Primerica (NYSE:PRI) Hits New 12-Month High at $268.60

Shares of Primerica, Inc. (NYSE:PRI) reached a new 52-week high during trading on Tuesday . The stock traded as high as $268.60 and last traded at $268.60, with a volume of 101 shares traded. The stock had previously closed at $265.15.

Analyst Ratings Changes

A number of research firms have recently commented on PRI. Jefferies Financial Group raised their price objective on Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a report on Thursday, July 18th. Piper Sandler initiated coverage on Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price objective on the stock. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Wednesday, September 25th. Truist Financial raised their price objective on shares of Primerica from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Morgan Stanley increased their price target on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $275.20.

Primerica Price Performance

The company has a fifty day moving average price of $256.06 and a two-hundred day moving average price of $240.65. The firm has a market cap of $9.16 billion, a price-to-earnings ratio of 16.14 and a beta of 1.09.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share for the quarter, beating analysts’ consensus estimates of $4.47 by $0.24. The company had revenue of $803.38 million during the quarter, compared to the consensus estimate of $748.88 million. Primerica had a net margin of 14.85% and a return on equity of 27.81%. Primerica’s revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the company earned $3.99 EPS. On average, research analysts expect that Primerica, Inc. will post 17.94 earnings per share for the current fiscal year.

Primerica Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Wednesday, August 21st were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.35%. This is a boost from Primerica’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Wednesday, August 21st. Primerica’s dividend payout ratio (DPR) is presently 21.91%.

Insiders Place Their Bets

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the transaction, the director now directly owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the transaction, the director now directly owns 15,151 shares in the company, valued at approximately $3,846,081.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Peter W. Schneider sold 1,500 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $261.11, for a total transaction of $391,665.00. Following the transaction, the president now directly owns 10,259 shares of the company’s stock, valued at approximately $2,678,727.49. The disclosure for this sale can be found here. Insiders sold a total of 6,500 shares of company stock worth $1,657,015 in the last quarter. 0.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Primerica

Hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC raised its holdings in shares of Primerica by 30,726.7% in the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after buying an additional 678,752 shares in the last quarter. Los Angeles Capital Management LLC increased its position in Primerica by 66.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock valued at $23,601,000 after acquiring an additional 39,761 shares in the last quarter. Squarepoint Ops LLC raised its stake in shares of Primerica by 2,986.9% in the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock worth $7,595,000 after acquiring an additional 31,064 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Primerica during the second quarter worth approximately $71,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Primerica by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock worth $150,880,000 after purchasing an additional 21,836 shares in the last quarter. Institutional investors and hedge funds 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.