Zacks Investment Management Has $3.88 Million Stake in Primerica, Inc. (NYSE:PRI)

Zacks Investment Management cut its position in Primerica, Inc. (NYSE:PRI) by 2.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 14,635 shares of the financial services provider’s stock after selling 334 shares during the quarter. Zacks Investment Management’s holdings in Primerica were worth $3,880,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Burgundy Asset Management Ltd. grew its position in shares of Primerica by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,237,164 shares of the financial services provider’s stock valued at $292,688,000 after purchasing an additional 17,095 shares during the period. Millennium Management LLC raised its stake in shares of Primerica by 30,726.7% in the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after purchasing an additional 678,752 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Primerica by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock valued at $150,880,000 after purchasing an additional 21,836 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Primerica by 4.6% during the third quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock worth $32,176,000 after buying an additional 5,323 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in Primerica by 8.7% in the 3rd quarter. Los Angeles Capital Management LLC now owns 108,399 shares of the financial services provider’s stock valued at $28,742,000 after acquiring an additional 8,641 shares in the last quarter. Institutional investors and hedge funds own 90.88% of the company’s stock.

Primerica Trading Down 0.0 %

Shares of Primerica stock opened at $295.59 on Monday. The company has a 50 day moving average of $286.19 and a 200-day moving average of $259.73. The company has a market cap of $9.86 billion, a PE ratio of 22.58 and a beta of 1.09. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $307.91.

Primerica (NYSE:PRI) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. During the same quarter in the previous year, the firm posted $4.28 earnings per share. The company’s revenue was up 11.0% on a year-over-year basis. Research analysts forecast that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.22%. Primerica’s dividend payout ratio (DPR) is 27.50%.

Primerica declared that its board has authorized a stock repurchase program on Thursday, November 14th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRI. TD Cowen lifted their price target on shares of Primerica from $314.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. StockNews.com raised shares of 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 company a “buy” rating in a research note on Friday, November 8th. 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. Finally, Piper Sandler assumed coverage on shares of Primerica in a research note on Friday, August 30th. They set a “neutral” rating and a $283.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $293.50.

Insider Activity at Primerica

In other news, Director John A. Jr. Addison sold 2,000 shares of Primerica stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total transaction of $507,700.00. Following the completion of the transaction, the director now directly owns 15,151 shares in the company, valued at $3,846,081.35. This trade represents a 11.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction 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. 0.61% of the stock is currently owned by company insiders.

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.