Primerica (NYSE:PRI) Trading Down 4.7% – Here’s What Happened

Primerica, Inc. (NYSE:PRI)’s stock price was down 4.7% during mid-day trading on Thursday . The stock traded as low as $276.82 and last traded at $276.96. Approximately 53,676 shares changed hands during trading, a decline of 68% from the average daily volume of 165,389 shares. The stock had previously closed at $290.62.

Analyst Ratings Changes

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

Primerica Stock Down 9.9 %

The business has a 50-day simple moving average of $284.91 and a two-hundred day simple moving average of $282.38. The stock has a market capitalization of $8.25 billion, a P/E ratio of 18.05 and a beta of 1.12.

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, topping the consensus estimate 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 earnings per share for the current year.

Primerica Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 21st were issued a dividend of $1.04 per share. This is a positive change from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date was Friday, February 21st. This represents a $4.16 annualized dividend and a dividend yield of 1.68%. Primerica’s dividend payout ratio (DPR) is presently 30.25%.

Insider Transactions at Primerica

In related news, insider Nicholas Adam Jendusa sold 234 shares of Primerica stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $280.15, for a total value of $65,555.10. Following the completion of the transaction, the insider now directly owns 200 shares of the company’s stock, valued at $56,030. The trade was a 53.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total transaction of $845,220.00. Following the sale, the chief executive officer now directly owns 33,322 shares in the company, valued at approximately $9,388,140.28. This represents 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 in the last three months. 0.61% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Colonial Trust Co SC acquired a new stake in shares of Primerica in the 4th quarter valued at $25,000. True Wealth Design LLC bought a new position in Primerica in the fourth quarter valued at about $27,000. Golden State Wealth Management LLC acquired a new stake in Primerica in the fourth quarter worth about $33,000. EverSource Wealth Advisors LLC raised its holdings in Primerica by 129.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 71 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its position in Primerica by 116.2% during the 4th quarter. Venturi Wealth Management LLC now owns 214 shares of the financial services provider’s stock valued at $58,000 after purchasing an additional 115 shares during the period. Institutional investors own 90.88% of the company’s stock.

About Primerica

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.