Fmr LLC Cuts Stock Position in Primerica, Inc. (NYSE:PRI)

FMR LLC lessened its stake in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 1.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,029,015 shares of the financial services provider's stock after selling 55,267 shares during the quarter. FMR LLC owned 9.08% of Primerica worth $803,143,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PRI. Millennium Management LLC boosted its position 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 worth $161,102,000 after purchasing an additional 678,752 shares during the period. Los Angeles Capital Management LLC boosted its position 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 worth $23,601,000 after buying an additional 39,761 shares during the period. Squarepoint Ops LLC grew 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 in the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of Primerica in the 2nd quarter valued at $71,000. Finally, International Assets Investment Management LLC lifted its stake 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 worth $6,679,000 after acquiring an additional 25,182 shares in the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Primerica

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of Primerica 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 transaction, the director now owns 15,151 shares of the company's stock, valued at $3,846,081.35. The trade was a 11.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Glenn J. Williams sold 3,000 shares of the 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 sale, the chief executive officer now directly owns 36,322 shares of the company's stock, valued at $10,942,728.94. The trade was a 7.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.61% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on PRI. TD Cowen lifted their target price on Primerica from $314.00 to $345.00 and gave the company a "buy" rating in a research report on Tuesday. StockNews.com upgraded shares of Primerica from a "hold" rating to a "buy" rating in a report on Friday, November 22nd. Truist Financial increased their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, November 8th. Piper Sandler assumed coverage on shares of Primerica in a research note on Friday, August 30th. They issued a "neutral" rating and a $283.00 price target for the company. Finally, Morgan Stanley upped their price objective 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, Primerica currently has an average rating of "Hold" and a consensus target price of $293.50.

Primerica Stock Performance

Shares of NYSE:PRI traded down $0.66 during trading hours on Thursday, reaching $304.27. The stock had a trading volume of 75,969 shares, compared to its average volume of 153,721. Primerica, Inc. has a 1 year low of $184.76 and a 1 year high of $307.91. The firm's 50 day moving average is $281.96 and its 200-day moving average is $256.28. The stock has a market capitalization of $10.15 billion, a price-to-earnings ratio of 23.24 and a beta of 1.08.

Primerica (NYSE:PRI - Get Free Report) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating the consensus estimate of $4.81 by $0.87. The firm 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%. Primerica's revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.28 earnings per share. Analysts forecast that Primerica, Inc. will post 19.12 EPS for the current year.

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

Primerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders 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 1.18%. Primerica's payout ratio is currently 27.50%.

Primerica Company 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.