Bank of America Corp DE Acquires New Holdings in Primerica, Inc. $PRI

Key Points

• Bank of America acquired 94,189 Primerica shares worth approximately $26.8 million, joining other major investors; institutions collectively own 90.88% of the company.
• Primerica reported quarterly EPS of $6.41, exceeding the $6.03 analyst consensus, while revenue rose 9% year over year to $865.1 million. The company also pays a $1.20 quarterly dividend, yielding about 1.7% annually.
• Analyst sentiment is mixed, with two Buy ratings and six Holds; the stock has a consensus rating of Hold and an average price target of $315.17.

Bank of America Corp DE bought a new position in Primerica, Inc. (NYSE:PRI - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 94,189 shares of the financial services provider's stock, valued at approximately $26,769,000. Bank of America Corp DE owned approximately 0.31% of Primerica at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of PRI. BlackRock Inc. bought a new position in shares of Primerica in the second quarter worth $848,161,000. Geode Capital Management LLC raised its holdings in shares of Primerica by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 793,389 shares of the financial services provider's stock valued at $205,011,000 after acquiring an additional 37,014 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Primerica by 1.2% during 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 last quarter. First Trust Advisors LP boosted its position in shares of Primerica by 4.7% during the 1st 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. Finally, Bank of New York Mellon Corp purchased a new position in shares of Primerica during the second quarter worth about $79,044,000. 90.88% of the stock is owned by institutional investors.

Primerica Stock Performance

Shares of PRI opened at $274.81 on Thursday. The firm has a market cap of $8.46 billion, a price-to-earnings ratio of 11.04 and a beta of 0.86. Primerica, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $327.28. The firm has a 50 day moving average price of $303.10 and a 200-day moving average price of $283.19.

Primerica (NYSE:PRI - Get Free Report) last issued its 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. The company had revenue of $865.07 million for the quarter, compared to analysts' expectations of $881.00 million. Primerica had a net margin of 23.20% and a return on equity of 32.45%. The firm's revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the company earned $5.46 EPS. As a group, equities research analysts predict that Primerica, Inc. will post 25.2 earnings per share for the current year.

Primerica Dividend Announcement

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

Insider Transactions at Primerica

In other news, Director Amber Cottle sold 279 shares of the business's stock in a transaction dated 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 sale, the director owned 3,549 shares of the company's stock, valued at approximately $1,113,072.87. The trade was a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Glenn Williams sold 1,500 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $320.20, for a total value of $480,300.00. Following the sale, the chief executive officer owned 32,196 shares of the company's stock, valued at $10,309,159.20. This represents a 4.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 3,579 shares of company stock worth $1,130,573. Company insiders own 0.63% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. TD Cowen raised their target price on shares of Primerica from $322.00 to $360.00 and gave the company a "buy" rating in a research note on Wednesday, July 22nd. Morgan Stanley boosted their price target 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. Truist Financial reissued a "hold" rating and issued a $320.00 price target (down from $370.00) on shares of Primerica in a report on Thursday, August 27th. Weiss Ratings cut shares of Primerica from a "buy (b+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Primerica from $323.00 to $335.00 and gave the stock a "market perform" rating in a report on Tuesday, August 11th. Two 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.com, the stock currently has an average rating of "Hold" and a consensus target price of $315.17.

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.

Want to see what other hedge funds are holding PRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primerica, Inc. (NYSE:PRI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.