Primerica (NYSE:PRI) Reaches New 52-Week High – Here’s Why

Primerica, Inc. (NYSE:PRI)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $280.56 and last traded at $280.35, with a volume of 91436 shares trading hands. The stock had previously closed at $277.05.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PRI. 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 research note on Friday, August 9th. Piper Sandler assumed coverage on Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price for the company. TD Cowen initiated coverage on Primerica in a report on Wednesday, October 9th. They set a “buy” rating and a $314.00 price target on the stock. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a research note on Friday, October 4th. Finally, Jefferies Financial Group lifted their target price on Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a research note on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Primerica has an average rating of “Hold” and an average target price of $281.67.

Primerica Price Performance

The firm has a market capitalization of $9.59 billion, a PE ratio of 16.90 and a beta of 1.09. The company has a fifty day moving average of $260.60 and a 200-day moving average of $242.15.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.47 by $0.24. The business had revenue of $803.38 million during the quarter, compared to analyst estimates of $748.88 million. Primerica had a return on equity of 27.81% and a net margin of 14.85%. The firm’s revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the company earned $3.99 EPS. Equities analysts anticipate that Primerica, Inc. will post 18.05 EPS for the current year.

Primerica Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Wednesday, August 21st were given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.29%. This is an increase from Primerica’s previous quarterly dividend of $0.75. The ex-dividend date was Wednesday, August 21st. Primerica’s payout ratio is currently 21.91%.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Monday, August 12th. The shares were sold at an average price of $252.55, for a total value of $757,650.00. Following the completion of the sale, the chief executive officer now owns 45,322 shares of the company’s stock, valued at approximately $11,446,071.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $252.55, for a total value of $757,650.00. Following the transaction, the chief executive officer now directly owns 45,322 shares of the company’s stock, valued at approximately $11,446,071.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing 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 that occurred on Monday, August 26th. The stock was sold at an average price of $261.11, for a total value of $391,665.00. Following the completion of the sale, the president now owns 10,259 shares of the company’s stock, valued at approximately $2,678,727.49. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock worth $1,657,015 in the last 90 days. 0.85% of the stock is owned by insiders.

Institutional Trading of Primerica

Several large investors have recently modified their holdings of the company. ORG Partners LLC acquired a new position in Primerica during the 2nd quarter worth $30,000. UMB Bank n.a. lifted its position in shares of Primerica by 85.9% during the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 67 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in shares of Primerica by 493.3% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 178 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 148 shares during the period. Blue Trust Inc. boosted its holdings in Primerica by 45.5% in the 2nd quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 60 shares during the period. Finally, Strategic Financial Concepts LLC acquired a new stake in Primerica in the 2nd quarter worth $71,000. 90.88% of the stock is owned by 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.