Xponance Inc. Trims Holdings in Primerica, Inc. (NYSE:PRI)

Xponance Inc. lessened its stake in Primerica, Inc. (NYSE:PRI) by 40.6% in the 2nd quarter, Holdings Channel reports. The firm owned 3,720 shares of the financial services provider’s stock after selling 2,546 shares during the period. Xponance Inc.’s holdings in Primerica were worth $880,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRI. Bank of Montreal Can boosted its position in shares of Primerica by 4.4% during the second quarter. Bank of Montreal Can now owns 33,149 shares of the financial services provider’s stock worth $7,862,000 after buying an additional 1,391 shares during the period. 1832 Asset Management L.P. lifted its stake in Primerica by 4.8% during the 2nd quarter. 1832 Asset Management L.P. now owns 5,866 shares of the financial services provider’s stock worth $1,388,000 after acquiring an additional 266 shares in the last quarter. Sei Investments Co. boosted its holdings in Primerica by 19.1% during the 2nd quarter. Sei Investments Co. now owns 51,300 shares of the financial services provider’s stock valued at $12,137,000 after acquiring an additional 8,227 shares during the period. Pacer Advisors Inc. grew its position in Primerica by 28.6% in 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 in the last quarter. Finally, Bridges Investment Management Inc. acquired a new position in Primerica in the 2nd quarter valued at about $363,000. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PRI. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a report on Wednesday. Piper Sandler started coverage on Primerica in a research report on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective on the stock. Keefe, Bruyette & Woods lifted their target price on Primerica from $255.00 to $275.00 and gave the company a “market perform” rating in a report on Wednesday, July 17th. Jefferies Financial Group boosted 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. Finally, Truist Financial lifted their price objective on Primerica from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $275.20.

Insider Activity at Primerica

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica 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 sale, the chief executive officer now owns 45,322 shares in the company, valued at $11,446,071.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, President Peter W. Schneider sold 1,500 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $261.11, for a total transaction of $391,665.00. Following the completion of the sale, the president now owns 10,259 shares in the company, valued at approximately $2,678,727.49. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction 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 completion of 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 sold a total of 6,500 shares of company stock valued at $1,657,015 over the last ninety days. Insiders own 0.85% of the company’s stock.

Primerica Price Performance

Shares of NYSE PRI opened at $263.17 on Friday. The business has a 50-day moving average of $255.75 and a two-hundred day moving average of $240.61. The company has a market capitalization of $8.90 billion, a price-to-earnings ratio of 16.02 and a beta of 1.09. Primerica, Inc. has a 1 year low of $184.76 and a 1 year high of $267.92.

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

Primerica Increases Dividend

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

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.