Insider Selling: Primerica, Inc. (NYSE:PRI) CEO Sells $903,810.00 in Stock

Primerica, Inc. (NYSE:PRI) CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was 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 of the company’s stock, valued at $10,942,728.94. This represents a 7.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Primerica Stock Performance

Shares of PRI opened at $296.82 on Friday. The company’s 50-day simple moving average is $272.02 and its 200-day simple moving average is $250.23. Primerica, Inc. has a 1 year low of $184.76 and a 1 year high of $304.84. The stock has a market capitalization of $9.90 billion, a PE ratio of 22.68 and a beta of 1.08.

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

Primerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be paid 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 yield of 1.21%. Primerica’s payout ratio is 27.50%.

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on PRI shares. Jefferies Financial Group raised their target price on Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a research note on Thursday, July 18th. TD Cowen initiated coverage on Primerica in a research report on Wednesday, October 9th. They set a “buy” rating and a $314.00 price objective for the company. Morgan Stanley upped their target price on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. Piper Sandler began coverage on shares of Primerica in a research report on Friday, August 30th. They set a “neutral” rating and a $283.00 price target for the company. Finally, StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a report on Thursday. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Primerica has a consensus rating of “Hold” and an average target price of $288.33.

Institutional Investors Weigh In On Primerica

A number of hedge funds have recently bought and sold shares of PRI. CIBC Asset Management Inc increased its stake in shares of Primerica by 3.5% during the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after buying an additional 36 shares during the period. Creative Planning increased its position in shares of Primerica by 0.7% in the 3rd quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock valued at $1,613,000 after purchasing an additional 40 shares during the last quarter. Kingsview Wealth Management LLC raised its holdings in shares of Primerica by 0.7% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock valued at $1,549,000 after purchasing an additional 43 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of 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 purchasing an additional 54 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Primerica by 45.5% during the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 60 shares in the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

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.