Amundi Sells 29,769 Shares of Primerica, Inc. $PRI

Key Points

• Amundi cut its Primerica stake by 95% in the second quarter, selling 29,769 shares and retaining 1,565 shares valued at approximately $445,000. Institutional investors and hedge funds collectively own 90.88% of PRI.
• Primerica reported quarterly EPS of $6.41, exceeding the $6.03 analyst consensus, while revenue rose 9% year over year to $865.07 million but fell short of estimates.
• Analysts maintain a consensus “Hold” rating with an average price target of $315.57. Primerica also paid a quarterly dividend of $1.20 per share, equivalent to a 1.6% annualized yield.

Amundi reduced its position in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 95.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,565 shares of the financial services provider's stock after selling 29,769 shares during the period. Amundi's holdings in Primerica were worth $445,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Primerica during the second quarter worth about $848,161,000. Geode Capital Management LLC grew its holdings in Primerica by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 793,389 shares of the financial services provider's stock worth $205,011,000 after acquiring an additional 37,014 shares during the last quarter. Bamco Inc. NY acquired a new position in Primerica in the 2nd quarter valued at approximately $190,827,000. Dimensional Fund Advisors LP increased its position in Primerica by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 650,578 shares of the financial services provider's stock valued at $162,950,000 after acquiring an additional 7,628 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of Primerica by 4.7% during the first quarter. First Trust Advisors LP now owns 529,207 shares of the financial services provider's stock valued at $132,556,000 after acquiring an additional 23,850 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Primerica

In related news, CEO Glenn J. Williams sold 1,500 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $320.20, for a total transaction of $480,300.00. Following the transaction, the chief executive officer directly owned 32,196 shares of the company's stock, valued at approximately $10,309,159.20. This represents a 4.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amber Cottle sold 279 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $313.63, for a total value of $87,502.77. Following the completion of the transaction, the director owned 3,549 shares in the company, valued at approximately $1,113,072.87. The trade was a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,579 shares of company stock valued at $1,130,573 in the last 90 days. 0.63% of the stock is currently owned by corporate insiders.

Primerica Stock Down 0.5%

Primerica stock opened at $291.67 on Thursday. Primerica, Inc. has a 12-month low of $230.09 and a 12-month high of $327.28. The firm's fifty day moving average is $305.43 and its 200 day moving average is $282.36. The company has a market capitalization of $8.98 billion, a PE ratio of 11.71 and a beta of 0.86.

Primerica (NYSE:PRI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $6.41 EPS for the quarter, topping analysts' consensus estimates of $6.03 by $0.38. Primerica had a net margin of 23.20% and a return on equity of 32.45%. The business had revenue of $865.07 million during the quarter, compared to analysts' expectations of $881.00 million. During the same period last year, the company posted $5.46 earnings per share. The business's quarterly revenue was up 9.0% on a year-over-year basis. Sell-side analysts expect that Primerica, Inc. will post 25.2 EPS for the current fiscal year.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 21st were given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, August 21st. Primerica's dividend payout ratio is 19.28%.

Analysts Set New Price Targets

Several research analysts have commented on PRI shares. TD Cowen lifted their target price on Primerica from $322.00 to $360.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Truist Financial reissued a "hold" rating and issued a $320.00 price target (down from $370.00) on shares of Primerica in a research note on Thursday, August 27th. Jefferies Financial Group upped their target price on Primerica from $266.00 to $268.00 and gave the company a "hold" rating in a report on Friday, July 10th. Keefe, Bruyette & Woods increased their target price on shares of Primerica from $323.00 to $335.00 and gave the company a "market perform" rating in a research report on Tuesday, August 11th. Finally, Morgan Stanley raised their price target on shares of Primerica from $291.00 to $316.00 and gave the stock an "equal weight" rating in a report on Monday, August 24th. Three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $315.57.

Primerica Company Profile

Primerica, Inc is a financial services company that helps middle-income households in the United States and Canada address their insurance, investment and retirement needs. The company primarily distributes its products through a network of independent representatives who provide financial education and assistance to clients.

Primerica's principal offerings include term life insurance, mutual funds and other investment products, annuities, managed investments and retirement solutions. Through its subsidiaries and affiliated providers, the company also offers products and services related to mortgage lending, debt consolidation and other financial needs.

The company was founded in 1977 as A.L.

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