Primerica, Inc. (NYSE:PRI) insider William A. Kelly sold 5,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $122.85, for a total value of $614,250.00. Following the transaction, the insider now directly owns 13,776 shares in the company, valued at approximately $1,692,381.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link.
NYSE:PRI traded up $2.11 during trading hours on Friday, hitting $125.33. 499,257 shares of the stock were exchanged, compared to its average volume of 210,354. Primerica, Inc. has a twelve month low of $90.05 and a twelve month high of $128.35. The company has a market cap of $5.19 billion, a price-to-earnings ratio of 17.10 and a beta of 1.42.
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, beating the Zacks’ consensus estimate of $1.88 by $0.13. The company had revenue of $487.33 million for the quarter, compared to the consensus estimate of $486.75 million. Primerica had a return on equity of 22.63% and a net margin of 17.06%. The firm’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.60 EPS. Analysts forecast that Primerica, Inc. will post 8.13 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Wednesday, February 20th will be paid a $0.34 dividend. The ex-dividend date is Tuesday, February 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.09%. This is an increase from Primerica’s previous quarterly dividend of $0.25. Primerica’s dividend payout ratio is 18.55%.
Primerica declared that its board has authorized a share buyback plan on Thursday, February 7th that authorizes the company to repurchase $275.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 5.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Separately, Credit Suisse Group initiated coverage on Primerica in a report on Friday, January 18th. They set an “outperform” rating and a $135.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $117.83.
Several hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in shares of Primerica by 11.1% in 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 shares of Primerica in the 4th quarter valued at $44,238,000. FMR LLC lifted its stake 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 valued at $239,283,000 after purchasing an additional 260,990 shares during the period. Nordea Investment Management AB lifted its stake 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 valued at $3,872,000 after purchasing an additional 1,032 shares during the period. Finally, APG Asset Management N.V. lifted its stake in shares of Primerica by 6.3% in the 4th quarter. APG Asset Management N.V. now owns 89,500 shares of the financial services provider’s stock valued at $7,650,000 after purchasing an additional 5,300 shares during the period. 91.54% of the stock is currently owned by institutional investors.
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Primerica, Inc, together with its subsidiaries, distributes 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.
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