Primerica (NYSE:PRI) Stock: Insider Glenn Williams Sells 1,500 Shares

Key Points

• CEO Glenn Williams sold 1,500 Primerica shares for $442,410 at an average price of $294.94. The sale was made under a pre-arranged Rule 10b5-1 plan; he retained 25,221 shares afterward.
• Primerica beat quarterly earnings expectations, reporting $6.77 per share versus analysts’ $6.40 estimate, while revenue of $901.82 million slightly exceeded expectations.
• The company announced a quarterly dividend of $1.20 per share, equivalent to $4.80 annually and a 1.6% yield. Analysts’ consensus rating was Hold, with an average price target of $318.80.

Primerica, Inc. (NYSE:PRI - Get Free Report) CEO Glenn Williams sold 1,500 shares of Primerica stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $294.94, for a total value of $442,410.00. Following the completion of the sale, the chief executive officer directly owned 25,221 shares in the company, valued at approximately $7,438,681.74. This represents a 5.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Primerica Stock Performance

NYSE PRI traded up $9.08 during trading on Monday, hitting $299.66. The stock had a trading volume of 231,527 shares, compared to its average volume of 202,015. Primerica, Inc. has a 12 month low of $230.09 and a 12 month high of $327.28. The company's 50-day moving average price is $282.99 and its two-hundred day moving average price is $279.03. The company has a market capitalization of $9.09 billion, a PE ratio of 11.84 and a beta of 0.86.

Primerica (NYSE:PRI - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $6.77 earnings per share for the quarter, topping the consensus estimate of $6.40 by $0.37. Primerica had a net margin of 22.86% and a return on equity of 30.90%. The company had revenue of $901.82 million during the quarter, compared to analysts' expectations of $901.00 million. During the same period last year, the business earned $6.33 EPS. As a group, equities analysts anticipate that Primerica, Inc. will post 25.22 earnings per share for the current fiscal year.

Primerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 14th. Investors of record on Friday, November 20th will be given a $1.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $4.80 dividend on an annualized basis and a yield of 1.6%. Primerica's dividend payout ratio (DPR) is 18.96%.

Analysts Set New Price Targets

Several brokerages have commented on PRI. Keefe, Bruyette & Woods cut their price target on shares of Primerica from $335.00 to $330.00 and set a "market perform" rating on the stock in a research report on Friday, October 9th. Morgan Stanley raised their price objective on Primerica from $291.00 to $316.00 and gave the company an "equal weight" rating in a report on Monday, August 24th. Truist Financial lowered Primerica from a "buy" rating to a "hold" rating and dropped their target price for the stock from $370.00 to $320.00 in a report on Thursday, August 27th. TD Cowen increased their price target on Primerica from $322.00 to $360.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings downgraded Primerica from a "buy (b+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Two 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, the stock currently has a consensus rating of "Hold" and a consensus price target of $318.80.

Hedge Funds Weigh In On Primerica

A number of institutional investors have recently bought and sold shares of the business. Crossmark Global Holdings Inc. increased its stake in Primerica by 125.5% in the third quarter. Crossmark Global Holdings Inc. now owns 21,078 shares of the financial services provider's stock valued at $5,741,000 after acquiring an additional 11,731 shares during the last quarter. BlackRock Inc. bought a new stake in Primerica during the second quarter worth $848,161,000. Bank of America Corp DE bought a new stake in Primerica during the second quarter worth $26,769,000. KBC Group NV lifted its stake in Primerica by 2,664.8% during the first quarter. KBC Group NV now owns 24,496 shares of the financial services provider's stock worth $6,136,000 after purchasing an additional 23,610 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in shares of Primerica by 51.2% in the 2nd quarter. Squarepoint Ops LLC now owns 28,570 shares of the financial services provider's stock valued at $8,120,000 after purchasing an additional 9,678 shares in the last quarter. Institutional investors and hedge funds own 90.88% of the company's stock.

Primerica Company Profile

Primerica, Inc provides financial products and services to middle-income households in the United States and Canada. Its core business is term life insurance, which it distributes through a network of representatives who work directly with clients.

Through its investment and savings businesses, Primerica offers products and services including mutual funds, annuities, managed investment accounts, and retirement planning solutions. It also connects clients with certain third-party providers of products such as auto and homeowners insurance.

The company traces its roots to A.L.

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