Fifth Third Wealth Advisors LLC Acquires New Holdings in Primerica, Inc. (NYSE:PRI)

Fifth Third Wealth Advisors LLC acquired a new stake in shares of Primerica, Inc. (NYSE:PRI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,130 shares of the financial services provider’s stock, valued at approximately $267,000.

Several other institutional investors also recently bought and sold shares of the business. Burgundy Asset Management Ltd. lifted its stake in shares of Primerica by 1.2% during the first quarter. Burgundy Asset Management Ltd. now owns 1,220,069 shares of the financial services provider’s stock worth $308,629,000 after buying an additional 14,662 shares during the period. Lyrical Asset Management LP lifted its position in Primerica by 1.5% during the fourth quarter. Lyrical Asset Management LP now owns 663,783 shares of the financial services provider’s stock valued at $136,580,000 after purchasing an additional 9,923 shares during the period. Westfield Capital Management Co. LP increased its holdings in Primerica by 4.2% in the fourth quarter. Westfield Capital Management Co. LP now owns 229,084 shares of the financial services provider’s stock valued at $47,136,000 after buying an additional 9,198 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Primerica by 5.0% in the first quarter. Principal Financial Group Inc. now owns 218,324 shares of the financial services provider’s stock valued at $55,227,000 after buying an additional 10,354 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Primerica during the fourth quarter worth about $31,194,000. 90.88% of the stock is owned by hedge funds and other institutional investors.

Primerica Price Performance

Shares of PRI stock traded down $0.34 during mid-day trading on Thursday, hitting $259.10. The stock had a trading volume of 3,225 shares, compared to its average volume of 161,691. Primerica, Inc. has a fifty-two week low of $184.76 and a fifty-two week high of $261.48. The firm has a market cap of $8.92 billion, a PE ratio of 15.79 and a beta of 1.09. The company’s 50-day simple moving average is $243.95 and its 200-day simple moving average is $237.71.

Primerica (NYSE:PRI) last announced its quarterly earnings data on Wednesday, August 7th. The financial services provider reported $4.71 EPS for the quarter, beating the consensus estimate of $4.47 by $0.24. The firm had revenue of $803.38 million during the quarter, compared to analysts’ expectations of $748.88 million. Primerica had a net margin of 14.85% and a return on equity of 27.81%. The business’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter last year, the business earned $3.99 earnings per share. On average, analysts expect that Primerica, Inc. will post 17.92 EPS for the current year.

Primerica Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 12th. Investors of record on Wednesday, August 21st will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.39%. This is an increase from Primerica’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Wednesday, August 21st. Primerica’s payout ratio is presently 21.91%.

Insider Buying and Selling

In other Primerica news, President Peter W. Schneider sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $227.44, for a total transaction of $341,160.00. Following the completion of the sale, the president now directly owns 11,759 shares in the company, valued at $2,674,466.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $222.76, for a total value of $668,280.00. Following the sale, the chief executive officer now owns 48,322 shares of the company’s stock, valued at approximately $10,764,208.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Peter W. Schneider sold 1,500 shares of the stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $227.44, for a total transaction of $341,160.00. Following the completion of the sale, the president now directly owns 11,759 shares in the company, valued at approximately $2,674,466.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,500 shares of company stock valued at $1,767,090. Insiders own 0.85% of the company’s stock.

Wall Street Analyst Weigh In

PRI has been the topic of several recent analyst reports. Jefferies Financial Group boosted their target price on shares of Primerica from $239.00 to $249.00 and gave the company a “hold” rating in a report on Thursday, July 18th. Morgan Stanley upped their price objective on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a report on Monday. Truist Financial upped their price objective on shares of Primerica from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, August 9th. StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Primerica from $255.00 to $275.00 and gave the company a “market perform” rating in a research report on Wednesday, July 17th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Primerica currently has a consensus rating of “Hold” and a consensus target price of $273.25.

Primerica Company 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.