iSAM Funds UK Ltd Acquires New Position in Primerica, Inc. (NYSE:PRI)

iSAM Funds UK Ltd acquired a new stake in shares of Primerica, Inc. (NYSE:PRI) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,808 shares of the financial services provider’s stock, valued at approximately $745,000.

Several other large investors also recently added to or reduced their stakes in PRI. Millennium Management LLC grew its position in Primerica by 30,726.7% in the second quarter. Millennium Management LLC now owns 680,961 shares of the financial services provider’s stock worth $161,102,000 after acquiring an additional 678,752 shares in the last quarter. Los Angeles Capital Management LLC grew its position in Primerica by 66.3% in the second quarter. Los Angeles Capital Management LLC now owns 99,758 shares of the financial services provider’s stock worth $23,601,000 after acquiring an additional 39,761 shares in the last quarter. Squarepoint Ops LLC grew its position in Primerica by 2,986.9% in the second quarter. Squarepoint Ops LLC now owns 32,104 shares of the financial services provider’s stock worth $7,595,000 after acquiring an additional 31,064 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in Primerica in the second quarter worth approximately $71,000. Finally, International Assets Investment Management LLC grew its position in Primerica by 359,742.9% in the third quarter. International Assets Investment Management LLC now owns 25,189 shares of the financial services provider’s stock worth $6,679,000 after acquiring an additional 25,182 shares in the last quarter. 90.88% of the stock is owned by institutional investors.

Insider Activity

In other news, Director John A. Jr. Addison sold 2,000 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $253.85, for a total value of $507,700.00. Following the completion of the transaction, the director now owns 15,151 shares in the company, valued at approximately $3,846,081.35. This represents a 11.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the completion of the transaction, the chief executive officer now owns 36,322 shares of the company’s stock, valued at approximately $10,942,728.94. This represents a 7.63 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on PRI shares. TD Cowen boosted their price objective on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Truist Financial boosted their price objective on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Piper Sandler started coverage on shares of Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 price objective for the company. Finally, Morgan Stanley boosted their price objective on shares of Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research note on Monday, August 19th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $293.50.

Primerica Price Performance

NYSE:PRI opened at $295.59 on Friday. The stock has a market cap of $9.86 billion, a P/E ratio of 22.58 and a beta of 1.09. Primerica, Inc. has a one year low of $184.76 and a one year high of $307.91. The company has a fifty day moving average price of $286.19 and a 200 day moving average price of $259.32.

Primerica (NYSE:PRI) last released its earnings results on Wednesday, November 6th. The financial services provider reported $5.68 EPS for the quarter, beating the consensus estimate of $4.81 by $0.87. The firm had revenue of $774.13 million during the quarter, compared to analysts’ expectations of $745.25 million. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the company earned $4.28 EPS. As a group, equities research analysts anticipate that Primerica, Inc. will post 19.32 EPS for the current year.

Primerica declared that its Board of Directors has initiated a share repurchase plan on Thursday, November 14th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Primerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 21st will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend is Thursday, November 21st. Primerica’s dividend payout ratio is 27.50%.

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.