Artemis Investment Management LLP Decreases Position in Primerica, Inc. $PRI

Key Points

• Artemis Investment Management cut its Primerica stake by 55.8% in the third quarter, selling 22,476 shares and retaining 17,776 shares valued at approximately $4.84 million. Institutional investors collectively own 90.88% of Primerica.
• Primerica reported quarterly EPS of $6.41, exceeding analyst expectations of $6.03, while revenue rose 9% year over year to $865.07 million but fell short of estimates. The company also pays a quarterly dividend of $1.20, equating to a 1.7% yield.
• Analysts maintain a generally neutral outlook, with two Buy ratings and five Hold ratings and a consensus price target of $319.80 versus the stock’s recent price of $275.12. CEO Glenn Williams and President Peter Schneider also sold shares under pre-arranged trading plans.

Artemis Investment Management LLP reduced its stake in Primerica, Inc. (NYSE:PRI - Free Report) by 55.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,776 shares of the financial services provider's stock after selling 22,476 shares during the quarter. Artemis Investment Management LLP owned about 0.06% of Primerica worth $4,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Vista Investment Partners LLC raised its position in Primerica by 6.2% during the third quarter. Vista Investment Partners LLC now owns 16,360 shares of the financial services provider's stock valued at $4,457,000 after purchasing an additional 948 shares in the last quarter. Versant Capital Management Inc lifted its stake in Primerica by 12.5% in the third quarter. Versant Capital Management Inc now owns 405 shares of the financial services provider's stock worth $110,000 after purchasing an additional 45 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in Primerica by 1.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 5,797 shares of the financial services provider's stock valued at $1,648,000 after buying an additional 106 shares during the period. Engineers Gate Manager LP grew its stake in shares of Primerica by 76.8% during the second quarter. Engineers Gate Manager LP now owns 13,109 shares of the financial services provider's stock valued at $3,726,000 after buying an additional 5,694 shares during the last quarter. Finally, Squarepoint Ops LLC increased its holdings in shares of Primerica by 51.2% in the second quarter. Squarepoint Ops LLC now owns 28,570 shares of the financial services provider's stock worth $8,120,000 after buying an additional 9,678 shares during the period. 90.88% of the stock is currently owned by institutional investors.

Primerica Stock Performance

Primerica stock opened at $275.12 on Friday. The stock's 50 day simple moving average is $294.46 and its two-hundred day simple moving average is $285.10. The stock has a market cap of $8.47 billion, a price-to-earnings ratio of 11.05 and a beta of 0.88. Primerica, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $327.28.

Primerica (NYSE:PRI - Get Free Report) last released its earnings results on Wednesday, August 5th. The financial services provider reported $6.41 earnings per share 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 firm had revenue of $865.07 million for the quarter, compared to the consensus estimate of $881.00 million. During the same period in the prior year, the firm earned $5.46 EPS. The company's revenue was up 9.0% compared to the same quarter last year. On average, analysts predict that Primerica, Inc. will post 25.23 earnings per share for the current year.

Primerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Investors of record on Friday, August 21st were given a $1.20 dividend. The ex-dividend date of this dividend was Friday, August 21st. This represents a $4.80 annualized dividend and a yield of 1.7%. Primerica's dividend payout ratio is 19.28%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Primerica from $291.00 to $316.00 and gave the stock an "equal weight" rating in a research note on Monday, August 24th. Keefe, Bruyette & Woods boosted their price objective 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. TD Cowen increased their target price on shares of Primerica from $322.00 to $360.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Weiss Ratings cut Primerica from a "buy (b+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Finally, Truist Financial restated a "hold" rating and set a $320.00 price target (down from $370.00) on shares of Primerica in a report on Thursday, August 27th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $319.80.

Insider Buying and Selling

In other Primerica 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 value of $480,300.00. Following the completion of the transaction, the chief executive officer directly owned 32,196 shares in the company, valued at $10,309,159.20. This represents a 4.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Peter W. Schneider sold 1,800 shares of the business's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $312.65, for a total transaction of $562,770.00. Following the completion of the sale, the president owned 8,011 shares in the company, valued at approximately $2,504,639.15. This trade represents a 18.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 3,579 shares of company stock worth $1,130,573. 0.63% of the stock is owned by corporate insiders.

Primerica Profile

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

Primerica's offerings include term life insurance, investment and savings products, retirement solutions, annuities and other financial services. Through its affiliated businesses and representatives, the company also provides access to products and services designed to help clients manage debt and pursue long-term financial goals.

The company was founded in 1977 as A.L.

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