Intech Investment Management LLC Lowers Holdings in Primerica, Inc. (NYSE:PRI)

Intech Investment Management LLC lowered its holdings in Primerica, Inc. (NYSE:PRI) by 45.6% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,416 shares of the financial services provider’s stock after selling 7,888 shares during the period. Intech Investment Management LLC’s holdings in Primerica were worth $2,497,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PRI. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Primerica in the third quarter worth $3,710,000. Harbor Capital Advisors Inc. grew its stake in Primerica by 456.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock worth $2,164,000 after purchasing an additional 7,506 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Primerica during the 2nd quarter worth about $3,514,000. SG Americas Securities LLC acquired a new stake in Primerica in the 2nd quarter valued at about $893,000. Finally, International Assets Investment Management LLC boosted its stake in shares of Primerica by 359,742.9% in 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 buying an additional 25,182 shares during the period. 90.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Primerica

In other news, Director John A. Jr. Addison sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total transaction of $507,700.00. Following the completion of the sale, the director now owns 15,151 shares in the company, valued at $3,846,081.35. This represents a 11.66 % decrease in their ownership of the stock. The transaction 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 Primerica stock in a transaction on 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 transaction, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PRI has been the topic of several analyst reports. TD Cowen started coverage on shares of Primerica in a report on Wednesday, October 9th. They issued a “buy” rating and a $314.00 target price on the stock. Morgan Stanley lifted their price objective on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. StockNews.com raised Primerica from a “hold” rating to a “buy” rating in a report on Friday. Truist Financial lifted their price target on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Piper Sandler started coverage on Primerica in a report on Friday, August 30th. They issued a “neutral” rating and a $283.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $288.33.

Primerica Stock Performance

PRI opened at $301.73 on Monday. Primerica, Inc. has a one year low of $184.76 and a one year high of $304.84. The stock has a market capitalization of $10.07 billion, a P/E ratio of 23.05 and a beta of 1.08. The business’s 50-day simple moving average is $278.19 and its 200-day simple moving average is $254.19.

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

Primerica announced that its Board of Directors has approved a share buyback plan on Thursday, November 14th that permits the company to repurchase $450.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Primerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.19%. The ex-dividend date is Thursday, November 21st. Primerica’s payout ratio is currently 27.50%.

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.