Bamco Inc. NY Sells 131,301 Shares of Primerica, Inc. (NYSE:PRI)

Bamco Inc. NY reduced its holdings in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 7.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,712,011 shares of the financial services provider's stock after selling 131,301 shares during the quarter. Primerica accounts for about 1.2% of Bamco Inc. NY's holdings, making the stock its 16th biggest holding. Bamco Inc. NY owned approximately 5.13% of Primerica worth $453,940,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Millennium Management LLC boosted its holdings in shares of 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 acquiring an additional 678,752 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in shares of Primerica by 66.3% in 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 buying an additional 39,761 shares during the period. Squarepoint Ops LLC increased its stake 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 buying an additional 31,064 shares during the period. Strategic Financial Concepts LLC bought a new stake in Primerica during the 2nd quarter worth approximately $71,000. Finally, International Assets Investment Management LLC increased its position in 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 acquiring an additional 25,182 shares during the period. 90.88% of the stock is owned by institutional investors and hedge funds.

Primerica Trading Down 0.5 %

Shares of PRI traded down $1.55 during trading hours on Monday, reaching $301.20. 76,115 shares of the stock traded hands, compared to its average volume of 152,896. Primerica, Inc. has a 52 week low of $184.76 and a 52 week high of $307.91. The company has a market cap of $10.05 billion, a price-to-earnings ratio of 22.77 and a beta of 1.08. The stock has a fifty day simple moving average of $282.86 and a 200 day simple moving average of $257.28.

Primerica (NYSE:PRI - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million during the quarter, compared to the consensus estimate of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The business's revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.28 EPS. Analysts predict that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be paid a $0.90 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 annualized dividend and a yield of 1.20%. Primerica's payout ratio is 27.50%.

Primerica announced that its Board of Directors has authorized a stock buyback plan on Thursday, November 14th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PRI shares. Morgan Stanley upped their price objective on shares of Primerica from $257.00 to $269.00 and gave the company an "equal weight" rating in a research note on Monday, August 19th. Piper Sandler started coverage on shares of Primerica in a research report on Friday, August 30th. They set a "neutral" rating and a $283.00 price objective on the stock. StockNews.com raised Primerica from a "hold" rating to a "buy" rating in a research report on Friday, November 22nd. TD Cowen increased their price target on Primerica from $314.00 to $345.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. Finally, Truist Financial boosted their price objective on Primerica from $300.00 to $340.00 and gave the company a "buy" rating in a report on Friday, November 8th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $293.50.

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 3,000 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $301.27, for a total value of $903,810.00. Following the completion of the transaction, the chief executive officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the business's stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total transaction of $507,700.00. Following the transaction, the director now owns 15,151 shares of the company's stock, valued at $3,846,081.35. This trade represents a 11.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.85% 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.