Caisse de depot et placement du Quebec purchased a new stake in shares of Primerica, Inc. (NYSE:PRI - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 32,348 shares of the financial services provider's stock, valued at approximately $9,193,000. Caisse de depot et placement du Quebec owned 0.11% of Primerica at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Man Group plc bought a new position in Primerica in the second quarter valued at about $7,730,000. Jupiter Topco LLC purchased a new stake in shares of Primerica in the second quarter worth $3,989,000. Hsbc Holdings PLC purchased a new stake in Primerica in the 2nd quarter worth $424,000. Legal & General Group Plc bought a new stake in Primerica during the 2nd quarter valued at approximately $12,049,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Primerica during the second quarter valued at approximately $5,948,000. 90.88% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other Primerica news, CEO Glenn J. Williams sold 1,500 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $320.20, for a total transaction of $480,300.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 firm's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $312.65, for a total value of $562,770.00. Following the completion of the sale, the president directly owned 8,011 shares in the company, valued at approximately $2,504,639.15. This trade represents a 18.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 5,079 shares of company stock worth $1,551,308 in the last quarter. 0.63% of the stock is owned by corporate insiders.
Primerica Stock Performance
Shares of PRI opened at $289.86 on Friday. The stock has a market capitalization of $8.92 billion, a P/E ratio of 11.64 and a beta of 0.87. Primerica, Inc. has a 1 year low of $230.09 and a 1 year high of $327.28. The company's fifty day moving average is $304.77 and its two-hundred day moving average is $278.97.
Primerica (NYSE:PRI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $6.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.03 by $0.38. The company had revenue of $865.07 million during the quarter, compared to the consensus estimate of $881.00 million. Primerica had a net margin of 23.20% and a return on equity of 32.45%. The company's revenue for the quarter was up 9.0% on a year-over-year basis. During the same period last year, the firm earned $5.46 EPS. Sell-side analysts predict that Primerica, Inc. will post 25.09 EPS for the current year.
Primerica Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, August 21st will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $4.80 annualized dividend and a yield of 1.7%. Primerica's payout ratio is 19.28%.
Wall Street Analyst Weigh In
A number of research firms have recently commented on PRI. Keefe, Bruyette & Woods increased their target price on Primerica from $323.00 to $335.00 and gave the company a "market perform" rating in a research report on Tuesday, August 11th. Truist Financial reiterated a "hold" rating and issued a $320.00 price target (down from $370.00) on shares of Primerica in a report on Thursday. Jefferies Financial Group boosted their price objective on shares of Primerica from $266.00 to $268.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Weiss Ratings downgraded Primerica from a "buy (b+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Finally, TD Cowen increased their price objective 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. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $315.57.
Check Out Our Latest Stock Report on Primerica
About Primerica
(
Free Report)
Primerica, Inc is a financial services company that focuses on delivering term life insurance and investment products to middle-income households in the United States and Canada. The firm operates a network of independent, licensed representatives who provide personalized guidance on coverage needs, retirement planning, and wealth accumulation. Primerica's core mission is to help clients obtain affordable life insurance protection while also offering a suite of savings and investment solutions designed for long-term financial security.
In addition to term life insurance, Primerica offers a range of financial products and services that include mutual funds, annuities, auto and home insurance through partner carriers, and personal lending solutions such as secured and unsecured loans.
Further Reading
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).
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