Primerica (NYSE:PRI) Trading Down 1.1% on Insider Selling

Primerica, Inc. (NYSE:PRI)’s share price was down 1.1% during trading on Thursday following insider selling activity. The stock traded as low as $276.65 and last traded at $277.36. Approximately 10,204 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 137,521 shares. The stock had previously closed at $280.40.

Specifically, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $281.74, for a total transaction of $845,220.00. Following the sale, the chief executive officer now directly owns 33,322 shares in the company, valued at $9,388,140.28. This represents a 8.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

PRI has been the subject of several analyst reports. Morgan Stanley boosted their target price on Primerica from $308.00 to $313.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods boosted their price objective on Primerica from $315.00 to $320.00 and gave the stock a “market perform” rating in a research report on Tuesday. TD Cowen boosted their price target on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Piper Sandler lowered their target price on shares of Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. Finally, Truist Financial raised their price target on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Primerica presently has a consensus rating of “Hold” and a consensus price target of $311.14.

Primerica Stock Performance

The stock has a market capitalization of $9.24 billion, a price-to-earnings ratio of 20.14 and a beta of 1.11. The business has a 50-day moving average of $282.03 and a 200-day moving average of $276.56.

Primerica (NYSE:PRI) last announced its earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. On average, research analysts predict that Primerica, Inc. will post 20.6 earnings per share for the current fiscal year.

Primerica Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 1.50%. This is a boost from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date is Friday, February 21st. Primerica’s dividend payout ratio (DPR) is presently 26.18%.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock worth $184,807,000 after acquiring an additional 25,951 shares in the last quarter. Barclays PLC lifted its stake in shares of Primerica by 108.1% in the third quarter. Barclays PLC now owns 20,471 shares of the financial services provider’s stock valued at $5,428,000 after purchasing an additional 10,635 shares during the period. Sylvest Advisors LLC purchased a new stake in Primerica during the fourth quarter worth about $543,000. Oak Thistle LLC increased its holdings in Primerica by 64.9% in the fourth quarter. Oak Thistle LLC now owns 4,936 shares of the financial services provider’s stock valued at $1,340,000 after buying an additional 1,943 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Primerica in the third quarter valued at $3,710,000. 90.88% of the stock is owned by hedge funds and other institutional investors.

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.