Primerica (NYSE:PRI) Reaches New 12-Month High – What’s Next?

Primerica, Inc. (NYSE:PRI)’s stock price 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. The stock had previously closed at $301.73.

Analyst Ratings Changes

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

Primerica Stock Performance

The business has a fifty day moving average price of $280.07 and a 200 day moving average price of $255.60. The company has a market cap of $10.25 billion, a price-to-earnings ratio of 23.29 and a beta of 1.08.

Primerica (NYSE:PRI) last posted its quarterly 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 company had revenue of $774.13 million for 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 firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period last year, the company posted $4.28 EPS. As a group, equities analysts anticipate that Primerica, Inc. will post 19.12 EPS for the current year.

Primerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be issued 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 dividend yield of 1.17%. Primerica’s dividend payout ratio (DPR) is presently 27.50%.

Primerica announced that its board has authorized a stock buyback plan on Thursday, November 14th that permits the company to buyback $450.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of Primerica stock in a transaction that occurred 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 directly 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 disclosure for this sale can be found here. 0.61% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PRI. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Primerica during the third quarter worth $3,710,000. Harbor Capital Advisors Inc. increased its holdings in Primerica by 456.8% in the second quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock worth $2,164,000 after purchasing an additional 7,506 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Primerica during the 2nd quarter worth approximately $3,514,000. SG Americas Securities LLC acquired a new position in shares of Primerica during the 2nd quarter valued at $893,000. Finally, International Assets Investment Management LLC lifted its position in shares of Primerica by 359,742.9% during the 3rd quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock valued at $6,679,000 after acquiring an additional 25,182 shares during the period. 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.