Primerica Inc. (PRI) Shares Down 2.2%
Primerica Inc. (NYSE:PRI) shares traded down 2.2% during mid-day trading on Friday . The company traded as low as $54.85 and last traded at $55.22, with a volume of 146,046 shares. The stock had previously closed at $56.45.
A number of analysts recently weighed in on PRI shares. Keefe, Bruyette & Woods cut shares of Primerica from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $58.00 to $60.00 in a report on Tuesday, July 12th. Zacks Investment Research raised shares of Primerica from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a report on Tuesday, July 12th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Primerica currently has a consensus rating of “Buy” and a consensus price target of $57.67.
The company’s 50-day moving average is $54.43 and its 200-day moving average is $49.49. The company has a market cap of $2.57 billion and a PE ratio of 13.51.
Primerica (NYSE:PRI) last announced its earnings results on Monday, August 8th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.13. During the same period last year, the firm posted $0.93 EPS. The company had revenue of $379.24 million for the quarter, compared to the consensus estimate of $370.76 million. The company’s revenue was up 8.2% compared to the same quarter last year. Equities analysts forecast that Primerica Inc. will post $4.32 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 16th. Investors of record on Wednesday, August 24th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.30%. This is an increase from Primerica’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, August 22nd.
In related news, insider Michael C. Adams sold 2,500 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $51.99, for a total transaction of $129,975.00. Following the transaction, the insider now owns 40,589 shares of the company’s stock, valued at $2,110,222.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William A. Kelly sold 1,500 shares of the business’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $52.93, for a total transaction of $79,395.00. Following the transaction, the insider now directly owns 26,630 shares in the company, valued at approximately $1,409,525.90. The disclosure for this sale can be found here.
A number of institutional investors recently made changes to their positions in PRI. Morgan Stanley raised its position in shares of Primerica by 130.4% in the fourth quarter. Morgan Stanley now owns 31,015 shares of the company’s stock worth $1,464,000 after buying an additional 17,553 shares during the period. Systematic Financial Management LP raised its position in shares of Primerica by 28.2% in the fourth quarter. Systematic Financial Management LP now owns 85,565 shares of the company’s stock worth $4,041,000 after buying an additional 18,840 shares during the period. I.G. Investment Management LTD. increased its stake in Primerica by 1.0% in the fourth quarter. I.G. Investment Management LTD. now owns 182,397 shares of the company’s stock worth $8,615,000 after buying an additional 1,816 shares in the last quarter. RS Investment Management Co. LLC increased its stake in Primerica by 17.2% in the fourth quarter. RS Investment Management Co. LLC now owns 732,112 shares of the company’s stock worth $34,578,000 after buying an additional 107,307 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in Primerica by 1.3% in the fourth quarter. Wells Fargo & Company MN now owns 907,963 shares of the company’s stock worth $42,883,000 after buying an additional 11,566 shares in the last quarter.
Primerica Inc (Primerica) distributes financial products to middle-income households. The Company operates through three segments. The Term Life Insurance segment includes underwriting profits on its in-force book of term life insurance policies, net of reinsurance, which are underwritten by its life insurance company subsidiaries.
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