Primerica (NYSE:PRI) Sets New 1-Year High Following Earnings Beat

Primerica, Inc. (NYSE:PRI) shares reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company 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 (EPS) for the quarter, topping analysts’ consensus estimates of $6.03 by $0.38. Primerica had a return on equity of 32.32% and a net margin of 22.99%.The business had revenue of $865.07 million for the quarter, compared to the consensus estimate of $881.00 million. During the same period in the prior year, the firm posted $5.46 earnings per share. The business’s quarterly revenue was up 9.0% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PRI shares. Weiss Ratings raised shares of Primerica from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, July 24th. TD Cowen raised their price objective on Primerica from $322.00 to $360.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Jefferies Financial Group upped their target price on Primerica from $266.00 to $268.00 and gave the company a “hold” rating in a research report on Friday, July 10th. 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 note on Monday, July 13th. Finally, Morgan Stanley upped their price target on shares of Primerica from $280.00 to $291.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Primerica currently has a consensus rating of “Hold” and a consensus target price of $308.67.

Insider Activity at Primerica

In related news, CEO Glenn J. Williams sold 1,500 shares of the 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 completion of the transaction, the chief executive officer directly owned 33,696 shares of the company’s stock, valued at approximately $9,451,391.04. This represents a 4.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Peter W. Schneider sold 1,800 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $279.64, for a total transaction of $503,352.00. Following the completion of the sale, the president owned 9,811 shares of the company’s stock, valued at $2,743,548.04. This trade represents a 15.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.63% of the company’s stock.

Institutional Trading of Primerica

A number of hedge funds and other institutional investors have recently modified their holdings of PRI. Bank of Montreal Can increased its holdings in shares of Primerica by 5,277.5% during the 4th 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. Geode Capital Management LLC raised its holdings in Primerica by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 793,389 shares of the financial services provider’s stock valued at $205,011,000 after buying an additional 37,014 shares during the period. Dimensional Fund Advisors LP raised its holdings in Primerica by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 650,578 shares of the financial services provider’s stock valued at $162,950,000 after buying an additional 7,628 shares during the period. First Trust Advisors LP lifted its position in Primerica by 4.7% in the first quarter. First Trust Advisors LP now owns 529,207 shares of the financial services provider’s stock valued at $132,556,000 after buying an additional 23,850 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Primerica by 200.3% in 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 last quarter. 90.88% of the stock is owned by institutional investors and hedge funds.

Primerica Price Performance

The company has a market cap of $10.01 billion, a PE ratio of 13.50 and a beta of 0.87. The company’s 50 day simple moving average is $293.31 and its two-hundred day simple moving average is $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.