Primerica (NYSE:PRI) Reaches New 12-Month High at $261.78

Shares of Primerica, Inc. (NYSE:PRI) hit a new 52-week high during trading on Friday . The stock traded as high as $261.78 and last traded at $261.78, with a volume of 1033 shares traded. The stock had previously closed at $259.93.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PRI. Truist Financial raised their price objective on Primerica from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, August 9th. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday. Jefferies Financial Group lifted their price objective on Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a research note on Thursday, July 18th. Morgan Stanley upped their target price on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Finally, Keefe, Bruyette & Woods lifted their price target on Primerica from $255.00 to $275.00 and gave the company a “market perform” rating in a research report on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Primerica currently has a consensus rating of “Hold” and an average target price of $273.25.

Primerica Trading Up 0.5 %

The firm has a market cap of $8.84 billion, a price-to-earnings ratio of 15.91 and a beta of 1.09. The stock’s fifty day moving average price is $245.49 and its 200-day moving average price is $238.11.

Primerica (NYSE:PRI) last issued its quarterly earnings data 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 analysts’ expectations of $748.88 million. Primerica had a return on equity of 27.81% and a net margin of 14.85%. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.99 earnings per share. Analysts predict that Primerica, Inc. will post 17.92 earnings per share for the current year.

Primerica Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Wednesday, August 21st will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Wednesday, August 21st. This is an increase from Primerica’s previous quarterly dividend of $0.75. This represents a $3.60 annualized dividend and a yield of 1.38%. Primerica’s dividend payout ratio is 18.26%.

Insider Transactions at Primerica

In other Primerica 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 transaction of $757,650.00. Following the completion of the sale, the chief executive officer now owns 45,322 shares in the company, valued at approximately $11,446,071.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.85% of the company’s stock.

Institutional Trading of Primerica

Hedge funds have recently added to or reduced their stakes in the business. Truist Financial Corp grew its holdings in shares of Primerica by 8.5% during the second quarter. Truist Financial Corp now owns 8,004 shares of the financial services provider’s stock valued at $1,894,000 after buying an additional 630 shares in the last quarter. Creative Planning grew its holdings in shares of Primerica by 2.8% during the 2nd quarter. Creative Planning now owns 6,043 shares of the financial services provider’s stock worth $1,430,000 after purchasing an additional 167 shares in the last quarter. Algert Global LLC increased its stake in Primerica by 24.5% in the second quarter. Algert Global LLC now owns 17,818 shares of the financial services provider’s stock valued at $4,215,000 after acquiring an additional 3,509 shares during the period. SkyView Investment Advisors LLC boosted its stake in shares of Primerica by 1.0% in the 2nd quarter. SkyView Investment Advisors LLC now owns 6,271 shares of the financial services provider’s stock valued at $1,484,000 after purchasing an additional 62 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Primerica in the second quarter valued at $3,514,000. Institutional investors own 90.88% of the company’s stock.

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.