Bridgewater Associates LP Sells 4,774 Shares of Primerica, Inc. (NYSE:PRI)

Bridgewater Associates LP lessened its stake in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 16.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,129 shares of the financial services provider's stock after selling 4,774 shares during the quarter. Bridgewater Associates LP owned about 0.07% of Primerica worth $6,398,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. raised its position in shares of Primerica by 55.0% in the first quarter. B. Riley Wealth Advisors Inc. now owns 2,648 shares of the financial services provider's stock worth $670,000 after buying an additional 940 shares in the last quarter. HM Payson & Co. grew its holdings in shares of Primerica by 52.5% during the first quarter. HM Payson & Co. now owns 805 shares of the financial services provider's stock worth $204,000 after purchasing an additional 277 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Primerica by 456.8% in the second 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 during the last quarter. NBC Securities Inc. raised its stake in Primerica by 28.1% in the second quarter. NBC Securities Inc. now owns 6,285 shares of the financial services provider's stock valued at $1,486,000 after purchasing an additional 1,378 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Primerica during the second quarter valued at approximately $893,000. 90.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Insider Buying and Selling at Primerica

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the company's stock in a transaction that occurred on Monday, November 11th. The stock was 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 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 SEC, which is available at the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 15,151 shares of the company's stock, valued at approximately $3,846,081.35. This trade represents a 11.66 % decrease in their position. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by corporate insiders.

Primerica Stock Down 0.5 %

Shares of PRI traded down $1.52 during trading hours on Friday, hitting $302.75. The company had a trading volume of 48,181 shares, compared to its average volume of 153,264. Primerica, Inc. has a 52-week low of $184.76 and a 52-week high of $307.91. The stock's 50 day moving average price is $282.86 and its 200 day moving average price is $257.06. The firm has a market cap of $10.10 billion, a P/E ratio of 23.13 and a beta of 1.08.

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

Primerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 21st will be issued a dividend of $0.90 per share. The ex-dividend date is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.19%. Primerica's dividend payout ratio is currently 27.50%.

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

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.