Primerica, Inc. (NYSE:PRI) Short Interest Up 22.0% in November

Primerica, Inc. (NYSE:PRI) saw a large 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. Currently, 0.7% of the company’s shares are short sold. Based on an average daily trading volume, of 135,600 shares, the short-interest ratio is presently 1.6 days.

Primerica Trading Down 1.0 %

Shares of PRI traded down $2.99 during midday trading on Monday, reaching $299.76. 53,030 shares of the stock were exchanged, compared to its average volume of 152,823. Primerica has a 52 week low of $184.76 and a 52 week high of $307.91. The company’s 50 day moving average is $282.86 and its two-hundred day moving average is $257.28. The company has a market capitalization of $10.00 billion, a P/E ratio of 22.77 and a beta of 1.08.

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

Primerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s dividend payout ratio is presently 27.50%.

Primerica announced that its Board of Directors has authorized a stock repurchase program on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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

Insider Activity at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the sale, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 value of $507,700.00. Following the sale, the director now owns 15,151 shares in the company, valued at $3,846,081.35. The trade was a 11.66 % decrease in their position. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Primerica

Several institutional investors have recently added to or reduced their stakes in PRI. Millennium Management LLC raised its position in Primerica by 30,726.7% during the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after acquiring an additional 678,752 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in Primerica by 66.3% in the second quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock valued at $23,601,000 after purchasing an additional 39,761 shares during the period. Squarepoint Ops LLC grew its holdings in Primerica by 2,986.9% in the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after purchasing an additional 31,064 shares during the period. Strategic Financial Concepts LLC acquired a new stake in Primerica in the second quarter valued at approximately $71,000. Finally, Geode Capital Management LLC grew its holdings in Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after purchasing an additional 25,951 shares during the period. Institutional investors and hedge funds own 90.88% of the company’s stock.

Primerica Company Profile

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.