Primerica (NYSE:PRI) Shares Gap Down on Disappointing Earnings

Primerica, Inc. (NYSE:PRI) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $222.55, but opened at $211.54. Primerica shares last traded at $215.86, with a volume of 16,533 shares.

The financial services provider reported $3.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.12 by ($0.21). The business had revenue of $742.83 million during the quarter, compared to analyst estimates of $740.57 million. Primerica had a net margin of 20.37% and a return on equity of 27.83%. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business posted $3.49 EPS.

Primerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Tuesday, May 21st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Monday, May 20th. Primerica’s payout ratio is presently 18.26%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PRI. Truist Financial lifted their price target on Primerica from $260.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. Raymond James lowered Primerica from a “strong-buy” rating to a “market perform” rating in a research report on Monday, February 12th. Keefe, Bruyette & Woods lifted their price objective on shares of Primerica from $255.00 to $260.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. StockNews.com downgraded shares of Primerica from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Morgan Stanley lifted their target price on shares of Primerica from $245.00 to $250.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $245.50.

Insider Transactions at Primerica

In related news, COO Gregory C. Pitts sold 3,759 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $245.43, for a total value of $922,571.37. Following the sale, the chief operating officer now directly owns 3,379 shares in the company, valued at approximately $829,307.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Gregory C. Pitts sold 3,759 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $245.43, for a total value of $922,571.37. Following the completion of the transaction, the chief operating officer now directly owns 3,379 shares of the company’s stock, valued at $829,307.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John A. Jr. Addison sold 1,215 shares of Primerica stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $249.00, for a total value of $302,535.00. Following the transaction, the director now directly owns 16,467 shares of the company’s stock, valued at approximately $4,100,283. The disclosure for this sale can be found here. Insiders sold a total of 6,708 shares of company stock worth $1,648,677 in the last quarter. Insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On Primerica

A number of institutional investors and hedge funds have recently made changes to their positions in the business. LWM Advisory Services LLC purchased a new stake in Primerica during the third quarter valued at about $26,000. ORG Partners LLC bought a new stake in Primerica in the 4th quarter worth approximately $26,000. Benjamin F. Edwards & Company Inc. boosted its stake in Primerica by 493.3% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 178 shares of the financial services provider’s stock worth $45,000 after buying an additional 148 shares in the last quarter. Sound Income Strategies LLC grew its position in Primerica by 121.9% during the fourth quarter. Sound Income Strategies LLC now owns 233 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 128 shares during the last quarter. Finally, Assetmark Inc. raised its stake in shares of Primerica by 14.2% during the third quarter. Assetmark Inc. now owns 674 shares of the financial services provider’s stock worth $131,000 after acquiring an additional 84 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Trading Down 0.5 %

The stock’s fifty day moving average price is $236.05 and its two-hundred day moving average price is $223.44. The stock has a market capitalization of $7.57 billion, a P/E ratio of 13.27 and a beta of 1.10.

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.