Exchange Traded Concepts LLC Makes New $758,000 Investment in Primerica, Inc. (NYSE:PRI)

Exchange Traded Concepts LLC purchased a new position in shares of Primerica, Inc. (NYSE:PRI) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 2,859 shares of the financial services provider’s stock, valued at approximately $758,000.

Several other institutional investors also recently added to or reduced their stakes in PRI. Millennium Management LLC increased its position in Primerica by 30,726.7% during the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after buying an additional 678,752 shares during the period. Los Angeles Capital Management LLC increased its position in 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 worth $23,601,000 after buying an additional 39,761 shares during the period. Squarepoint Ops LLC increased 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. Strategic Financial Concepts LLC purchased a new stake in shares of Primerica during the second quarter worth approximately $71,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Primerica by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock worth $150,880,000 after purchasing an additional 21,836 shares during the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

Primerica Price Performance

Shares of PRI stock opened at $278.96 on Friday. The business’s fifty day moving average price is $263.23 and its 200 day moving average price is $243.06. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $284.37. The firm has a market capitalization of $9.44 billion, a PE ratio of 22.33 and a beta of 1.09.

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, beating the consensus estimate of $4.47 by $0.24. The company had revenue of $803.38 million for the quarter, compared to analyst estimates of $748.88 million. Primerica had a return on equity of 27.81% and a net margin of 14.85%. Primerica’s revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.99 earnings per share. Equities research analysts expect that Primerica, Inc. will post 18.13 earnings per share for the current fiscal year.

Primerica Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Wednesday, August 21st were issued a $0.90 dividend. This is a positive change from Primerica’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $3.60 annualized dividend and a yield of 1.29%. Primerica’s dividend payout ratio is 28.82%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Jefferies Financial Group upped their price target on Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a research note on Thursday, July 18th. StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research note on Friday, October 4th. TD Cowen began coverage on Primerica in a research note on Wednesday, October 9th. They set a “buy” rating and a $314.00 price target for the company. Morgan Stanley upped their price objective on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a report on Monday, August 19th. Finally, Truist Financial upped their price objective on Primerica from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $281.67.

Insider Buying and Selling at Primerica

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of the company’s 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 owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related 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 transaction of $507,700.00. Following the sale, the director now owns 15,151 shares of the company’s stock, valued at $3,846,081.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $252.55, for a total value of $757,650.00. Following the sale, the chief executive officer now directly owns 45,322 shares in the company, valued at approximately $11,446,071.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,500 shares of company stock valued at $1,657,015. Insiders own 0.61% of the company’s stock.

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.