Granite Investment Partners LLC Acquires Shares of 19,253 Primerica, Inc. (NYSE:PRI)

Granite Investment Partners LLC acquired a new stake in Primerica, Inc. (NYSE:PRI) in the second quarter, according to its most recent filing with the SEC. The fund acquired 19,253 shares of the financial services provider’s stock, valued at approximately $4,555,000. Granite Investment Partners LLC owned approximately 0.06% of Primerica at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Van ECK Associates Corp raised its position in Primerica by 36.5% during the first quarter. Van ECK Associates Corp now owns 12,506 shares of the financial services provider’s stock valued at $3,164,000 after purchasing an additional 3,345 shares in the last quarter. Blair William & Co. IL raised its holdings in shares of Primerica by 24.5% during the first quarter. Blair William & Co. IL now owns 12,159 shares of the financial services provider’s stock valued at $3,076,000 after acquiring an additional 2,393 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in 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 acquiring an additional 7,506 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in Primerica by 136.5% in 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 shares of Primerica during the first quarter valued at about $979,000. 90.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Piper Sandler began coverage on Primerica in a research report on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price for the company. Truist Financial boosted their target price on Primerica from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, August 9th. StockNews.com lowered shares of Primerica from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Jefferies Financial Group lifted their target price on Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a report on Thursday, July 18th. Finally, 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. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $275.20.

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $252.55, for a total transaction of $757,650.00. Following the completion of the sale, the chief executive officer now owns 45,322 shares of the company’s stock, valued at $11,446,071.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $252.55, for a total value of $757,650.00. Following the transaction, the chief executive officer now directly owns 45,322 shares in the company, valued at approximately $11,446,071.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the business’s 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 sale, the director now owns 15,151 shares in the company, valued at $3,846,081.35. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,500 shares of company stock worth $1,657,015. 0.85% of the stock is owned by corporate insiders.

Primerica Price Performance

NYSE:PRI opened at $258.49 on Friday. The firm has a market cap of $8.74 billion, a PE ratio of 15.73 and a beta of 1.09. Primerica, Inc. has a 1-year low of $184.76 and a 1-year high of $265.27. The company has a 50-day moving average of $254.26 and a 200 day moving average of $240.06.

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

Primerica Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Shareholders of record on Wednesday, August 21st were given a $0.90 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.39%. This is an increase from Primerica’s previous quarterly dividend of $0.75. Primerica’s dividend payout ratio is 21.91%.

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.