Primerica (NYSE:PRI) Shares Down 0.9% After Insider Selling

Shares of Primerica, Inc. (NYSE:PRI - Get Free Report) were down 0.9% on Friday after an insider sold shares in the company. The stock traded as low as $280.75 and last traded at $280.53. Approximately 24,821 shares changed hands during trading, a decline of 82% from the average daily volume of 139,757 shares. The stock had previously closed at $283.13.

Specifically, President Peter W. Schneider sold 2,000 shares of the company's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $282.90, for a total value of $565,800.00. Following the sale, the president now directly owns 13,301 shares of the company's stock, valued at approximately $3,762,852.90. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nicholas Adam Jendusa sold 234 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $280.15, for a total transaction of $65,555.10. Following the sale, the insider now directly owns 200 shares in the company, valued at approximately $56,030. The trade was a 53.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

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Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. TD Cowen increased their target price on shares of Primerica from $314.00 to $345.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Piper Sandler lowered their target price on shares of Primerica from $313.00 to $300.00 and set a "neutral" rating on the stock in a research note on Wednesday, December 18th. BMO Capital Markets assumed coverage on shares of Primerica in a research note on Thursday, January 23rd. They set a "market perform" rating and a $311.00 target price on the stock. Morgan Stanley lowered their target price on shares of Primerica from $313.00 to $304.00 and set an "equal weight" rating on the stock in a research note on Friday, February 28th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Primerica from $315.00 to $320.00 and gave the stock a "market perform" rating in a research note on Tuesday, February 18th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $309.86.

Primerica Trading Down 0.8 %

The firm's 50-day moving average is $283.93 and its two-hundred day moving average is $279.17. The stock has a market cap of $9.34 billion, a price-to-earnings ratio of 20.42 and a beta of 1.12.

Primerica (NYSE:PRI - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $5.03 earnings per share for the quarter, topping the consensus estimate of $4.81 by $0.22. Primerica had a net margin of 15.14% and a return on equity of 31.11%. On average, analysts predict that Primerica, Inc. will post 20.6 earnings per share for the current year.

Primerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 21st will be issued a $1.04 dividend. This is an increase from Primerica's previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Friday, February 21st. This represents a $4.16 dividend on an annualized basis and a yield of 1.48%. Primerica's dividend payout ratio is presently 30.25%.

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

Institutional Trading of Primerica

A number of hedge funds have recently bought and sold shares of the business. Jefferies Financial Group Inc. acquired a new stake in Primerica in the 4th quarter valued at about $2,921,000. Burgundy Asset Management Ltd. raised its holdings in Primerica by 1.7% in the 4th quarter. Burgundy Asset Management Ltd. now owns 1,288,473 shares of the financial services provider's stock valued at $349,717,000 after acquiring an additional 21,208 shares during the last quarter. Vise Technologies Inc. acquired a new stake in Primerica in the 4th quarter valued at about $368,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Primerica by 9.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 142,679 shares of the financial services provider's stock valued at $38,726,000 after acquiring an additional 11,737 shares during the last quarter. Finally, Voloridge Investment Management LLC increased its holdings in shares of Primerica by 527.1% during the 4th quarter. Voloridge Investment Management LLC now owns 42,816 shares of the financial services provider's stock worth $11,621,000 after buying an additional 35,988 shares during the last quarter. Institutional investors and hedge funds own 90.88% of the company's stock.

About Primerica

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.