Short Interest in Primerica, Inc. (NYSE:PRI) Drops By 15.7%


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Primerica, Inc. (NYSE:PRI) was the target of a significant decline in short interest during the month of April. As of April 15th, there was short interest totalling 254,500 shares, a decline of 15.7% from the March 31st total of 301,900 shares. Approximately 0.7% of the company’s stock are short sold. Based on an average daily volume of 155,800 shares, the days-to-cover ratio is presently 1.6 days.

Several research firms have weighed in on PRI. Morgan Stanley boosted their price objective on Primerica from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, April 1st. Citigroup boosted their target price on shares of Primerica from $130.00 to $140.00 in a research note on Wednesday, March 31st. Truist Securities lifted their price target on shares of Primerica from $165.00 to $188.00 and gave the stock a “buy” rating in a report on Monday, April 26th. Truist raised their target price on Primerica from $165.00 to $188.00 in a research report on Tuesday, April 20th. Finally, Zacks Investment Research upgraded Primerica from a “hold” rating to a “buy” rating and set a $179.00 price target for the company in a research note on Tuesday, April 27th. Five research analysts have rated the stock with a buy rating, Primerica has a consensus rating of “Buy” and a consensus target price of $166.29.

NYSE:PRI traded down $0.27 during mid-day trading on Tuesday, hitting $161.50. 623 shares of the stock traded hands, compared to its average volume of 151,179. The business’s 50-day moving average price is $154.19 and its 200 day moving average price is $139.43. Primerica has a 12-month low of $95.00 and a 12-month high of $163.69. The company has a market cap of $6.35 billion, a PE ratio of 17.40 and a beta of 1.44.

Primerica (NYSE:PRI) last released its quarterly earnings results on Monday, February 8th. The financial services provider reported $2.45 earnings per share for the quarter, missing the consensus estimate of $2.49 by ($0.04). The firm had revenue of $594.72 million during the quarter, compared to the consensus estimate of $583.43 million. Primerica had a return on equity of 23.65% and a net margin of 17.65%. During the same period in the previous year, the company posted $2.22 EPS. As a group, sell-side analysts predict that Primerica will post 9.78 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, March 15th. Shareholders of record on Monday, February 22nd were issued a $0.47 dividend. The ex-dividend date was Friday, February 19th. This represents a $1.88 annualized dividend and a dividend yield of 1.16%. This is a boost from Primerica’s previous quarterly dividend of $0.40. Primerica’s dividend payout ratio (DPR) is presently 22.30%.

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated Wednesday, February 17th. The shares were sold at an average price of $142.83, for a total value of $428,490.00. Following the completion of the sale, the chief executive officer now directly owns 59,643 shares of the company’s stock, valued at approximately $8,518,809.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.90% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank bought a new position in shares of Primerica in the fourth quarter worth approximately $51,584,000. Fuller & Thaler Asset Management Inc. raised its position in shares of Primerica by 117.0% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 412,878 shares of the financial services provider’s stock valued at $55,297,000 after buying an additional 222,637 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Primerica by 178.3% during the 4th quarter. Principal Financial Group Inc. now owns 346,548 shares of the financial services provider’s stock worth $46,413,000 after acquiring an additional 222,042 shares during the last quarter. Vaughan David Investments LLC IL bought a new stake in shares of Primerica during the 4th quarter worth $25,080,000. Finally, Quantum Capital Management LLC NJ grew its position in Primerica by 22.8% in the fourth quarter. Quantum Capital Management LLC NJ now owns 462,084 shares of the financial services provider’s stock worth $61,887,000 after acquiring an additional 85,799 shares in the last quarter. 89.00% of the stock is owned by institutional investors.

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 three segments: Term Life Insurance; Investment and Savings Products; and Corporate and Other Distributed Products. It underwrites individual term life insurance products.

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