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

Primerica, Inc. (NYSE:PRI)’s share price dropped 1.1% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $276.65 and last traded at $277.36. Approximately 10,204 shares traded 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 business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $281.74, for a total value of $845,220.00. Following the completion of the sale, the chief executive officer now directly owns 33,322 shares in the company, valued at approximately $9,388,140.28. The trade was a 8.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analysts Set New Price Targets

PRI has been the subject of a number of research analyst reports. Piper Sandler lowered their price target on Primerica from $313.00 to $300.00 and set a “neutral” rating for the company in a report on Wednesday, December 18th. Keefe, Bruyette & Woods boosted their price target on Primerica from $315.00 to $320.00 and gave the company a “market perform” rating in a report on Tuesday. BMO Capital Markets assumed coverage on Primerica in a report on Thursday, January 23rd. They issued a “market perform” rating and a $311.00 price target for the company. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. Finally, Morgan Stanley boosted their price objective on Primerica from $308.00 to $313.00 and gave the company an “equal weight” rating in a research report on Friday, February 14th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $311.14.

Primerica Trading Up 0.0 %

The company has a market cap of $9.36 billion, a price-to-earnings ratio of 20.40 and a beta of 1.11. The stock has a 50-day simple moving average of $281.95 and a 200-day simple moving average of $276.58.

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

Primerica Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 21st will be paid a $1.04 dividend. This is a boost from Primerica’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Friday, February 21st. This represents a $4.16 annualized dividend and a dividend yield of 1.48%. Primerica’s dividend payout ratio is presently 26.18%.

Primerica declared that its Board of Directors has authorized a stock buyback plan on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Colonial Trust Co SC bought a new position in Primerica during the fourth quarter valued at about $25,000. True Wealth Design LLC bought a new position in Primerica during the fourth quarter valued at about $27,000. Prospera Private Wealth LLC bought a new position in Primerica during the third quarter valued at about $31,000. Golden State Wealth Management LLC purchased a new stake in shares of Primerica during the fourth quarter valued at $33,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Primerica by 129.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 126 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 71 shares during the last quarter. Institutional investors 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.