Primerica (NYSE:PRI) Hits New 1-Year High – Here’s What Happened

Primerica, Inc. (NYSE:PRI)’s share price hit a new 52-week high during trading on Wednesday . The stock 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.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PRI. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a research note on Monday. Truist Financial increased their price objective on shares of Primerica from $275.00 to $300.00 and gave the company a “buy” rating in a report on Friday, August 9th. Jefferies Financial Group boosted their target price on shares of Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a report on Thursday, July 18th. Morgan Stanley raised their target price on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. Finally, TD Cowen started coverage on shares of Primerica in a research note on Wednesday, October 9th. They issued a “buy” rating and a $314.00 price target on the stock. 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.com, the company has an average rating of “Hold” and an average price target of $281.67.

Primerica Price Performance

The firm’s 50-day moving average is $267.76 and its two-hundred day moving average is $247.11. The company has a market cap of $9.84 billion, a P/E ratio of 23.36 and a beta of 1.08.

Primerica (NYSE:PRI) last posted its earnings results on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share for the quarter, topping analysts’ consensus estimates of $4.47 by $0.24. Primerica had a net margin of 14.85% and a return on equity of 27.81%. The firm had revenue of $803.38 million for the quarter, compared to the consensus estimate of $748.88 million. During the same period in the previous year, the firm posted $3.99 EPS. The business’s quarterly revenue was up 16.7% on a year-over-year basis. As a group, sell-side analysts expect that Primerica, Inc. will post 18.13 EPS for the current year.

Insiders Place Their Bets

In related news, President Peter W. Schneider sold 1,500 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $261.11, for a total value of $391,665.00. Following the completion of the sale, the president now directly owns 10,259 shares in the company, valued at $2,678,727.49. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $252.55, for a total transaction of $757,650.00. Following the transaction, the chief executive officer now 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 filing with the SEC, which can be accessed through this link. Also, President Peter W. Schneider sold 1,500 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $261.11, for a total value of $391,665.00. Following the completion of the sale, the president now owns 10,259 shares in the company, valued at approximately $2,678,727.49. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,500 shares of company stock valued at $1,657,015 over the last ninety days. 0.61% of the stock is owned by insiders.

Hedge Funds Weigh In On Primerica

Several hedge funds have recently bought and sold shares of the business. CIBC Asset Management Inc grew its stake in Primerica by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after acquiring an additional 36 shares in the last quarter. Creative Planning raised its stake in Primerica by 0.7% in the third quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock worth $1,613,000 after buying an additional 40 shares in the last quarter. Blue Trust Inc. raised its stake in Primerica by 45.5% in the second quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock worth $49,000 after buying an additional 60 shares in the last quarter. GPS Wealth Strategies Group LLC lifted its holdings in Primerica by 2.4% during the second quarter. GPS Wealth Strategies Group LLC now owns 2,644 shares of the financial services provider’s stock worth $625,000 after buying an additional 62 shares during the period. Finally, SkyView Investment Advisors LLC boosted its position in Primerica by 1.0% during the 2nd quarter. SkyView Investment Advisors LLC now owns 6,271 shares of the financial services provider’s stock valued at $1,484,000 after acquiring an additional 62 shares in 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.