Envestnet Portfolio Solutions Inc. Buys 3,448 Shares of Primerica, Inc. $PRI

Key Points

• Envestnet Portfolio Solutions Inc. significantly increased its stake in Primerica, growing its holdings by 92.1% to 7,191 shares, now valued at approximately $1.97 million.
• Primerica recently declared a quarterly dividend of $1.04, yielding 1.6% annually, with a payout ratio of 20.55%.
• The company reported earnings of $5.46 per share for its latest quarter, exceeding analysts' expectations, and has an average price target of $314.86 with several analysts rating the stock as a "Moderate Buy."

Envestnet Portfolio Solutions Inc. grew its stake in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 92.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,191 shares of the financial services provider's stock after buying an additional 3,448 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Primerica were worth $1,968,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PRI. Hilltop National Bank bought a new stake in shares of Primerica in the second quarter worth $31,000. AdvisorNet Financial Inc grew its stake in shares of Primerica by 108.5% in the second quarter. AdvisorNet Financial Inc now owns 148 shares of the financial services provider's stock worth $41,000 after purchasing an additional 77 shares during the last quarter. Headlands Technologies LLC grew its stake in shares of Primerica by 2,300.0% in the first quarter. Headlands Technologies LLC now owns 168 shares of the financial services provider's stock worth $48,000 after purchasing an additional 161 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Primerica in the first quarter worth $64,000. Finally, Golden State Wealth Management LLC grew its stake in shares of Primerica by 105.7% in the first quarter. Golden State Wealth Management LLC now owns 253 shares of the financial services provider's stock worth $72,000 after purchasing an additional 130 shares during the last quarter. Institutional investors own 90.88% of the company's stock.

Primerica Trading Down 3.6%

Shares of NYSE PRI opened at $258.12 on Friday. The firm's 50-day moving average price is $270.09 and its 200-day moving average price is $266.84. Primerica, Inc. has a 1-year low of $230.98 and a 1-year high of $307.91. The firm has a market capitalization of $8.36 billion, a P/E ratio of 12.75 and a beta of 0.97.

Primerica (NYSE:PRI - Get Free Report) last posted its earnings results on Wednesday, August 6th. The financial services provider reported $5.46 earnings per share for the quarter, topping analysts' consensus estimates of $5.18 by $0.28. Primerica had a net margin of 21.48% and a return on equity of 32.42%. The company had revenue of $796.02 million for the quarter, compared to analyst estimates of $790.99 million. During the same quarter in the prior year, the business posted $4.71 EPS. The firm's revenue was up .3% compared to the same quarter last year. Equities research analysts forecast that Primerica, Inc. will post 20.6 EPS for the current year.

Primerica Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 22nd were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Friday, August 22nd. Primerica's dividend payout ratio is currently 20.55%.

Insider Buying and Selling at Primerica

In related news, CEO Glenn J. Williams sold 2,500 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $262.20, for a total value of $655,500.00. Following the sale, the chief executive officer owned 36,392 shares in the company, valued at $9,541,982.40. This represents a 6.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.61% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PRI. Keefe, Bruyette & Woods boosted their price objective on shares of Primerica from $315.00 to $320.00 and gave the stock a "market perform" rating in a research note on Monday, August 11th. Piper Sandler set a $292.00 price objective on shares of Primerica and gave the stock a "neutral" rating in a research note on Tuesday, October 7th. Jefferies Financial Group dropped their target price on shares of Primerica from $293.00 to $283.00 and set a "hold" rating on the stock in a report on Monday, August 11th. BMO Capital Markets upgraded shares of Primerica from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $292.00 to $318.00 in a report on Tuesday, September 23rd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Primerica in a report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $314.86.

About Primerica

Primerica, Inc, together with its subsidiaries, provides financial products and services to middle-income households in the United States and Canada. The company operates in four segments: Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products.

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