Primerica (NYSE:PRI) Sets New 12-Month High – Still a Buy?

Primerica, Inc. (NYSE:PRI)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $289.10 and last traded at $288.3450, with a volume of 10191 shares trading hands. The stock had previously closed at $284.20.

Analyst Ratings Changes

Several research analysts have recently issued reports on PRI shares. Weiss Ratings upgraded shares of Primerica from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 27th. Keefe, Bruyette & Woods raised their price target on shares of Primerica from $290.00 to $305.00 and gave the company a “market perform” rating in a research report on Wednesday, May 13th. Finally, Morgan Stanley boosted their price objective on shares of Primerica from $280.00 to $291.00 and gave the stock an “equal weight” rating in a report on Thursday, May 21st. Three 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 has an average rating of “Hold” and an average target price of $297.80.

Primerica Price Performance

The firm has a 50-day moving average of $276.97 and a 200 day moving average of $265.49. The company has a market capitalization of $9.25 billion, a PE ratio of 12.44 and a beta of 0.88.

Primerica (NYSE:PRI) last issued its earnings results on Wednesday, May 6th. The financial services provider reported $5.96 earnings per share for the quarter, topping analysts’ consensus estimates of $5.45 by $0.51. The business had revenue of $872.30 million during the quarter, compared to analyst estimates of $855.36 million. Primerica had a return on equity of 32.32% and a net margin of 22.99%.Primerica’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.02 EPS. Equities analysts expect that Primerica, Inc. will post 24.45 EPS for the current year.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Thursday, May 21st were issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Thursday, May 21st. Primerica’s payout ratio is presently 20.13%.

Insider Buying and Selling

In related news, President Peter W. Schneider sold 1,800 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $279.64, for a total value of $503,352.00. Following the sale, the president owned 9,811 shares in the company, valued at approximately $2,743,548.04. This trade represents a 15.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 that occurred on Friday, June 12th. The stock was sold at an average price of $280.49, for a total transaction of $420,735.00. Following the completion of the sale, the chief executive officer directly 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 position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Primerica

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of Montreal Can boosted its holdings in shares of Primerica by 5,277.5% in the fourth quarter. Bank of Montreal Can now owns 1,311,634 shares of the financial services provider’s stock worth $338,874,000 after buying an additional 1,287,243 shares during the last quarter. Invesco Ltd. grew its position in Primerica by 200.3% during the fourth quarter. Invesco Ltd. now owns 357,696 shares of the financial services provider’s stock valued at $92,414,000 after buying an additional 238,571 shares during the period. Life Cycle Investment Partners Ltd purchased a new stake in Primerica during the fourth quarter valued at approximately $40,714,000. Millennium Management LLC increased its holdings in Primerica by 183.3% during the fourth quarter. Millennium Management LLC now owns 212,196 shares of the financial services provider’s stock valued at $54,823,000 after buying an additional 137,297 shares during the last quarter. Finally, Danske Bank A S bought a new position in Primerica in the third quarter worth approximately $30,396,000. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

About Primerica

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.