Venturi Wealth Management LLC Reduces Holdings in Primerica, Inc. (NYSE:PRI)

Venturi Wealth Management LLC lowered its stake in Primerica, Inc. (NYSE:PRI) by 77.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 99 shares of the financial services provider’s stock after selling 347 shares during the quarter. Venturi Wealth Management LLC’s holdings in Primerica were worth $26,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Millennium Management LLC raised its position in Primerica by 30,726.7% during the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after purchasing an additional 678,752 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Primerica by 66.3% during the second quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock valued at $23,601,000 after acquiring an additional 39,761 shares in the last quarter. Squarepoint Ops LLC lifted its stake in Primerica by 2,986.9% in the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock worth $7,595,000 after acquiring an additional 31,064 shares during the period. Strategic Financial Concepts LLC bought a new stake in Primerica in the second quarter valued at $71,000. Finally, International Assets Investment Management LLC increased its position in Primerica by 359,742.9% during the 3rd quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock valued at $6,679,000 after purchasing an additional 25,182 shares during the period. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares of the company’s stock, valued at $10,942,728.94. This represents a 7.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Peter W. Schneider sold 1,500 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $261.11, for a total transaction of $391,665.00. Following the completion of the transaction, the president now owns 10,259 shares in the company, valued at $2,678,727.49. The trade was a 12.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock worth $1,803,175 over the last 90 days. 0.85% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PRI shares. Piper Sandler assumed coverage on shares of Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price for the company. Morgan Stanley lifted their price objective on Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. TD Cowen started coverage on Primerica in a research note on Wednesday, October 9th. They issued a “buy” rating and a $314.00 target price for the company. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Truist Financial raised their price objective on Primerica from $300.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $288.33.

Primerica Stock Up 0.6 %

PRI stock opened at $298.61 on Friday. The business has a 50 day moving average of $273.65 and a 200 day moving average of $251.14. The firm has a market cap of $9.96 billion, a PE ratio of 22.81 and a beta of 1.08. Primerica, Inc. has a twelve month low of $184.76 and a twelve month high of $304.84.

Primerica (NYSE:PRI) last posted its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.81 by $0.87. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm had revenue of $774.13 million during the quarter, compared to analyst estimates of $745.25 million. During the same quarter in the previous year, the firm earned $4.28 EPS. Primerica’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, research analysts expect that Primerica, Inc. will post 19.12 earnings per share for the current fiscal year.

Primerica declared that its board has authorized a share buyback plan on Thursday, November 14th that authorizes the company to buyback $450.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Primerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be paid a $0.90 dividend. The ex-dividend date is Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.21%. Primerica’s dividend payout ratio is presently 27.50%.

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.