Legal & General Group Plc Purchases New Position in Primerica, Inc. $PRI

Key Points

• Legal & General Group purchased 42,397 Primerica shares worth approximately $12.05 million, joining other institutional investors that have increased their positions. Institutions and hedge funds collectively own 90.88% of the company.
• Primerica insiders sold 5,079 shares worth roughly $1.55 million during the last quarter. Analysts maintain a consensus “Hold” rating, with an average price target of $315.57.
• Primerica exceeded quarterly earnings expectations with EPS of $6.41, 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 1.7% annualized yield.

Legal & General Group Plc purchased a new stake in Primerica, Inc. (NYSE:PRI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 42,397 shares of the financial services provider's stock, valued at approximately $12,049,000. Legal & General Group Plc owned about 0.14% of Primerica as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Primerica during the 2nd quarter worth $848,161,000. KBC Group NV boosted its stake in Primerica by 2,664.8% in the first quarter. KBC Group NV now owns 24,496 shares of the financial services provider's stock valued at $6,136,000 after acquiring an additional 23,610 shares in the last quarter. Arbejdsmarkedets Tillaegspension acquired a new position in Primerica in the fourth quarter valued at $23,767,000. Jefferies Financial Group Inc. acquired a new position in Primerica in the fourth quarter valued at $2,289,000. Finally, Oxbow Advisors LLC purchased a new position in shares of Primerica during the fourth quarter worth about $3,170,000. Institutional investors and hedge funds own 90.88% of the company's stock.

Insider Transactions at Primerica

In other news, Director Amber Lynne Cottle sold 279 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $313.63, for a total transaction of $87,502.77. Following the transaction, the director directly owned 3,549 shares in the company, valued at $1,113,072.87. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Peter W. Schneider sold 1,800 shares of the business'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 transaction, the president owned 8,011 shares in the company, valued at approximately $2,504,639.15. This trade represents a 18.35% decrease in their ownership of the stock. 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 quarter, insiders sold 5,079 shares of company stock worth $1,551,308. Company insiders own 0.63% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on PRI. 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. Keefe, Bruyette & Woods raised their price target on Primerica from $323.00 to $335.00 and gave the stock a "market perform" rating in a research note on Tuesday, August 11th. 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. TD Cowen boosted their price objective on Primerica from $322.00 to $360.00 and gave the company 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 report on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, Primerica has a consensus rating of "Hold" and a consensus price target of $315.57.

Primerica Trading Down 1.1%

Shares of PRI stock opened at $287.14 on Tuesday. The company has a market capitalization of $8.84 billion, a P/E ratio of 11.53 and a beta of 0.87. The business's 50 day moving average is $304.92 and its two-hundred day moving average is $279.20. Primerica, Inc. has a twelve month low of $230.09 and a twelve month high of $327.28.

Primerica (NYSE:PRI - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $6.41 EPS for the quarter, topping the consensus estimate of $6.03 by $0.38. Primerica had a return on equity of 32.45% and a net margin of 23.20%.The business had revenue of $865.07 million during the quarter, compared to analysts' expectations of $881.00 million. During the same quarter in the prior year, the business earned $5.46 earnings per share. The company's quarterly revenue was up 9.0% compared to the same quarter last year. As a group, equities analysts predict that Primerica, Inc. will post 25.09 earnings per share for the current fiscal year.

Primerica Dividend Announcement

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

About Primerica

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.

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