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

Shares of Primerica, Inc. (NYSE:PRI) shot up 1.6% on Monday . The company traded as high as $292.61 and last traded at $290.05. 36,107 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 141,042 shares. The stock had previously closed at $285.37.

Wall Street Analysts Forecast Growth

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

Primerica Trading Down 0.9 %

The firm has a market cap of $9.57 billion, a P/E ratio of 20.94 and a beta of 1.12. The company’s 50-day moving average is $285.15 and its two-hundred day moving average is $280.19.

Primerica (NYSE:PRI) last posted its earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, beating analysts’ consensus estimates of $4.81 by $0.22. Primerica had a return on equity of 31.11% and a net margin of 15.14%. Research analysts anticipate that Primerica, Inc. will post 20.6 EPS for the current fiscal year.

Primerica Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 21st were paid a $1.04 dividend. This is a positive change from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Friday, February 21st. This represents a $4.16 annualized dividend and a dividend yield of 1.44%. Primerica’s dividend payout ratio is presently 30.25%.

Insider Activity at Primerica

In other Primerica news, insider Nicholas Adam Jendusa sold 234 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $280.15, for a total value of $65,555.10. Following the completion of the sale, the insider now owns 200 shares in the company, valued at approximately $56,030. This trade represents a 53.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was 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 owns 33,322 shares in the company, valued at $9,388,140.28. The trade was a 8.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,234 shares of company stock valued at $1,476,575 over the last ninety days. Corporate insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

Large investors have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new stake in Primerica during the fourth quarter worth about $34,191,000. AQR Capital Management LLC increased its stake in shares of Primerica by 254.5% during the 4th quarter. AQR Capital Management LLC now owns 116,271 shares of the financial services provider’s stock worth $31,558,000 after purchasing an additional 83,477 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Primerica by 11.9% in 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 during the period. FIL Ltd lifted its stake in Primerica by 85.5% in the fourth quarter. FIL Ltd now owns 131,365 shares of the financial services provider’s stock valued at $35,655,000 after purchasing an additional 60,565 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in Primerica by 2,508.8% during the fourth quarter. Cubist Systematic Strategies LLC now owns 57,499 shares of the financial services provider’s stock valued at $15,606,000 after purchasing an additional 55,295 shares during the period. 90.88% of the stock is 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.