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

Shares of Primerica, Inc. (NYSE:PRI) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $299.69 and last traded at $299.32, with a volume of 147130 shares traded. The stock had previously closed at $297.06.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Weiss Ratings upgraded shares of Primerica from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 27th. Keefe, Bruyette & Woods increased their target price on Primerica from $290.00 to $305.00 and gave the stock a “market perform” rating in a report on Wednesday, May 13th. Finally, Morgan Stanley lifted their price target on Primerica from $280.00 to $291.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Primerica currently has a consensus rating of “Hold” and a consensus price target of $297.80.

Primerica Trading Up 0.8%

The company has a market capitalization of $9.33 billion, a P/E ratio of 12.55 and a beta of 0.88. The firm’s 50 day moving average price is $277.63 and its two-hundred day moving average price is $266.05.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, May 6th. The financial services provider reported $5.96 EPS for the quarter, topping analysts’ consensus estimates of $5.45 by $0.51. Primerica had a net margin of 22.99% and a return on equity of 32.32%. The business had revenue of $872.30 million for the quarter, compared to analyst estimates of $855.36 million. During the same quarter in the previous year, the firm posted $5.02 earnings per share. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. Analysts anticipate that Primerica, Inc. will post 24.45 earnings per share for the current fiscal year.

Primerica Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 21st were paid a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.6%. The ex-dividend date was Thursday, May 21st. Primerica’s payout ratio is presently 20.13%.

Insider Activity

In other news, President Peter W. Schneider sold 1,800 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $279.64, for a total transaction of $503,352.00. Following the completion of the transaction, the president directly owned 9,811 shares in the company, valued at $2,743,548.04. This represents a 15.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Glenn J. Williams sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $280.49, for a total value of $420,735.00. Following the completion of the transaction, the chief executive officer owned 33,696 shares of the company’s stock, valued at $9,451,391.04. The trade was a 4.26% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.63% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. SJS Investment Consulting Inc. raised its stake in shares of Primerica by 176.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 116 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 74 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in Primerica during the fourth quarter worth $30,000. Root Financial Partners LLC raised its position in Primerica by 52.6% during the first quarter. Root Financial Partners LLC now owns 177 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 61 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Primerica by 68.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 179 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 73 shares during the last quarter. Finally, Steph & Co. grew its position in shares of Primerica by 38.0% in the 1st quarter. Steph & Co. now owns 196 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 54 shares during the period. 90.88% of the stock is currently owned by institutional investors.

Primerica Company Profile

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica’s core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.