California State Teachers Retirement System Boosts Position in Primerica, Inc. $PRI

Key Points

• California State Teachers Retirement System dramatically increased its Primerica stake by adding more than 10.3 million shares in the second quarter, bringing its ownership to approximately 33.6% of the company. Institutional investors collectively own 90.88% of Primerica.
• Analysts remain broadly cautious, with the stock carrying a consensus “Hold” rating and an average price target of $315.57. Recent targets range from $268 to $360.
• Primerica exceeded quarterly EPS expectations, reporting $6.41 versus the $6.03 consensus estimate, while revenue rose 9% year over year to $865.07 million. The company also declared a quarterly dividend of $1.20, equal to a 1.7% annualized yield.

California State Teachers Retirement System increased its position in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 27,655.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,341,470 shares of the financial services provider's stock after acquiring an additional 10,304,211 shares during the quarter. California State Teachers Retirement System owned approximately 33.60% of Primerica worth $2,939,046,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Ameritas Advisory Services LLC acquired a new stake in Primerica during the second quarter worth about $26,000. SJS Investment Consulting Inc. boosted its holdings in Primerica by 176.2% in the 1st quarter. SJS Investment Consulting Inc. now owns 116 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 74 shares during the last quarter. C M Bidwell & Associates Ltd. purchased a new stake in shares of Primerica in the 2nd quarter valued at approximately $29,000. Root Financial Partners LLC grew its stake in shares of Primerica by 52.6% in the 1st quarter. Root Financial Partners LLC now owns 177 shares of the financial services provider's stock valued at $44,000 after buying an additional 61 shares during the period. Finally, Smartleaf Asset Management LLC grew its stake in shares of Primerica by 68.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 179 shares of the financial services provider's stock valued at $47,000 after buying an additional 73 shares during the period. Hedge funds and other institutional investors own 90.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Truist Financial reaffirmed a "hold" rating and set a $320.00 price target (down from $370.00) on shares of Primerica in a research report on Thursday, August 27th. Morgan Stanley increased their price objective on Primerica from $291.00 to $316.00 and gave the stock an "equal weight" rating in a research report on Monday, August 24th. Jefferies Financial Group increased their price objective on Primerica from $266.00 to $268.00 and gave the stock a "hold" rating in a research report on Friday, July 10th. TD Cowen raised their target price on Primerica from $322.00 to $360.00 and gave the stock a "buy" rating in a research note on Wednesday, July 22nd. Finally, Weiss Ratings downgraded Primerica from a "buy (b+)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $315.57.

Primerica Price Performance

Shares of Primerica stock opened at $289.05 on Friday. The stock has a market capitalization of $8.90 billion, a price-to-earnings ratio of 11.61 and a beta of 0.86. The business has a 50-day moving average of $305.95 and a 200 day moving average of $281.29. Primerica, Inc. has a 12 month low of $230.09 and a 12 month high of $327.28.

Primerica (NYSE:PRI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $6.41 earnings per share (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 analyst estimates of $881.00 million. Primerica had a net margin of 23.20% and a return on equity of 32.45%. The business's revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.46 earnings per share. Equities research analysts anticipate that Primerica, Inc. will post 25.2 earnings per share for the current year.

Primerica Dividend Announcement

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

Insider Buying and Selling

In other Primerica news, President Peter Schneider sold 1,800 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $312.65, for a total transaction of $562,770.00. Following the sale, the president directly owned 8,011 shares in the company, valued at $2,504,639.15. This represents a 18.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Glenn Williams sold 1,500 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 32,196 shares of the company's stock, valued at $10,309,159.20. This represents a 4.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 3,579 shares of company stock valued at $1,130,573 in the last ninety days. Company insiders own 0.63% of the company's stock.

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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