Primerica, Inc. (NYSE:PRI) Short Interest Update

Primerica, Inc. (NYSE:PRI) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 175,600 shares, a decline of 19.9% from the October 15th total of 219,100 shares. Based on an average trading volume of 130,400 shares, the days-to-cover ratio is presently 1.3 days. Currently, 0.5% of the shares of the stock are sold short.

Insider Transactions at Primerica

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the transaction, the director now directly owns 15,151 shares in the company, valued at approximately $3,846,081.35. The trade was a 11.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the transaction, the chief executive officer now directly owns 36,322 shares in the company, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,500 shares of company stock valued at $1,803,175 over the last three months. 0.85% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Primerica

Institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in shares of Primerica in the 3rd quarter valued at approximately $31,000. Prospera Private Wealth LLC bought a new stake in shares of Primerica in the third quarter worth $31,000. ORG Partners LLC acquired a new stake in Primerica in the second quarter valued at $30,000. UMB Bank n.a. boosted its stake in Primerica by 85.9% during the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 67 shares during the last quarter. Finally, Larson Financial Group LLC grew its holdings in Primerica by 56.8% during the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 54 shares in the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PRI. TD Cowen started coverage on Primerica in a research note on Wednesday, October 9th. They issued a “buy” rating and a $314.00 price target on the stock. Morgan Stanley boosted their target price on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Truist Financial increased their price target on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Jefferies Financial Group increased their target price on Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a research report on Thursday, July 18th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $288.33.

Primerica Trading Down 1.1 %

Shares of Primerica stock opened at $296.82 on Friday. The company has a fifty day moving average price of $272.02 and a 200 day moving average price of $250.23. Primerica has a twelve month low of $184.76 and a twelve month high of $304.84. The stock has a market cap of $9.90 billion, a price-to-earnings ratio of 22.68 and a beta of 1.08.

Primerica (NYSE:PRI) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. The business had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the firm earned $4.28 earnings per share. Analysts forecast that Primerica will post 19.12 earnings per share for the current year.

Primerica announced that its board has initiated a stock buyback program on Thursday, November 14th that permits the company to buyback $450.00 million in outstanding shares. This buyback authorization permits the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Primerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.21%. Primerica’s payout ratio is currently 27.50%.

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.