The Manufacturers Life Insurance Company Decreases Stock Position in Primerica, Inc. (NYSE:PRI)

The Manufacturers Life Insurance Company trimmed its holdings in shares of Primerica, Inc. (NYSE:PRI) by 5.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,744 shares of the financial services provider’s stock after selling 1,516 shares during the period. The Manufacturers Life Insurance Company’s holdings in Primerica were worth $7,091,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Burgundy Asset Management Ltd. lifted its holdings in Primerica by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,237,164 shares of the financial services provider’s stock worth $292,688,000 after buying an additional 17,095 shares during the last quarter. Millennium Management LLC lifted its holdings 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 worth $161,102,000 after buying an additional 678,752 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Primerica by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock worth $150,880,000 after buying an additional 21,836 shares during the last quarter. Raymond James & Associates lifted its holdings in Primerica by 4.6% during the 3rd quarter. Raymond James & Associates now owns 121,349 shares of the financial services provider’s stock worth $32,176,000 after buying an additional 5,323 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its holdings in Primerica by 8.7% during the 3rd quarter. Los Angeles Capital Management LLC now owns 108,399 shares of the financial services provider’s stock worth $28,742,000 after buying an additional 8,641 shares during the last quarter. 90.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. TD Cowen lifted their price target on Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Truist Financial lifted their target price on Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Piper Sandler assumed coverage on Primerica in a research report on Friday, August 30th. They set a “neutral” rating and a $283.00 target price on the stock. Morgan Stanley lifted their target price on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Finally, StockNews.com upgraded Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $293.50.

Primerica Stock Down 0.2 %

Shares of PRI stock opened at $297.88 on Thursday. The stock has a market capitalization of $9.94 billion, a PE ratio of 22.76 and a beta of 1.09. Primerica, Inc. has a 52-week low of $184.76 and a 52-week high of $307.91. The stock’s 50-day moving average price is $284.96 and its 200 day moving average price is $258.59.

Primerica (NYSE:PRI) last issued its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.81 by $0.87. The firm had revenue of $774.13 million for the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a return on equity of 30.93% and a net margin of 14.95%. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.28 EPS. Analysts expect that Primerica, Inc. will post 19.32 earnings per share for the current fiscal year.

Primerica Dividend Announcement

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

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

Insiders Place Their Bets

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the business’s stock in a transaction that occurred 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John A. Jr. Addison sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was 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 trade was a 11.66 % decrease in their position. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by 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.