Everence Capital Management Inc. Makes New $228,000 Investment in Primerica, Inc. (NYSE:PRI)

Everence Capital Management Inc. acquired a new position in shares of Primerica, Inc. (NYSE:PRI) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 840 shares of the financial services provider’s stock, valued at approximately $228,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PRI. Burgundy Asset Management Ltd. boosted its stake in 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 purchasing an additional 17,095 shares during the period. Geode Capital Management LLC boosted its position in shares of Primerica by 3.9% in the third quarter. Geode Capital Management LLC now owns 696,839 shares of the financial services provider’s stock valued at $184,807,000 after acquiring an additional 25,951 shares during the period. Millennium Management LLC grew its stake in shares of Primerica by 30,726.7% in the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after acquiring an additional 678,752 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Primerica by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock valued at $150,880,000 after acquiring an additional 21,836 shares in the last quarter. Finally, Raymond James & Associates increased its position in Primerica by 4.6% during the third quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock worth $32,176,000 after acquiring an additional 5,323 shares during the period. Institutional investors and hedge funds own 90.88% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the sale, the chief executive officer now directly owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This trade represents a 7.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.61% of the company’s stock.

Primerica Stock Performance

Primerica stock opened at $278.33 on Thursday. Primerica, Inc. has a 52 week low of $184.76 and a 52 week high of $307.91. The stock has a market capitalization of $9.29 billion, a P/E ratio of 21.26 and a beta of 1.11. The stock has a fifty day moving average of $286.17 and a 200-day moving average of $267.23.

Primerica (NYSE:PRI) last posted its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. The firm had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.28 earnings per share. On average, research analysts forecast that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica announced that its board has approved a stock repurchase program on Thursday, November 14th that allows the company to buyback $450.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Primerica Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 21st were given a $0.90 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a yield of 1.29%. Primerica’s dividend payout ratio is currently 27.50%.

Analysts Set New Price Targets

A number of research analysts have issued reports on PRI shares. Truist Financial increased their target price on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Piper Sandler reduced their price target on Primerica from $313.00 to $300.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 18th. StockNews.com cut Primerica from a “buy” rating to a “hold” rating in a report on Monday. Finally, TD Cowen increased their target price on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Primerica currently has a consensus rating of “Hold” and a consensus target price of $296.33.

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.