DekaBank Deutsche Girozentrale Trims Stake in Primerica, Inc. (NYSE:PRI)

DekaBank Deutsche Girozentrale cut its position in shares of Primerica, Inc. (NYSE:PRI) by 44.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,098 shares of the financial services provider’s stock after selling 862 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Primerica were worth $259,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Janney Montgomery Scott LLC raised its holdings in shares of Primerica by 2.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 9,405 shares of the financial services provider’s stock valued at $1,935,000 after acquiring an additional 246 shares in the last quarter. Norges Bank purchased a new position in Primerica during the 4th quarter valued at about $31,194,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Primerica in the 4th quarter valued at about $442,000. Corient Private Wealth LLC lifted its position in shares of Primerica by 12.4% in the 4th quarter. Corient Private Wealth LLC now owns 8,731 shares of the financial services provider’s stock worth $1,796,000 after purchasing an additional 961 shares during the period. Finally, Assetmark Inc. boosted its stake in shares of Primerica by 30.9% during the fourth quarter. Assetmark Inc. now owns 882 shares of the financial services provider’s stock valued at $181,000 after purchasing an additional 208 shares in the last quarter. 90.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PRI shares. Keefe, Bruyette & Woods boosted their price objective on shares of Primerica from $255.00 to $275.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 17th. Truist Financial boosted their price target on Primerica from $275.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Piper Sandler began coverage on Primerica in a research report on Friday, August 30th. They set a “neutral” rating and a $283.00 price objective on the stock. Jefferies Financial Group boosted their target price on shares of Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a report on Thursday, July 18th. Finally, StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Primerica currently has an average rating of “Hold” and an average price target of $275.20.

Insider Activity at Primerica

In other Primerica 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 completion of the sale, the president now owns 10,259 shares of the company’s stock, valued at approximately $2,678,727.49. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $252.55, for a total value of $757,650.00. Following the sale, the chief executive officer now owns 45,322 shares in the company, valued at $11,446,071.10. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Peter W. Schneider sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $261.11, for a total transaction of $391,665.00. Following the transaction, the president now directly owns 10,259 shares of the company’s stock, valued at $2,678,727.49. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock valued at $1,657,015 in the last ninety days. Company insiders own 0.85% of the company’s stock.

Primerica Stock Performance

Primerica stock opened at $258.49 on Friday. The stock has a market cap of $8.74 billion, a PE ratio of 15.73 and a beta of 1.09. The stock has a 50-day moving average of $254.26 and a two-hundred day moving average of $240.06. Primerica, Inc. has a one year low of $184.76 and a one year high of $265.27.

Primerica (NYSE:PRI) last released its earnings results on Wednesday, August 7th. The financial services provider reported $4.71 EPS for the quarter, topping analysts’ consensus estimates of $4.47 by $0.24. The company had revenue of $803.38 million during the quarter, compared to analysts’ expectations of $748.88 million. Primerica had a net margin of 14.85% and a return on equity of 27.81%. Primerica’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period last year, the business earned $3.99 EPS. As a group, sell-side analysts predict that Primerica, Inc. will post 17.94 EPS for the current fiscal year.

Primerica Increases Dividend

The business also recently disclosed 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 a positive change from Primerica’s previous quarterly dividend of $0.75. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.39%. Primerica’s payout ratio is 21.91%.

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.