Millennium Management LLC Boosts Stock Position in Primerica, Inc. (NYSE:PRI)

Millennium Management LLC lifted its stake in Primerica, Inc. (NYSE:PRI) by 30,726.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 680,961 shares of the financial services provider’s stock after purchasing an additional 678,752 shares during the quarter. Millennium Management LLC’s holdings in Primerica were worth $161,102,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its stake in shares of Primerica by 3.8% in the 2nd quarter. AQR Capital Management LLC now owns 27,968 shares of the financial services provider’s stock worth $6,617,000 after acquiring an additional 1,035 shares during the last quarter. Squarepoint Ops LLC grew its holdings in shares of Primerica by 2,986.9% in the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after purchasing an additional 31,064 shares during the period. Bank of Montreal Can grew its holdings in shares of Primerica by 4.4% in the second quarter. Bank of Montreal Can now owns 33,149 shares of the financial services provider’s stock valued at $7,862,000 after purchasing an additional 1,391 shares during the period. 1832 Asset Management L.P. increased its position in Primerica by 4.8% during the second quarter. 1832 Asset Management L.P. now owns 5,866 shares of the financial services provider’s stock worth $1,388,000 after purchasing an additional 266 shares during the last quarter. Finally, Sei Investments Co. raised its stake in Primerica by 19.1% during the second quarter. Sei Investments Co. now owns 51,300 shares of the financial services provider’s stock worth $12,137,000 after purchasing an additional 8,227 shares during the period. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Stock Performance

Primerica stock opened at $263.12 on Friday. The company has a market capitalization of $9.05 billion, a PE ratio of 16.01 and a beta of 1.09. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $267.92. The firm has a 50 day moving average price of $255.46 and a 200 day moving average price of $240.50.

Primerica (NYSE:PRI) last issued its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share for the quarter, beating analysts’ consensus estimates of $4.47 by $0.24. Primerica had a return on equity of 27.81% and a net margin of 14.85%. The business had revenue of $803.38 million during the quarter, compared to analysts’ expectations of $748.88 million. During the same period in the previous year, the firm posted $3.99 earnings per share. The company’s revenue was up 16.7% on a year-over-year basis. As a group, equities research analysts forecast that Primerica, Inc. will post 17.94 earnings per share for the current year.

Primerica Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Wednesday, August 21st were paid a dividend of $0.90 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This is a positive change from Primerica’s previous quarterly dividend of $0.75. This represents a $3.60 dividend on an annualized basis and a yield of 1.37%. Primerica’s dividend payout ratio is 21.91%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods increased their price target on shares of Primerica from $255.00 to $275.00 and gave the company a “market perform” rating in a research note on Wednesday, July 17th. Truist Financial increased their price objective on Primerica from $275.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Jefferies Financial Group raised their target price on Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a research note on Thursday, July 18th. Morgan Stanley upped their price target on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research note on Monday, August 19th. Finally, StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $275.20.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $252.55, for a total transaction of $757,650.00. Following the sale, 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 legal filing with the SEC, which is available through this link. In other news, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was 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 $11,446,071.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,500 shares of company stock valued at $1,657,015. 0.85% of the stock is currently owned by corporate insiders.

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.