Diversified Management Inc. Acquires New Shares in Primerica, Inc. $PRI

Key Points

• Diversified Management Inc. acquired 6,533 Primerica shares during the third quarter, valued at approximately $1.78 million. Institutional investors and hedge funds collectively own 90.88% of the company.
• Analysts maintain a generally cautious outlook, with two Buy ratings and five Holds; the consensus rating is Hold with a target price of $319.80.
• Primerica exceeded quarterly EPS expectations, reporting $6.41 versus the $6.03 consensus, while revenue rose 9% year over year to $865.07 million. The company also declared a $1.20 quarterly dividend, equivalent to a 1.7% yield.

Diversified Management Inc. acquired a new stake in Primerica, Inc. (NYSE:PRI - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 6,533 shares of the financial services provider's stock, valued at approximately $1,780,000.

Other hedge funds have also added to or reduced their stakes in the company. Ameritas Advisory Services LLC acquired a new stake in Primerica in the second quarter valued at $26,000. C M Bidwell & Associates Ltd. acquired a new position in Primerica during the 2nd quarter worth about $29,000. SJS Investment Consulting Inc. grew its position in shares of 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 buying an additional 74 shares during the last quarter. Root Financial Partners LLC grew its position 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 last quarter. Finally, Steph & Co. grew its position in shares of Primerica by 38.0% in the 1st quarter. Steph & Co. now owns 196 shares of the financial services provider's stock valued at $49,000 after buying an additional 54 shares during the last quarter. 90.88% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PRI shares. Truist Financial restated a "hold" rating and set a $320.00 price objective (down from $370.00) on shares of Primerica in a research report on Thursday, August 27th. Morgan Stanley upped their target price on Primerica from $291.00 to $316.00 and gave the company an "equal weight" rating in a report on Monday, August 24th. Jefferies Financial Group increased their target price 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. TD Cowen increased their price objective on shares of Primerica from $322.00 to $360.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Primerica from $323.00 to $335.00 and gave the stock a "market perform" rating in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Primerica currently has an average rating of "Hold" and a consensus target price of $319.80.

Primerica Price Performance

NYSE PRI opened at $275.12 on Friday. The stock has a market capitalization of $8.47 billion, a P/E ratio of 11.05 and a beta of 0.88. Primerica, Inc. has a one year low of $230.09 and a one year high of $327.28. The business has a 50 day simple moving average of $294.46 and a 200 day simple moving average of $285.10.

Primerica (NYSE:PRI - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The financial services provider reported $6.41 earnings per share for the quarter, beating the consensus estimate of $6.03 by $0.38. Primerica had a net margin of 23.20% and a return on equity of 32.45%. The company had revenue of $865.07 million during the quarter, compared to analyst estimates of $881.00 million. During the same quarter in the previous year, the business posted $5.46 EPS. Primerica's revenue for the quarter was up 9.0% compared to the same quarter last year. Equities analysts expect that Primerica, Inc. will post 25.23 earnings per share for the current year.

Primerica Dividend Announcement

The firm also recently declared 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 (DPR) is presently 19.28%.

Insider Activity at Primerica

In other Primerica news, CEO Glenn Williams sold 1,500 shares of the business's 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 completion of the sale, the chief executive officer owned 32,196 shares in the company, valued at approximately $10,309,159.20. The trade was a 4.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Peter Schneider sold 1,800 shares of the company'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 $2,504,639.15. This 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. In the last 90 days, insiders sold 3,579 shares of company stock valued at $1,130,573. 0.63% of the stock is owned by company insiders.

About Primerica

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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