Primerica, Inc. (NYSE:PRI) Short Interest Update

Primerica, Inc. (NYSE:PRI) was the target of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 214,200 shares, a growth of 22.0% from the October 31st total of 175,600 shares. Based on an average daily volume of 135,600 shares, the short-interest ratio is currently 1.6 days. Currently, 0.7% of the company’s shares are sold short.

Primerica Stock Down 0.4 %

Primerica stock traded down $1.31 during mid-day trading on Monday, reaching $301.44. 3,251 shares of the company’s stock were exchanged, compared to its average volume of 152,614. The business’s fifty day simple moving average is $282.86 and its 200 day simple moving average is $257.28. The firm has a market capitalization of $10.06 billion, a PE ratio of 23.13 and a beta of 1.08. Primerica has a one year low of $184.76 and a one year high of $307.91.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The business had revenue of $774.13 million for the quarter, compared to analyst estimates of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. Primerica’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period last year, the company posted $4.28 earnings per share. On average, sell-side analysts forecast that Primerica will post 19.32 earnings per share for the current year.

Primerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.90 per share. 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 1.19%. Primerica’s dividend payout ratio is presently 27.50%.

Primerica announced that its board has initiated a stock repurchase plan on Thursday, November 14th that allows the company to repurchase $450.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the transaction, the director now owns 15,151 shares in the company, valued at approximately $3,846,081.35. This represents a 11.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the transaction, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by insiders.

Institutional Trading of Primerica

A number of institutional investors have recently modified their holdings of PRI. V Square Quantitative Management LLC bought a new stake in Primerica during the 3rd quarter valued at $31,000. Prospera Private Wealth LLC purchased a new position in shares of Primerica in the third quarter valued at $31,000. ORG Partners LLC bought a new stake in shares of Primerica during the 2nd quarter valued at $30,000. UMB Bank n.a. lifted its holdings in Primerica by 85.9% during the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 67 shares in the last quarter. Finally, Larson Financial Group LLC boosted its stake in Primerica by 56.8% in 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 period. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PRI. Truist Financial increased their price target on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. TD Cowen raised their target price on Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a report on Friday, November 22nd. Morgan Stanley raised their target price on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a report on Monday, August 19th. Finally, Piper Sandler assumed coverage on Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $293.50.

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.