Primerica, Inc. (NYSE:PRI) Chief Executive Officer Glenn J. Williams recently sold 3,000 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $301.27, with prices ranging from $299.52 to $304.18, resulting in a total transaction value of approximately $903,821. Following this sale, Williams holds 36,321.995 shares of Primerica stock directly.
In other recent news, Primerica has reported strong third-quarter financial results for 2024, marked by a 21% increase in adjusted net operating income to $193 million, and a 28% rise in diluted adjusted operating earnings per share to $5.68. The company also highlighted a 7% growth in its life licensed sales force, the issuance of new policies, and the return of $463 million to shareholders through stock repurchases and dividends. A partnership with Canada Life and an emphasis on debt consolidation services were among the strategic initiatives mentioned.
Primerica's sales in the Investment and Savings Products segment are projected to grow by 22% to 25% in 2024. The company also anticipates mid-single-digit sales force growth for the year, exceeding initial 3% guidance. On the downside, the Corporate and Other Distributed Products segment reported a pre-tax operating loss of $5.7 million, and operating expenses are expected to rise by 9% in Q4.
These are recent developments and should be considered in light of the company's overall performance and strategic direction.
InvestingPro Insights
As Primerica's CEO Glenn J. Williams reduces his stake, the company's stock continues to show strong performance. According to InvestingPro data, Primerica's stock is trading near its 52-week high, with a significant 35.26% price total return over the past six months and an impressive 47.54% year-to-date return.
The company's financial health appears robust, with InvestingPro Tips highlighting that Primerica has raised its dividend for 15 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by a current dividend yield of 1.2% and a substantial dividend growth of 38.46% over the last twelve months.
Primerica's valuation metrics present an interesting picture. The company's P/E ratio (adjusted) stands at 14.65, which is lower than its unadjusted P/E of 23.05, potentially indicating some value for investors. However, an InvestingPro Tip suggests that the stock is trading at a high Price/Book multiple, currently at 5.19, which investors should consider in their analysis.
For those seeking more comprehensive insights, InvestingPro offers an additional 11 tips for Primerica, providing a deeper understanding of the company's financial position and market performance.
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