Quest Partners LLC Acquires 12,713 Shares of Primerica, Inc. (NYSE:PRI)

Quest Partners LLC increased its holdings in shares of Primerica, Inc. (NYSE:PRI) by 730.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,453 shares of the financial services provider’s stock after acquiring an additional 12,713 shares during the period. Primerica makes up 0.3% of Quest Partners LLC’s investment portfolio, making the stock its 16th largest holding. Quest Partners LLC’s holdings in Primerica were worth $3,832,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Millennium Management LLC grew its position in Primerica by 30,726.7% during the 2nd quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock valued at $161,102,000 after purchasing an additional 678,752 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in Primerica by 66.3% in the 2nd quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock worth $23,601,000 after acquiring an additional 39,761 shares during the last quarter. Squarepoint Ops LLC lifted its position in Primerica by 2,986.9% in the 2nd quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock valued at $7,595,000 after acquiring an additional 31,064 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in Primerica during the 2nd quarter valued at $71,000. Finally, International Assets Investment Management LLC increased its holdings in shares of Primerica by 359,742.9% in the 3rd quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock worth $6,679,000 after purchasing an additional 25,182 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Insider Activity

In related news, President Peter W. Schneider sold 1,500 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $261.11, for a total transaction of $391,665.00. Following the completion of the transaction, the president now directly owns 10,259 shares of the company’s stock, valued at approximately $2,678,727.49. This trade represents a 12.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the sale, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,500 shares of company stock worth $1,803,175 over the last ninety days. Corporate insiders own 0.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PRI. Piper Sandler initiated coverage on Primerica in a report on Friday, August 30th. They set a “neutral” rating and a $283.00 price target on the stock. Morgan Stanley upped their price target on shares of Primerica from $257.00 to $269.00 and gave the company an “equal weight” rating in a research report on Monday, August 19th. Truist Financial raised their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, November 8th. TD Cowen started coverage on shares of Primerica in a report on Wednesday, October 9th. They set a “buy” rating and a $314.00 target price for the company. Finally, StockNews.com cut shares of Primerica from a “buy” rating to a “hold” rating in a research note on Thursday. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $288.33.

Primerica Trading Up 0.6 %

Primerica stock opened at $298.61 on Monday. Primerica, Inc. has a 12-month low of $184.76 and a 12-month high of $304.84. The firm has a market capitalization of $9.96 billion, a price-to-earnings ratio of 22.81 and a beta of 1.08. The firm has a 50 day moving average of $273.65 and a 200 day moving average of $251.41.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The firm had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. During the same period in the prior year, the company posted $4.28 earnings per share. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, analysts predict that Primerica, Inc. will post 19.12 EPS for the current year.

Primerica announced that its board has approved a share repurchase program on Thursday, November 14th that permits the company to repurchase $450.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Primerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be given a $0.90 dividend. The ex-dividend date is Thursday, November 21st. This represents a $3.60 annualized dividend and a dividend yield of 1.21%. Primerica’s payout ratio is 27.50%.

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.