Millennium Management LLC Boosts Stake in Primerica, Inc. (NYSE:PRI)

Millennium Management LLC lifted its holdings in Primerica, Inc. (NYSE:PRI) by 30,726.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 680,961 shares of the financial services provider’s stock after acquiring an additional 678,752 shares during the period. Millennium Management LLC owned 2.01% of Primerica worth $161,102,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Burgundy Asset Management Ltd. lifted its stake in shares of Primerica by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,237,164 shares of the financial services provider’s stock worth $292,688,000 after acquiring an additional 17,095 shares during the last quarter. Lyrical Asset Management LP lifted its position in shares of 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 buying an additional 9,923 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Primerica by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 637,753 shares of the financial services provider’s stock valued at $150,880,000 after acquiring an additional 21,836 shares during the last quarter. Principal Financial Group Inc. boosted 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 worth $55,227,000 after acquiring an additional 10,354 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Primerica during the fourth quarter worth $31,194,000. 90.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. StockNews.com upgraded shares of Primerica from a “hold” rating to a “buy” rating in a research report on Wednesday. Truist Financial lifted their price target on Primerica from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Morgan Stanley upped their price objective on Primerica from $257.00 to $269.00 and gave the stock an “equal weight” rating in a research report on Monday, August 19th. Jefferies Financial Group raised their price objective on shares of Primerica from $239.00 to $249.00 and gave the stock a “hold” rating in a research note on Thursday, July 18th. Finally, Piper Sandler initiated coverage on shares of Primerica in a research note on Friday, August 30th. They issued a “neutral” rating and a $283.00 target price for the company. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $275.20.

Insider Buying and Selling

In other Primerica news, CEO Glenn J. Williams sold 3,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $252.55, for a total transaction of $757,650.00. Following the completion of the transaction, the chief executive officer now owns 45,322 shares of the company’s stock, valued at $11,446,071.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Primerica news, President Peter W. Schneider sold 1,500 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $261.11, for a total value of $391,665.00. Following the transaction, the president now owns 10,259 shares in the company, valued at approximately $2,678,727.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Glenn J. Williams sold 3,000 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $252.55, for a total transaction of $757,650.00. Following the sale, the chief executive officer now directly owns 45,322 shares of the company’s stock, valued at approximately $11,446,071.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,500 shares of company stock worth $1,657,015. Insiders own 0.85% of the company’s stock.

Primerica Trading Down 1.3 %

Shares of PRI opened at $263.12 on Friday. The firm has a market cap of $9.05 billion, a P/E ratio of 16.01 and a beta of 1.09. Primerica, Inc. has a 12 month low of $184.76 and a 12 month high of $267.92. The stock’s 50 day moving average is $255.46 and its two-hundred day moving average is $240.50.

Primerica (NYSE:PRI) last released its quarterly earnings results on Wednesday, August 7th. The financial services provider reported $4.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.47 by $0.24. Primerica had a net margin of 14.85% and a return on equity of 27.81%. The firm had revenue of $803.38 million for the quarter, compared to analysts’ expectations of $748.88 million. During the same quarter last year, the company earned $3.99 EPS. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. Equities research analysts forecast that Primerica, Inc. will post 17.94 EPS for the current year.

Primerica Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Wednesday, August 21st were paid a $0.90 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This is a positive change from Primerica’s previous quarterly dividend of $0.75. This represents a $3.60 dividend on an annualized basis and a yield of 1.37%. Primerica’s dividend payout ratio (DPR) is currently 21.91%.

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.