Primerica (NYSE:PRI) Stock Price Up 1.6% – Here’s What Happened

Shares of Primerica, Inc. (NYSE:PRI) rose 1.6% during trading on Friday . The stock traded as high as $281.64 and last traded at $281.19. Approximately 13,817 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 141,266 shares. The stock had previously closed at $276.70.

Wall Street Analyst Weigh In

PRI has been the topic of several recent research reports. Morgan Stanley dropped their price objective on shares of Primerica from $313.00 to $304.00 and set an “equal weight” rating on the stock in a report on Friday, February 28th. TD Cowen boosted their target price on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler decreased their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a research note on Friday, February 7th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a research note on Tuesday, February 18th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Primerica currently has a consensus rating of “Hold” and a consensus price target of $309.86.

Primerica Stock Up 3.3 %

The stock’s 50-day simple moving average is $284.60 and its two-hundred day simple moving average is $279.68. The company has a market capitalization of $9.50 billion, a price-to-earnings ratio of 20.78 and a beta of 1.12.

Primerica (NYSE:PRI) last posted its quarterly earnings data on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, topping analysts’ consensus estimates of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. On average, sell-side analysts forecast that Primerica, Inc. will post 20.6 EPS for the current year.

Primerica Increases Dividend

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

Insider Activity

In other news, President Peter W. Schneider sold 2,000 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $282.90, for a total value of $565,800.00. Following the completion of the sale, the president now directly owns 13,301 shares in the company, valued at $3,762,852.90. This represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total transaction of $845,220.00. Following the completion of the sale, the chief executive officer now directly owns 33,322 shares of the company’s stock, valued at $9,388,140.28. This represents a 8.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,234 shares of company stock worth $1,476,575 over the last three months. Insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

A number of hedge funds have recently modified their holdings of the company. CIBC Asset Management Inc grew its holdings in shares of Primerica by 3.5% in the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 36 shares during the period. Mariner LLC grew its holdings in shares of Primerica by 1.4% in the fourth quarter. Mariner LLC now owns 2,611 shares of the financial services provider’s stock valued at $709,000 after purchasing an additional 36 shares during the period. Kingsview Wealth Management LLC grew its holdings in shares of Primerica by 0.7% in the third quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock valued at $1,549,000 after purchasing an additional 43 shares during the period. Dana Investment Advisors Inc. grew its holdings in shares of Primerica by 1.2% in the fourth quarter. Dana Investment Advisors Inc. now owns 3,729 shares of the financial services provider’s stock valued at $1,012,000 after purchasing an additional 45 shares during the period. Finally, Larson Financial Group LLC grew its holdings in shares of Primerica by 56.8% in the third quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 54 shares during the period. Hedge funds and other 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.