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

Primerica, Inc. (NYSE:PRI) saw a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 175,600 shares, a decrease 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 currently 1.3 days. Currently, 0.5% of the company’s shares are sold short.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Blair William & Co. IL lifted its position in Primerica by 24.5% during the 1st quarter. Blair William & Co. IL now owns 12,159 shares of the financial services provider’s stock worth $3,076,000 after acquiring an additional 2,393 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Primerica by 456.8% in the second quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock valued at $2,164,000 after acquiring an additional 7,506 shares during the period. Edgestream Partners L.P. acquired a new stake in shares of Primerica in the first quarter worth $979,000. Susquehanna Fundamental Investments LLC bought a new position in Primerica during the second quarter worth $3,514,000. Finally, SG Americas Securities LLC bought a new position in Primerica during the second quarter worth $893,000. Institutional investors own 90.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PRI shares. Truist Financial upped their price target on shares of Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a report on Friday, November 8th. Piper Sandler started coverage on Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target for the company. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a report on Thursday. TD Cowen started coverage on Primerica in a research report on Wednesday, October 9th. They issued a “buy” rating and a $314.00 target price on the stock. Finally, Morgan Stanley boosted their price objective on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $288.33.

Primerica Trading Up 0.6 %

NYSE:PRI traded up $1.79 during trading hours on Friday, hitting $298.61. 98,132 shares of the stock traded hands, compared to its average volume of 130,387. The firm has a market cap of $9.96 billion, a price-to-earnings ratio of 22.81 and a beta of 1.08. The firm has a 50 day moving average price of $273.65 and a 200 day moving average price of $251.41. Primerica has a fifty-two week low of $184.76 and a fifty-two week high of $304.84.

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

Primerica Announces Dividend

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

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

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.