Envestnet Asset Management Inc. Has $17.23 Million Stake in Primerica, Inc. (NYSE:PRI)

Envestnet Asset Management Inc. grew its holdings in Primerica, Inc. (NYSE:PRI) by 17.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 72,827 shares of the financial services provider’s stock after buying an additional 10,907 shares during the period. Envestnet Asset Management Inc. owned 0.21% of Primerica worth $17,229,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Oppenheimer Asset Management Inc. lifted its position in shares of Primerica by 18.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 3,181 shares of the financial services provider’s stock valued at $753,000 after buying an additional 497 shares during the last quarter. Qsemble Capital Management LP acquired a new stake in Primerica during the 2nd quarter worth approximately $255,000. American Century Companies Inc. lifted its holdings in Primerica by 13.2% during the 2nd quarter. American Century Companies Inc. now owns 66,152 shares of the financial services provider’s stock worth $15,650,000 after purchasing an additional 7,708 shares during the last quarter. Texas Permanent School Fund Corp lifted its holdings in Primerica by 39.8% during the 2nd quarter. Texas Permanent School Fund Corp now owns 42,864 shares of the financial services provider’s stock worth $10,141,000 after purchasing an additional 12,203 shares during the last quarter. Finally, Quest Partners LLC acquired a new stake in Primerica during the 2nd quarter worth approximately $412,000. 90.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Activity

In related news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $252.55, for a total transaction of $757,650.00. Following the sale, the chief executive officer now owns 45,322 shares in the company, valued at approximately $11,446,071.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $252.55, for a total transaction of $757,650.00. Following the sale, the chief executive officer now owns 45,322 shares in the company, valued at approximately $11,446,071.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $253.85, for a total value of $507,700.00. Following the sale, the director now owns 15,151 shares in the company, valued at approximately $3,846,081.35. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,500 shares of company stock worth $1,657,015. Insiders own 0.85% of the company’s stock.

Primerica Stock Performance

Shares of PRI opened at $264.76 on Tuesday. Primerica, Inc. has a 52-week low of $184.76 and a 52-week high of $265.67. The business’s fifty day moving average is $254.65 and its 200-day moving average is $240.03. The firm has a market cap of $9.11 billion, a price-to-earnings ratio of 16.11 and a beta of 1.09.

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

Primerica Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Wednesday, August 21st were paid a $0.90 dividend. This is a positive change 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 1.36%. Primerica’s dividend payout ratio (DPR) 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.