Burgundy Asset Management Ltd. Has $292.69 Million Stake in Primerica, Inc. (NYSE:PRI)

Burgundy Asset Management Ltd. lifted its holdings in shares of Primerica, Inc. (NYSE:PRI) by 1.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,237,164 shares of the financial services provider’s stock after purchasing an additional 17,095 shares during the period. Primerica comprises approximately 3.1% of Burgundy Asset Management Ltd.’s investment portfolio, making the stock its 4th largest holding. Burgundy Asset Management Ltd. owned 3.60% of Primerica worth $292,688,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Blair William & Co. IL raised its position in Primerica by 0.9% in the second quarter. Blair William & Co. IL now owns 12,265 shares of the financial services provider’s stock worth $2,902,000 after acquiring an additional 106 shares during the period. Vanguard Personalized Indexing Management LLC increased its stake in shares of Primerica by 11.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 3,009 shares of the financial services provider’s stock worth $712,000 after purchasing an additional 308 shares in the last quarter. Argent Trust Co purchased a new position in shares of Primerica in the second quarter worth about $257,000. Renaissance Technologies LLC bought a new stake in shares of Primerica in the second quarter valued at approximately $1,349,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Primerica by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock valued at $150,880,000 after buying an additional 21,836 shares in the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PRI. Jefferies Financial Group boosted their target price on shares of Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a report on Thursday, July 18th. Keefe, Bruyette & Woods increased their target price on Primerica from $255.00 to $275.00 and gave the company a “market perform” rating in a research note on Wednesday, July 17th. Truist Financial increased their price target on shares of Primerica from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Piper Sandler assumed 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. Finally, Morgan Stanley raised their price target on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $275.20.

Primerica Stock Performance

Shares of NYSE PRI opened at $255.84 on Thursday. The company has a 50 day simple moving average of $253.54 and a two-hundred day simple moving average of $239.86. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $265.27. The company has a market capitalization of $8.80 billion, a price-to-earnings ratio of 15.57 and a beta of 1.09.

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

Primerica Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Wednesday, August 21st were issued a dividend of $0.90 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This is an increase from Primerica’s previous quarterly dividend of $0.75. This represents a $3.60 annualized dividend and a dividend yield of 1.41%. Primerica’s dividend payout ratio (DPR) is presently 21.91%.

Insider Transactions at Primerica

In other Primerica news, Director John A. Jr. Addison sold 2,000 shares of the firm’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 directly owns 15,151 shares in the company, valued at approximately $3,846,081.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director John A. Jr. Addison sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the transaction, the director now owns 15,151 shares in the company, valued at $3,846,081.35. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Glenn J. Williams sold 3,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 45,322 shares of the company’s stock, valued at approximately $11,446,071.10. The disclosure for this sale can be found here. Insiders sold a total of 6,500 shares of company stock valued at $1,657,015 in the last quarter. 0.85% of the stock is owned by insiders.

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.