Primerica (NYSE:PRI) Sets New 12-Month High Following Earnings Beat

Primerica, Inc. (NYSE:PRI)’s share price hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $327.28 and last traded at $321.5430, with a volume of 6395 shares changing hands. The stock had previously closed at $320.59.

The financial services provider reported $6.41 earnings per share for the quarter, beating the consensus estimate of $6.03 by $0.38. The business had revenue of $865.07 million for the quarter, compared to the consensus estimate of $881.00 million. Primerica had a net margin of 22.99% and a return on equity of 32.32%. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.46 earnings per share.

Analyst Ratings Changes

PRI has been the subject of several research analyst reports. Weiss Ratings upgraded Primerica from a “buy (b)” rating to a “buy (b+)” rating in a research report on Friday, July 24th. Keefe, Bruyette & Woods lifted their price objective on shares of Primerica from $305.00 to $323.00 and gave the company a “market perform” rating in a research report on Monday, July 13th. Morgan Stanley upped their target price on shares of Primerica from $280.00 to $291.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 21st. TD Cowen boosted their price target on shares of Primerica from $322.00 to $360.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Finally, Jefferies Financial Group lifted their target price on Primerica from $266.00 to $268.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Primerica currently has a consensus rating of “Hold” and an average price target of $308.67.

Insiders Place Their Bets

In other Primerica news, President Peter W. Schneider sold 1,800 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $279.64, for a total value of $503,352.00. Following the transaction, the president owned 9,811 shares of the company’s stock, valued at $2,743,548.04. This represents a 15.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Glenn J. Williams sold 1,500 shares of Primerica stock in a transaction on Friday, June 12th. The stock was sold at an average price of $280.49, for a total value of $420,735.00. Following the sale, the chief executive officer owned 33,696 shares of the company’s stock, valued at approximately $9,451,391.04. This trade represents a 4.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.63% of the stock is owned by insiders.

Institutional Investors Weigh In On Primerica

Several large investors have recently modified their holdings of the business. SJS Investment Consulting Inc. increased its holdings in Primerica by 176.2% during the first quarter. SJS Investment Consulting Inc. now owns 116 shares of the financial services provider’s stock valued at $29,000 after buying an additional 74 shares during the period. V Square Quantitative Management LLC bought a new stake in Primerica during the 4th quarter valued at $30,000. Root Financial Partners LLC increased its holdings in shares of Primerica by 52.6% in the 1st quarter. Root Financial Partners LLC now owns 177 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 61 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of Primerica by 68.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 179 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 73 shares during the last quarter. Finally, Steph & Co. boosted its position in Primerica by 38.0% during the first quarter. Steph & Co. now owns 196 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 54 shares in the last quarter. Institutional investors own 90.88% of the company’s stock.

Primerica Stock Up 0.2%

The company has a market cap of $10.01 billion, a PE ratio of 13.50 and a beta of 0.87. The firm has a 50 day simple moving average of $293.31 and a 200-day simple moving average of $273.96.

Primerica Company Profile

Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica’s core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.

In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.