Federated Hermes Inc. Sells 774 Shares of Primerica, Inc. (NYSE:PRI)

Federated Hermes Inc. cut its stake in shares of Primerica, Inc. (NYSE:PRI) by 20.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,042 shares of the financial services provider’s stock after selling 774 shares during the period. Federated Hermes Inc.’s holdings in Primerica were worth $720,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Van ECK Associates Corp increased its position in shares of Primerica by 36.5% during the first quarter. Van ECK Associates Corp now owns 12,506 shares of the financial services provider’s stock valued at $3,164,000 after buying an additional 3,345 shares during the period. Blair William & Co. IL increased its position in shares of Primerica by 24.5% in the first quarter. Blair William & Co. IL now owns 12,159 shares of the financial services provider’s stock worth $3,076,000 after purchasing an additional 2,393 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Primerica by 456.8% in the second quarter. Harbor Capital Advisors Inc. now owns 9,149 shares of the financial services provider’s stock worth $2,164,000 after purchasing an additional 7,506 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of Primerica by 136.5% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,322 shares of the financial services provider’s stock worth $1,599,000 after purchasing an additional 3,649 shares during the last quarter. Finally, Edgestream Partners L.P. bought a new position in shares of Primerica in the first quarter worth approximately $979,000. 90.88% of the stock is currently owned by institutional investors.

Primerica Price Performance

Shares of PRI opened at $258.60 on Monday. The firm has a market cap of $8.90 billion, a P/E ratio of 15.74 and a beta of 1.09. The stock has a 50 day simple moving average of $254.26 and a two-hundred day simple moving average of $239.92. Primerica, Inc. has a 1 year low of $184.76 and a 1 year high of $265.27.

Primerica (NYSE:PRI) last released 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 firm 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 business’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.99 earnings per share. On average, equities analysts anticipate that Primerica, Inc. will post 17.94 earnings per share for the current 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 paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.39%. 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. Primerica’s dividend payout ratio is 21.91%.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 45,322 shares of the company’s stock, valued at $11,446,071.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 transaction of $757,650.00. Following the completion of the transaction, the chief executive officer now owns 45,322 shares in the company, valued at $11,446,071.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 of the company’s stock, valued at approximately $3,846,081.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,500 shares of company stock valued at $1,657,015. 0.85% of the stock is currently owned by company insiders.

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.