Primerica (NYSE:PRI) Reaches New 1-Year High – Here’s What Happened

Shares of Primerica, Inc. (NYSE:PRI) hit a new 52-week high during trading on Monday . The stock traded as high as $305.28 and last traded at $305.28, with a volume of 6269 shares trading hands. The stock had previously closed at $301.73.

Analyst Ratings Changes

Several research firms recently issued reports on PRI. Piper Sandler initiated coverage on shares of Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective for the company. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Morgan Stanley boosted their price objective on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Truist Financial raised their target price on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, TD Cowen boosted their target price on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research report on Tuesday. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Primerica currently has a consensus rating of “Hold” and a consensus price target of $293.50.

Primerica Price Performance

The stock has a market capitalization of $10.25 billion, a P/E ratio of 23.29 and a beta of 1.08. The company’s 50 day simple moving average is $280.07 and its two-hundred day simple moving average is $255.60.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The business had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. Primerica’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the prior year, the company earned $4.28 EPS. On average, research analysts anticipate that Primerica, Inc. will post 19.12 earnings per share for the current fiscal year.

Primerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 annualized dividend and a yield of 1.17%. Primerica’s dividend payout ratio (DPR) is 27.50%.

Primerica declared that its Board of Directors has authorized a share buyback program on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, Director John A. Jr. Addison sold 2,000 shares of the company’s stock in a transaction dated 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 sale, the director now owns 15,151 shares in the company, valued at approximately $3,846,081.35. This represents a 11.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares in the company, valued at $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.61% of the company’s stock.

Institutional Trading of Primerica

Large investors have recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. lifted its position in Primerica by 55.0% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 2,648 shares of the financial services provider’s stock valued at $670,000 after acquiring an additional 940 shares in the last quarter. HM Payson & Co. boosted its position in shares of Primerica by 52.5% during the first quarter. HM Payson & Co. now owns 805 shares of the financial services provider’s stock worth $204,000 after buying an additional 277 shares during the period. Harbor Capital Advisors Inc. boosted its position in shares of Primerica by 456.8% during the second quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock worth $2,164,000 after buying an additional 7,506 shares during the period. NBC Securities Inc. grew its holdings in shares of Primerica by 28.1% during the second quarter. NBC Securities Inc. now owns 6,285 shares of the financial services provider’s stock worth $1,486,000 after buying an additional 1,378 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Primerica in the 2nd quarter valued at approximately $893,000. 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.