial products to middle income households in the United States and Canada. The company operates in three segments: Term Life Insurance; Investment and Savings Products; and Corporate and Other Distributed Products. It underwrites individual term life insurance products.

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