Primerica (NYSE:PRI) Hits New 12-Month High Following Dividend Announcement

09 Nov 2024, 05:22 by Mitch Edgeman · The Markets Daily

Primerica, Inc. (NYSE:PRI – Get Free Report) shares hit a new 52-week high during trading on Wednesday following a dividend announcement from the company. The company traded as high as $295.67 and last traded at $293.32, with a volume of 23773 shares changing hands. The stock had previously closed at $276.76.

The newly announced dividend which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be paid a $0.90 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.21%. Primerica’s payout ratio is presently 27.50%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a research note on Monday. Piper Sandler assumed coverage on shares of Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price target on the stock. Jefferies Financial Group boosted their price objective on shares of Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a report on Thursday, July 18th. Keefe, Bruyette & Woods increased their target price on shares of Primerica from $255.00 to $275.00 and gave the stock a “market perform” rating in a report on Wednesday, July 17th. Finally, TD Cowen initiated coverage on shares of Primerica in a research report on Wednesday, October 9th. They issued a “buy” rating and a $314.00 price objective for the company. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Primerica currently has an average rating of “Hold” and a consensus target price of $288.33.

View Our Latest Stock Report on Primerica

Primerica Stock Performance

The firm has a market capitalization of $10.08 billion, a P/E ratio of 22.76 and a beta of 1.08. The firm’s 50-day moving average is $269.64 and its 200 day moving average is $248.28.

Primerica (NYSE:PRI – Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.71 EPS for the quarter, beating analysts’ consensus estimates of $4.47 by $0.24. The company had revenue of $803.38 million for the quarter, compared to analyst estimates of $748.88 million. Primerica had a return on equity of 30.28% and a net margin of 14.95%. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the company posted $3.99 earnings per share. As a group, research analysts expect that Primerica, Inc. will post 18.13 EPS for the current fiscal year.

Insider Buying and Selling at Primerica

In related news, Director John A. Jr. Addison sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the transaction, the director now owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $252.55, for a total transaction of $757,650.00. Following the sale, the chief executive officer now directly owns 45,322 shares of the company’s stock, valued at approximately $11,446,071.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John A. Jr. Addison sold 2,000 shares of the 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 sale, the director now owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,500 shares of company stock worth $1,657,015. Corporate insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

A number of large investors have recently added to or reduced their stakes in PRI. Advisors Asset Management Inc. raised its holdings in Primerica by 187.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 643 shares of the financial services provider’s stock valued at $170,000 after acquiring an additional 419 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Primerica during the third quarter worth approximately $31,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Primerica during the 3rd quarter worth approximately $3,710,000. Quest Partners LLC boosted its stake in Primerica by 730.6% in the 3rd quarter. Quest Partners LLC now owns 14,453 shares of the financial services provider’s stock valued at $3,832,000 after purchasing an additional 12,713 shares during the period. Finally, Connable Office Inc. grew its holdings in Primerica by 3.6% in the 3rd quarter. Connable Office Inc. now owns 3,212 shares of the financial services provider’s stock valued at $852,000 after buying an additional 112 shares in the last quarter. Institutional investors own 90.88% of the company’s stock.

Primerica Company Profile

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