Insider Selling: Primerica, Inc. (NYSE:PRI) Insider Sells 234 Shares of Stock

Primerica, Inc. (NYSE:PRI) insider Nicholas Adam Jendusa sold 234 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $280.15, for a total transaction of $65,555.10. Following the sale, the insider now directly owns 200 shares of the company’s stock, valued at approximately $56,030. This trade represents a 53.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Primerica Price Performance

Shares of PRI traded up $4.34 during trading hours on Wednesday, hitting $286.04. 124,577 shares of the stock were exchanged, compared to its average volume of 142,683. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $307.91. The business has a 50-day moving average of $283.23 and a 200-day moving average of $278.67. The firm has a market capitalization of $9.55 billion, a P/E ratio of 20.80 and a beta of 1.11.

Primerica (NYSE:PRI) last issued its quarterly earnings results 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 return on equity of 31.11% and a net margin of 15.14%. As a group, analysts forecast that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be paid a $1.04 dividend. The ex-dividend date of this dividend is Friday, February 21st. This is a positive change from Primerica’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 1.45%. Primerica’s payout ratio is 30.25%.

Primerica announced that its Board of Directors has approved a stock repurchase program on Thursday, November 14th that authorizes the company to buyback $450.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Primerica

Hedge funds have recently modified their holdings of the stock. Colonial Trust Co SC bought a new position in Primerica during the fourth quarter worth $25,000. True Wealth Design LLC acquired a new position in shares of Primerica during the fourth quarter valued at about $27,000. Prospera Private Wealth LLC bought a new position in shares of Primerica during the 3rd quarter worth about $31,000. Golden State Wealth Management LLC acquired a new stake in shares of Primerica in the 4th quarter valued at about $33,000. Finally, EverSource Wealth Advisors LLC increased its position in Primerica by 129.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock valued at $34,000 after buying an additional 71 shares in the last quarter. Institutional investors own 90.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PRI shares. StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a research note on Friday, February 7th. Truist Financial upped their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. BMO Capital Markets began coverage on Primerica in a report on Thursday, January 23rd. They set a “market perform” rating and a $311.00 price target on the stock. Morgan Stanley dropped their price objective on shares of Primerica from $313.00 to $304.00 and set an “equal weight” rating for the company in a report on Friday, February 28th. Finally, Piper Sandler reduced their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $309.86.

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.