Primerica, Inc. (NYSE:PRI) Shares Sold by Prospector Partners LLC

Prospector Partners LLC cut its position in Primerica, Inc. (NYSE:PRI) by 9.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 76,845 shares of the financial services provider’s stock after selling 8,090 shares during the period. Primerica makes up 2.0% of Prospector Partners LLC’s holdings, making the stock its 13th largest position. Prospector Partners LLC’s holdings in Primerica were worth $18,180,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Sei Investments Co. boosted its position in Primerica by 19.1% in the second quarter. Sei Investments Co. now owns 51,300 shares of the financial services provider’s stock valued at $12,137,000 after buying an additional 8,227 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Primerica by 28.6% during the 2nd quarter. Pacer Advisors Inc. now owns 8,634 shares of the financial services provider’s stock valued at $2,043,000 after acquiring an additional 1,920 shares during the period. Bridges Investment Management Inc. purchased a new stake in shares of Primerica in the 2nd quarter valued at $363,000. Granite Investment Partners LLC purchased a new stake in shares of Primerica in the 2nd quarter valued at $4,555,000. Finally, Benjamin F. Edwards & Company Inc. increased its stake in shares of Primerica by 207.9% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 548 shares of the financial services provider’s stock worth $130,000 after acquiring an additional 370 shares during the period. 90.88% of the stock is owned by institutional investors and hedge funds.

Primerica Stock Up 0.0 %

NYSE:PRI opened at $258.60 on Friday. The stock has a market capitalization of $8.90 billion, a PE ratio of 15.74 and a beta of 1.09. Primerica, Inc. has a 52 week low of $184.76 and a 52 week high of $265.27. The stock’s 50-day moving average price is $254.26 and its 200-day moving average price is $240.00.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.71 EPS for the quarter, beating the consensus estimate of $4.47 by $0.24. Primerica had a return on equity of 27.81% and a net margin of 14.85%. The company had revenue of $803.38 million for the quarter, compared to analyst estimates of $748.88 million. During the same period last year, the company earned $3.99 earnings per share. Primerica’s quarterly revenue was up 16.7% compared to the same quarter last year. Sell-side analysts expect that Primerica, Inc. will post 17.94 earnings per share for the current fiscal year.

Primerica Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Wednesday, August 21st were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.39%. This is an increase from Primerica’s previous quarterly dividend of $0.75. The ex-dividend date was Wednesday, August 21st. Primerica’s dividend payout ratio (DPR) is presently 21.91%.

Insider Activity

In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $252.55, for a total value of $757,650.00. Following the transaction, the chief executive officer now directly owns 45,322 shares of the company’s stock, valued at approximately $11,446,071.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the sale, the director now directly owns 15,151 shares in the company, valued at $3,846,081.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $252.55, for a total transaction of $757,650.00. Following the transaction, the chief executive officer now owns 45,322 shares in the company, valued at $11,446,071.10. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock worth $1,657,015 over the last 90 days. 0.85% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Truist Financial upped their target price on Primerica from $275.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Morgan Stanley lifted their price target on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. Piper Sandler began coverage on Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price objective on the stock. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Primerica from $255.00 to $275.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 17th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $275.20.

Primerica 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.