Intech Investment Management LLC Buys New Stake in Primerica, Inc. (NYSE:PRI)

Intech Investment Management LLC purchased a new position in shares of Primerica, Inc. (NYSE:PRI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,304 shares of the financial services provider’s stock, valued at approximately $4,094,000. Intech Investment Management LLC owned approximately 0.05% of Primerica as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Burgundy Asset Management Ltd. raised its holdings 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 buying an additional 17,095 shares during the period. Lyrical Asset Management LP grew its position in Primerica by 1.5% in the 4th quarter. Lyrical Asset Management LP now owns 663,783 shares of the financial services provider’s stock valued at $136,580,000 after acquiring an additional 9,923 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Primerica by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock worth $150,880,000 after purchasing an additional 21,836 shares during the period. Westfield Capital Management Co. LP lifted its position in shares of Primerica by 4.2% during the fourth quarter. Westfield Capital Management Co. LP now owns 229,084 shares of the financial services provider’s stock worth $47,136,000 after purchasing an additional 9,198 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Primerica by 5.0% in the first quarter. Principal Financial Group Inc. now owns 218,324 shares of the financial services provider’s stock valued at $55,227,000 after purchasing an additional 10,354 shares during the period. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PRI shares. 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 on the stock. Jefferies Financial Group upped their price objective on Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a research report on Thursday, July 18th. StockNews.com lowered Primerica from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Truist Financial upped their price target on Primerica from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Keefe, Bruyette & Woods lifted their price objective on Primerica from $255.00 to $275.00 and gave the company a “market perform” rating in a research note on Wednesday, July 17th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $275.20.

Insider Activity at Primerica

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

Primerica Price Performance

Shares of NYSE PRI opened at $258.60 on Friday. The business has a 50-day moving average of $254.26 and a two-hundred day moving average of $240.00. The company has a market capitalization of $8.90 billion, a price-to-earnings ratio of 15.74 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 posted 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 firm had revenue of $803.38 million during the quarter, compared to analysts’ expectations of $748.88 million. Primerica had a return on equity of 27.81% and a net margin of 14.85%. The firm’s revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.99 earnings per share. As a group, equities research analysts expect that Primerica, Inc. will post 17.94 earnings per share for the current year.

Primerica Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Wednesday, August 21st were issued a $0.90 dividend. This is a boost from Primerica’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.39%. Primerica’s dividend payout ratio is presently 21.91%.

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.