Primerica (PRI) Reaches New 52-Week High at $129.45

Primerica, Inc. (NYSE:PRI)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $129.45 and last traded at $129.59, with a volume of 3294 shares. The stock had previously closed at $126.95.

Separately, Credit Suisse Group lifted their price target on Primerica from $135.00 to $148.00 and gave the company an “outperform” rating in a report on Monday, March 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Primerica currently has an average rating of “Hold” and an average target price of $120.00.

The company has a market cap of $5.39 billion, a price-to-earnings ratio of 17.50 and a beta of 1.41.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Thursday, February 7th. The financial services provider reported $2.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.88 by $0.13. Primerica had a net margin of 17.06% and a return on equity of 22.63%. The business had revenue of $487.33 million for the quarter, compared to the consensus estimate of $486.75 million. During the same period in the prior year, the business posted $1.60 earnings per share. Primerica’s revenue for the quarter was up 10.0% compared to the same quarter last year. On average, analysts expect that Primerica, Inc. will post 8.13 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Wednesday, February 20th were given a dividend of $0.34 per share. This is a boost from Primerica’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Tuesday, February 19th. This represents a $1.36 dividend on an annualized basis and a yield of 1.06%. Primerica’s dividend payout ratio (DPR) is presently 18.55%.

Primerica declared that its Board of Directors has authorized a stock repurchase program on Thursday, February 7th that permits the company to repurchase $275.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 5.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

In other news, Director John A. Jr. Addison sold 3,249 shares of Primerica stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $122.85, for a total value of $399,139.65. Following the transaction, the director now owns 20,359 shares of the company’s stock, valued at $2,501,103.15. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider William A. Kelly sold 5,000 shares of the business’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $122.85, for a total transaction of $614,250.00. Following the completion of the sale, the insider now owns 13,776 shares of the company’s stock, valued at $1,692,381.60. The disclosure for this sale can be found here. Insiders have sold a total of 16,249 shares of company stock valued at $1,995,400 over the last ninety days. Company insiders own 0.84% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in Primerica by 11.1% during the 4th quarter. Geode Capital Management LLC now owns 500,512 shares of the financial services provider’s stock valued at $48,905,000 after purchasing an additional 49,999 shares during the period. Norges Bank acquired a new position in Primerica in the 4th quarter valued at approximately $44,238,000. FMR LLC lifted its position in shares of Primerica by 11.9% in the 4th quarter. FMR LLC now owns 2,448,912 shares of the financial services provider’s stock worth $239,283,000 after acquiring an additional 260,990 shares during the period. Nordea Investment Management AB lifted its position in shares of Primerica by 2.7% in the 4th quarter. Nordea Investment Management AB now owns 39,627 shares of the financial services provider’s stock worth $3,872,000 after acquiring an additional 1,032 shares during the period. Finally, APG Asset Management N.V. grew its holdings in shares of Primerica by 6.3% during the 4th quarter. APG Asset Management N.V. now owns 89,500 shares of the financial services provider’s stock worth $7,650,000 after purchasing an additional 5,300 shares in the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.

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Primerica Company Profile (NYSE:PRI)

Primerica, Inc, together with its subsidiaries, provides financial products to middle income households in the United States and Canada. The company operates in three segments: Term Life Insurance; Investment and Savings Products; and Corporate and Other Distributed Products. It underwrites individual term life insurance products.

Further Reading: Cost of equity and a company’s balance sheet

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