Truist Financial Corp Purchases 1,354 Shares of Primerica, Inc. $PRI

Key Points

• Truist Financial Corp increased its holdings in Primerica, Inc. by 19.3%, owning a total of 8,370 shares valued at approximately $2.29 million after purchasing an additional 1,354 shares in Q2.
• Primerica reported a quarterly earnings per share (EPS) of $5.46, exceeding analysts' expectations, with revenue also surpassing consensus estimates at $796.02 million.
• The company declared a quarterly dividend of $1.04 per share, representing an annualized yield of 1.6%, as its dividend payout ratio stands at 20.55%.

Truist Financial Corp lifted its position in Primerica, Inc. (NYSE:PRI - Free Report) by 19.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,370 shares of the financial services provider's stock after purchasing an additional 1,354 shares during the quarter. Truist Financial Corp's holdings in Primerica were worth $2,291,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Nuveen LLC bought a new stake in Primerica during the first quarter worth approximately $156,019,000. AQR Capital Management LLC increased its stake in Primerica by 171.8% during the first quarter. AQR Capital Management LLC now owns 315,986 shares of the financial services provider's stock worth $89,907,000 after acquiring an additional 199,715 shares during the last quarter. Vanguard Group Inc. increased its stake in Primerica by 1.1% during the first quarter. Vanguard Group Inc. now owns 3,493,650 shares of the financial services provider's stock worth $994,048,000 after acquiring an additional 37,994 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in Primerica by 15.0% during the first quarter. Westfield Capital Management Co. LP now owns 276,225 shares of the financial services provider's stock worth $78,594,000 after acquiring an additional 36,095 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its stake in Primerica by 14.3% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 263,791 shares of the financial services provider's stock worth $75,056,000 after acquiring an additional 33,055 shares during the last quarter. 90.88% of the stock is owned by institutional investors.

Primerica Stock Down 1.2%

PRI opened at $265.88 on Friday. The stock's fifty day moving average is $269.85 and its two-hundred day moving average is $267.42. The company has a market capitalization of $8.61 billion, a P/E ratio of 13.14 and a beta of 0.97. Primerica, Inc. has a 52 week low of $230.98 and a 52 week high of $307.91.

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

Primerica Announces Dividend

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

Analyst Ratings Changes

Several brokerages have weighed in on PRI. Piper Sandler set a $292.00 price objective on Primerica and gave the stock a "neutral" rating in a research note on Tuesday. Weiss Ratings reissued a "buy (b)" rating on shares of Primerica in a research note on Wednesday. Jefferies Financial Group reduced their price objective on Primerica from $293.00 to $283.00 and set a "hold" rating on the stock in a research note on Monday, August 11th. BMO Capital Markets raised Primerica from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $292.00 to $318.00 in a research note on Tuesday, September 23rd. Finally, Keefe, Bruyette & Woods upped their target price on Primerica from $315.00 to $320.00 and gave the company a "market perform" rating in a research note on Monday, August 11th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Primerica has an average rating of "Moderate Buy" and a consensus target price of $314.86.

Insiders Place Their Bets

In other Primerica news, CEO Glenn J. Williams sold 2,500 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $262.20, for a total transaction of $655,500.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.61% of the stock is currently owned by corporate insiders.

Primerica Profile

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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