Primerica (NYSE:PRI) Shares Up 0.7% – Here’s What Happened

Primerica, Inc. (NYSE:PRI) shot up 0.7% during trading on Monday . The stock traded as high as $286.16 and last traded at $285.26. 39,096 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 163,602 shares. The stock had previously closed at $283.33.

Analysts Set New Price Targets

PRI has been the topic of several recent research reports. Piper Sandler cut their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 18th. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a report on Friday, February 7th. BMO Capital Markets assumed coverage on Primerica in a research note on Thursday, January 23rd. They set a “market perform” rating and a $311.00 target price for the company. Morgan Stanley reduced their price target on Primerica from $313.00 to $304.00 and set an “equal weight” rating on the stock in a research report on Friday, February 28th. Finally, Keefe, Bruyette & Woods boosted their price objective on Primerica from $315.00 to $320.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 18th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $309.86.

Primerica Stock Up 0.4 %

The firm has a market cap of $9.45 billion, a price-to-earnings ratio of 20.69 and a beta of 1.12. The stock has a fifty day moving average price of $286.37 and a 200-day moving average price of $281.97.

Primerica (NYSE:PRI) last posted its quarterly 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%. As a group, research analysts expect that Primerica, Inc. will post 20.6 earnings per share for the current year.

Primerica Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 21st were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend was Friday, February 21st. This is an increase from Primerica’s previous quarterly dividend of $0.90. Primerica’s dividend payout ratio (DPR) is currently 30.25%.

Insider Activity at Primerica

In other news, insider Nicholas Adam Jendusa sold 234 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $280.15, for a total transaction of $65,555.10. Following the sale, the insider now owns 200 shares of the company’s stock, valued at $56,030. The trade was a 53.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Glenn J. Williams sold 3,000 shares of the firm’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 completion of the transaction, the chief executive officer now directly owns 33,322 shares of the company’s stock, valued at $9,388,140.28. The trade was a 8.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,234 shares of company stock worth $1,476,575 over the last 90 days. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Primerica

Several hedge funds have recently added to or reduced their stakes in PRI. Burgundy Asset Management Ltd. raised its position in shares of Primerica by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 1,288,473 shares of the financial services provider’s stock worth $349,717,000 after purchasing an additional 21,208 shares during the last quarter. Geode Capital Management LLC increased its position in Primerica by 11.9% during 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. Northern Trust Corp lifted its holdings in Primerica by 15.6% in the 4th quarter. Northern Trust Corp now owns 347,040 shares of the financial services provider’s stock valued at $94,194,000 after purchasing an additional 46,935 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Primerica by 1.3% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 230,736 shares of the financial services provider’s stock worth $62,626,000 after buying an additional 2,905 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its position in Primerica by 0.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 159,774 shares of the financial services provider’s stock worth $43,366,000 after buying an additional 1,484 shares during the period. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

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.