Victory Capital Management Inc. Trims Stake in Primerica, Inc. (NYSE:PRI)

Victory Capital Management Inc. trimmed its position in Primerica, Inc. (NYSE:PRI) by 68.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,932 shares of the financial services provider’s stock after selling 108,600 shares during the period. Victory Capital Management Inc. owned 0.15% of Primerica worth $11,813,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Van ECK Associates Corp boosted its holdings in Primerica by 36.5% in the first quarter. Van ECK Associates Corp now owns 12,506 shares of the financial services provider’s stock worth $3,164,000 after acquiring an additional 3,345 shares in the last quarter. Blair William & Co. IL raised its holdings in Primerica by 24.5% in the first quarter. Blair William & Co. IL now owns 12,159 shares of the financial services provider’s stock worth $3,076,000 after buying an additional 2,393 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Primerica by 456.8% during the second quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock valued at $2,164,000 after buying an additional 7,506 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of Primerica by 136.5% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,322 shares of the financial services provider’s stock valued at $1,599,000 after acquiring an additional 3,649 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new position in Primerica in the 1st quarter worth approximately $979,000. 90.88% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 15,151 shares of the company’s stock, valued at approximately $3,846,081.35. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Primerica news, President Peter W. Schneider sold 1,500 shares of Primerica stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $261.11, for a total value of $391,665.00. Following the sale, the president now owns 10,259 shares of the company’s stock, valued at approximately $2,678,727.49. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value 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 disclosure for this sale can be found here. In the last three months, insiders have sold 6,500 shares of company stock valued at $1,657,015. Corporate insiders own 0.85% of the company’s stock.

Primerica Price Performance

PRI opened at $254.62 on Friday. The company has a 50 day simple moving average of $252.18 and a two-hundred day simple moving average of $239.65. The firm has a market cap of $8.61 billion, a P/E ratio of 15.50 and a beta of 1.09. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $265.27.

Primerica (NYSE:PRI) last issued its earnings results on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share for the quarter, topping the consensus estimate of $4.47 by $0.24. The company had revenue of $803.38 million during the quarter, compared to the consensus estimate of $748.88 million. Primerica had a net margin of 14.85% and a return on equity of 27.81%. Primerica’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.99 EPS. Equities analysts anticipate that Primerica, Inc. will post 17.94 earnings per share for the current year.

Primerica Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Wednesday, August 21st were paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.41%. The ex-dividend date was Wednesday, August 21st. This is an increase from Primerica’s previous quarterly dividend of $0.75. Primerica’s dividend payout ratio (DPR) is 21.91%.

Analyst Upgrades and Downgrades

Several analysts have commented on PRI shares. Jefferies Financial Group increased their target price on Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a research note on Thursday, July 18th. StockNews.com downgraded Primerica from a “buy” rating to a “hold” rating in a report on Thursday. Piper Sandler started coverage on shares of Primerica in a research note on Friday, August 30th. They set a “neutral” rating and a $283.00 target price on the stock. Morgan Stanley lifted their price target on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Primerica from $255.00 to $275.00 and gave the company a “market perform” rating in a research report on Wednesday, July 17th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $275.20.

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.