Engineers Gate Manager LP Has $3.73 Million Stock Holdings in Primerica, Inc. $PRI

Key Points

• Engineers Gate Manager LP increased its Primerica stake by 76.8% in the second quarter, bringing its holdings to 13,109 shares valued at approximately $3.73 million. Institutional investors collectively own 90.88% of the company.
• Primerica reported quarterly earnings of $6.41 per share, exceeding estimates of $6.03, while revenue rose 9% year over year to $865.07 million. The company also declared a quarterly dividend of $1.20 per share, representing a 1.6% yield.
• Company insiders sold 3,579 shares worth approximately $1.13 million over the past 90 days. Analysts maintain a consensus “Hold” rating with an average price target of $315.57, compared with the stock’s reported price of $292.44.

Engineers Gate Manager LP boosted its holdings in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 76.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,109 shares of the financial services provider's stock after purchasing an additional 5,694 shares during the quarter. Engineers Gate Manager LP's holdings in Primerica were worth $3,726,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Ameritas Advisory Services LLC bought a new position in Primerica in the 2nd quarter worth approximately $26,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Primerica in the second quarter valued at approximately $29,000. SJS Investment Consulting Inc. boosted its position in shares of Primerica by 176.2% in the first quarter. SJS Investment Consulting Inc. now owns 116 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 74 shares during the period. Root Financial Partners LLC grew its stake in shares of Primerica by 52.6% in the first quarter. Root Financial Partners LLC now owns 177 shares of the financial services provider's stock worth $44,000 after acquiring an additional 61 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in Primerica by 68.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 179 shares of the financial services provider's stock worth $47,000 after acquiring an additional 73 shares during the period. Institutional investors and hedge funds own 90.88% of the company's stock.

Insider Activity

In related news, CEO Glenn J. Williams sold 1,500 shares of the firm'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 transaction of $480,300.00. Following the completion of the transaction, the chief executive officer owned 32,196 shares in the company, valued at $10,309,159.20. This trade represents a 4.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 on Monday, August 17th. The shares were 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 represents a 18.35% 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. In the last ninety days, insiders have sold 3,579 shares of company stock worth $1,130,573. Company insiders own 0.63% of the company's stock.

Primerica Stock Performance

NYSE:PRI opened at $292.44 on Friday. The company has a 50-day moving average of $305.87 and a 200-day moving average of $281.37. The company has a market capitalization of $9.00 billion, a price-to-earnings ratio of 11.74 and a beta of 0.86. Primerica, Inc. has a 52 week low of $230.09 and a 52 week high of $327.28.

Primerica (NYSE:PRI - Get Free Report) last posted its earnings results on Wednesday, August 5th. The financial services provider reported $6.41 earnings per share for the quarter, beating 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 business had revenue of $865.07 million for the quarter, compared to analysts' expectations of $881.00 million. During the same quarter in the previous year, the firm posted $5.46 earnings per share. The firm's revenue for the quarter was up 9.0% on a year-over-year basis. Sell-side analysts forecast that Primerica, Inc. will post 25.2 EPS for the current year.

Primerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, August 21st will be issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 21st. Primerica's payout ratio is presently 19.28%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Morgan Stanley upped their target price on shares of Primerica from $291.00 to $316.00 and gave the company 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 stock a "market perform" rating in a report on Tuesday, August 11th. Weiss Ratings cut shares of Primerica from a "buy (b+)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Jefferies Financial Group lifted their target price on Primerica from $266.00 to $268.00 and gave the stock a "hold" rating in a research report on Friday, July 10th. Finally, Truist Financial restated a "hold" rating and set a $320.00 price target (down from $370.00) on shares of Primerica in a research note on Thursday, August 27th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $315.57.

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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