Primerica, Inc. (NYSE:PRI – Get Rating) saw a significant growth in short interest in the month of July. As of July 31st, there was short interest totalling 580,100 shares, a growth of 17.7% from the July 15th total of 492,900 shares. Based on an average daily trading volume, of 163,100 shares, the days-to-cover ratio is presently 3.6 days. Approximately 1.5% of the company’s stock are short sold.
Insider Activity
In related news, CEO Glenn J. Williams sold 4,000 shares of the stock in a transaction on Friday, May 20th. The shares were sold at an average price of $119.32, for a total transaction of $477,280.00. Following the completion of the transaction, the chief executive officer now owns 62,215 shares in the company, valued at $7,423,493.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.85% of the company’s stock.
Hedge Funds Weigh In On Primerica
Several large investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC raised its position in shares of Primerica by 3.4% in the second quarter. Commonwealth Equity Services LLC now owns 2,682 shares of the financial services provider’s stock valued at $321,000 after purchasing an additional 89 shares during the period. CIBC Asset Management Inc raised its position in shares of Primerica by 5.9% in the fourth quarter. CIBC Asset Management Inc now owns 1,680 shares of the financial services provider’s stock valued at $257,000 after purchasing an additional 93 shares during the period. Los Angeles Capital Management LLC raised its position in shares of Primerica by 2.1% in the first quarter. Los Angeles Capital Management LLC now owns 4,620 shares of the financial services provider’s stock valued at $632,000 after purchasing an additional 93 shares during the period. Aurora Investment Counsel raised its position in shares of Primerica by 1.0% in the first quarter. Aurora Investment Counsel now owns 9,019 shares of the financial services provider’s stock valued at $1,234,000 after purchasing an additional 93 shares during the period. Finally, Allianz Asset Management GmbH raised its position in shares of Primerica by 2.4% in the fourth quarter. Allianz Asset Management GmbH now owns 4,290 shares of the financial services provider’s stock valued at $658,000 after purchasing an additional 100 shares during the period. 90.90% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research analysts recently commented on the stock. Morgan Stanley reduced their target price on shares of Primerica from $148.00 to $132.00 and set an “equal weight” rating for the company in a report on Wednesday, July 6th. Truist Financial increased their target price on shares of Primerica from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, August 10th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $160.40.
Primerica Price Performance
NYSE PRI traded down $1.21 on Monday, hitting $135.66. 92,626 shares of the stock were exchanged, compared to its average volume of 175,191. The business’s fifty day moving average is $122.67 and its 200 day moving average is $129.15. Primerica has a 52 week low of $110.22 and a 52 week high of $179.51. The company has a market capitalization of $5.08 billion, a PE ratio of 15.89 and a beta of 1.29.
Primerica (NYSE:PRI – Get Rating) last posted its quarterly earnings results on Monday, August 8th. The financial services provider reported $2.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.04 by ($0.18). The firm had revenue of $668.68 million for the quarter, compared to the consensus estimate of $707.24 million. Primerica had a return on equity of 21.81% and a net margin of 12.12%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company posted $3.25 earnings per share. Analysts predict that Primerica will post 11.38 EPS for the current fiscal year.
Primerica Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 14th. Stockholders of record on Monday, August 22nd will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 1.62%. The ex-dividend date is Friday, August 19th. Primerica’s payout ratio is presently 25.76%.
About Primerica
Primerica, Inc, together with its subsidiaries, provides financial products 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. The Term Life Insurance segment underwrites individual term life insurance products.