Exchange Traded Concepts LLC Acquires New Stake in Primerica, Inc. (NYSE:PRI)

Exchange Traded Concepts LLC acquired a new stake in Primerica, Inc. (NYSE:PRI) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,859 shares of the financial services provider’s stock, valued at approximately $758,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its stake in Primerica by 45.5% in the 2nd quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 60 shares during the last quarter. GPS Wealth Strategies Group LLC increased its stake in shares of Primerica by 2.4% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 2,644 shares of the financial services provider’s stock worth $625,000 after acquiring an additional 62 shares during the last quarter. SkyView Investment Advisors LLC increased its stake in shares of Primerica by 1.0% in the 2nd quarter. SkyView Investment Advisors LLC now owns 6,271 shares of the financial services provider’s stock worth $1,484,000 after acquiring an additional 62 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Primerica by 85.9% in the 3rd quarter. UMB Bank n.a. now owns 145 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 67 shares during the last quarter. Finally, Inspire Investing LLC increased its stake in shares of Primerica by 5.4% in the 2nd quarter. Inspire Investing LLC now owns 1,483 shares of the financial services provider’s stock worth $351,000 after acquiring an additional 76 shares during the last quarter. 90.88% of the stock is owned by institutional investors and hedge funds.

Primerica Price Performance

Shares of Primerica stock opened at $278.96 on Friday. The business has a 50-day moving average of $263.23 and a 200 day moving average of $243.06. Primerica, Inc. has a 12 month low of $184.76 and a 12 month high of $284.37. The stock has a market capitalization of $9.44 billion, a price-to-earnings ratio of 22.33 and a beta of 1.09.

Primerica (NYSE:PRI) last announced its earnings results on Wednesday, August 7th. The financial services provider reported $4.71 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $748.88 million. During the same period last year, the business posted $3.99 EPS. Primerica’s revenue for the quarter was up 16.7% on a year-over-year basis. Equities research analysts anticipate that Primerica, Inc. will post 18.13 earnings per share for the current year.

Primerica Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Wednesday, August 21st were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.29%. This is a boost from Primerica’s previous quarterly dividend of $0.75. The ex-dividend date was Wednesday, August 21st. Primerica’s dividend payout ratio (DPR) is 28.82%.

Insider Activity at Primerica

In related news, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $252.55, for a total transaction of $757,650.00. Following the completion of the transaction, the chief executive officer now directly owns 45,322 shares in the company, valued at $11,446,071.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $252.55, for a total value of $757,650.00. Following the completion of the transaction, the chief executive officer now owns 45,322 shares in the company, valued at approximately $11,446,071.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Peter W. Schneider sold 1,500 shares of Primerica stock in a transaction dated 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 transaction, the president now owns 10,259 shares of the company’s stock, valued at $2,678,727.49. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,500 shares of company stock worth $1,657,015 in the last three months. 0.61% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PRI has been the subject of a number of recent research reports. Morgan Stanley raised their target price on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Piper Sandler initiated coverage on Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price for the company. Keefe, Bruyette & Woods raised their target price on Primerica from $255.00 to $275.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 17th. TD Cowen began coverage on Primerica in a research note on Wednesday, October 9th. They issued a “buy” rating and a $314.00 target price for the company. Finally, Jefferies Financial Group raised 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. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $281.67.

About Primerica

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.