Primerica, Inc. (NYSE:PRI) Sees Large Decrease in Short Interest

Primerica, Inc. (NYSE:PRI - Get Free Report) saw a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 175,600 shares, a decrease of 19.9% from the October 15th total of 219,100 shares. Approximately 0.5% of the company's shares are sold short. Based on an average daily volume of 130,400 shares, the days-to-cover ratio is currently 1.3 days.

Primerica Stock Performance

Shares of NYSE:PRI traded up $0.29 during mid-day trading on Friday, reaching $297.11. 37,551 shares of the company's stock were exchanged, compared to its average volume of 154,198. Primerica has a twelve month low of $184.76 and a twelve month high of $304.84. The firm has a market capitalization of $9.91 billion, a price-to-earnings ratio of 22.74 and a beta of 1.08. The business's fifty day moving average price is $272.79 and its 200-day moving average price is $250.55.

Primerica (NYSE:PRI - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, beating the consensus estimate of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. During the same quarter in the previous year, the business posted $4.28 EPS. Primerica's revenue for the quarter was up 11.0% compared to the same quarter last year. Analysts predict that Primerica will post 19.12 EPS for the current fiscal year.

Primerica declared that its board has authorized a share buyback plan on Thursday, November 14th that authorizes the company to repurchase $450.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Primerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be issued a dividend of $0.90 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.60 annualized dividend and a yield of 1.21%. Primerica's dividend payout ratio (DPR) is currently 27.50%.

Insider Buying and Selling

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares of the company's stock, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Peter W. Schneider sold 1,500 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $261.11, for a total value of $391,665.00. Following the sale, the president now directly owns 10,259 shares in the company, valued at $2,678,727.49. This represents a 12.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,500 shares of company stock valued at $1,803,175 in the last ninety days. 0.85% of the stock is owned by company insiders.

Institutional Investors Weigh In On Primerica

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blair William & Co. IL boosted its stake in Primerica by 24.5% during the first quarter. Blair William & Co. IL now owns 12,159 shares of the financial services provider's stock valued at $3,076,000 after buying an additional 2,393 shares during the period. Harbor Capital Advisors Inc. raised its holdings in shares of Primerica by 456.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider's stock valued at $2,164,000 after buying an additional 7,506 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in Primerica in the first quarter worth approximately $979,000. Susquehanna Fundamental Investments LLC bought a new position in Primerica during the second quarter valued at approximately $3,514,000. Finally, SG Americas Securities LLC bought a new stake in shares of Primerica in the 2nd quarter worth approximately $893,000. Institutional investors own 90.88% of the company's stock.

Analysts Set New Price Targets

PRI has been the topic of several research reports. StockNews.com lowered Primerica from a "buy" rating to a "hold" rating in a research report on Thursday. Piper Sandler began coverage on Primerica in a research report on Friday, August 30th. They set a "neutral" rating and a $283.00 price target on the stock. TD Cowen initiated coverage on Primerica in a research report on Wednesday, October 9th. They set a "buy" rating and a $314.00 price target for the company. Truist Financial raised their target price on Primerica from $300.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Finally, Jefferies Financial Group lifted their target price on shares of Primerica from $239.00 to $249.00 and gave the stock a "hold" rating in a research report on Thursday, July 18th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $288.33.

Primerica Company Profile

Primerica, Inc, together with its subsidiaries, provides financial products and services 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.