Primerica, Inc. $PRI Stock Holdings Decreased by ProShare Advisors LLC

Key Points

• ProShare Advisors cut its Primerica stake by 7.8% in the third quarter, selling 7,409 shares and retaining 87,677 shares worth approximately $23.9 million. Institutional investors collectively own 90.88% of the company.
• Primerica reported quarterly EPS of $6.41, exceeding estimates by $0.38, while revenue rose 9% year over year to $865.1 million but fell short of expectations. The company also declared a $1.20 quarterly dividend, equivalent to a 1.7% yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $318.80, while recent insider transactions showed company executives selling shares under a pre-arranged trading plan.

ProShare Advisors LLC lowered its stake in shares of Primerica, Inc. (NYSE:PRI - Free Report) by 7.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,677 shares of the financial services provider's stock after selling 7,409 shares during the quarter. ProShare Advisors LLC owned about 0.28% of Primerica worth $23,882,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Ameritas Advisory Services LLC bought a new position in Primerica in the second quarter worth about $26,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Primerica in the 2nd quarter valued at about $29,000. Ashurst Perkins Coie Trust Co bought a new stake in shares of Primerica in the 3rd quarter valued at about $42,000. Pension & Wealth Management Advisors Inc. bought a new stake in shares of Primerica in the 3rd quarter valued at about $43,000. Finally, 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 worth $44,000 after buying an additional 61 shares during the last quarter. Hedge funds and other institutional investors own 90.88% of the company's stock.

Primerica Stock Up 1.0%

PRI stock opened at $283.86 on Tuesday. The firm has a 50 day moving average of $283.89 and a 200 day moving average of $278.62. The stock has a market capitalization of $8.74 billion, a PE ratio of 11.40 and a beta of 0.88. 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 issued its quarterly earnings results on Wednesday, August 5th. The financial services provider reported $6.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.03 by $0.38. The business 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%. Primerica's revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.46 EPS. On average, equities research analysts expect that Primerica, Inc. will post 25.22 earnings per share for the current year.

Primerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 14th. Stockholders of record on Friday, August 21st were issued a dividend of $1.20 per share. The ex-dividend date of this dividend was 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%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Primerica from $291.00 to $316.00 and gave the stock an "equal weight" rating in a research note on Monday, August 24th. Keefe, Bruyette & Woods lowered their target price on shares of Primerica from $335.00 to $330.00 and set a "market perform" rating for the company in a research note on Friday, October 9th. Jefferies Financial Group lifted their price target on shares of Primerica from $266.00 to $268.00 and gave the stock a "hold" rating in a report on Friday, July 10th. TD Cowen upped their price target on Primerica from $322.00 to $360.00 and gave the stock a "buy" rating in a research report on Wednesday, July 22nd. Finally, Truist Financial downgraded Primerica from a "buy" rating to a "hold" rating and reduced their price target for the stock from $370.00 to $320.00 in a research report on Thursday, August 27th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $318.80.

Insider Activity

In related news, Director Amber Cottle sold 279 shares of the company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $313.63, for a total value of $87,502.77. Following the transaction, the director directly owned 3,549 shares of the company's stock, valued at $1,113,072.87. This represents a 7.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Peter Schneider sold 1,800 shares of the company'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 transaction, the president directly owned 8,011 shares in the company, valued at approximately $2,504,639.15. The trade was 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. Insiders have sold 3,579 shares of company stock valued at $1,130,573 over the last ninety days. 0.63% of the stock is currently owned by insiders.

About Primerica

Primerica, Inc is a financial services company that focuses on serving middle-income households in the United States and Canada, as well as families in Puerto Rico. The company distributes its products and services through a network of independent representatives who provide financial education and help clients address protection, savings and investment needs.

Primerica's principal offerings include term life insurance, investment and savings products, retirement planning solutions, and strategies for managing debt.

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